Term Loans For Your Business

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Term loans are a type of financing option offered by FDIC lenders to businesses looking to fund long-term projects. These projects typically require a significant amount of capital, and term loans offer businesses access to the funds they need to complete the project and repay the loan over time. 

Business owners can borrow a lump sum of money upfront, which must be repaid over a predetermined period, ranging from five to ten years. The amount of funding available through term loans can range up to $500,000 starting at 10.75% APR. 

Lenders require businesses to provide proof of their cash flow and financial stability before approving a loan. Lenders have stringent underwriting standards, including a thorough review of the borrower's credit history and financial statements, to assess creditworthiness. 

The underwriting process for term loans is lengthy and strict, and lenders often monitor the usage of the funds closely. Businesses must provide detailed information on how the loan will be used, and lenders may require regular reports on the progress of the project.