Business Term Loan

Business Term Loan

Business Term Loan

 The Business Term Loan has a 10 million dollar maximum funded amount with 1 to 2 year terms.   You can arrange weekly or monthly payments and there is no prepayment penalty.   You can refinance up to 2 loans and 2 MCAs.   

Qualifications

An entrepreneur has several options when searching for a business loan. The goal is to find the ideal financial product that will meet their financial needs. The Kimbar Group can play a vital roll in this search. We listen to the business owners as they describe the vision of their company’s future. We consider several factors in helping determine which loan product is best suited for the applicant. One such option is the business term loan.

A Business Term Loan is a type of loan typically used by businesses to finance large expenses such as expansion projects, equipment purchases, or other long-term investments. Here are some
key details associated with a Business Term Loan:

Loan Amount: Typically, Business Term Loans offer higher loan amounts compared to lines of credit or short-term loans. The amount can vary widely depending on the lender, the financial
health of the business, and the purpose of the loan.

Interest Rates: Business Term Loans can have fixed or variable interest rates. Fixed rates remain the same throughout the term of the loan, providing predictable monthly payments. Variable rates fluctuate based on market conditions, which can lead to lower initial rates but higher risk if interest rates rise.

Term Length: The term length of a Business Term Loan can range from one to twenty years, although the exact term offered depends on factors such as the amount borrowed, the lender's
policies, and the borrower's creditworthiness. Longer terms typically result in lower monthly payments but higher total interest costs over the life of the loan.

Collateral: Depending on the lender and the borrower & their credit profile, Business Term Loans may
require collateral. Collateral could include business assets, real estate, or personal guarantees from the business owners.

Repayment Schedule: Businesses repay Term Loans through regular installments, typically monthly. The repayment schedule is structured to ensure that the loan is fully repaid by the end
of the term.

Application Process: Applying for a Business Term Loan usually involves providing detailed financial information about the business, including revenue, cash flow, profitability, and sometimes a business plan outlining how the loan funds will be used.

Fees and Charges: Lenders may charge origination fees, application fees, and possibly
prepayment penalties. These fees can vary widely between lenders, so it's important for businesses to understand the total cost of the loan.

Purpose: Business Term Loans are often used for specific purposes such as purchasing
equipment, funding expansion, buying real estate, or financing large projects that have a defined return on investment.

Credit Requirements: Lenders assess the creditworthiness of the business and its owners before approving a Business Term Loan. This includes evaluating credit scores, financial statements,
and sometimes requiring a personal guarantee from the business owners.

Use of Funds: Unlike some other forms of financing that may have restrictions on how funds can
be used, Business Term Loans generally provide flexibility in how the borrowed funds are
utilized, as long as it aligns with the stated purpose in the loan agreement.

Business Term Loans are a popular choice for established businesses looking to make significant investments that will benefit their operations over the long term. Choosing the right loan terms and lender requires careful consideration of the business's financial needs and capabilities.

The Kimbar Group will strive to help an applicant through each step of the loan process. Our goal is to see the borrower’s business grow and prosper.


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