Term Loan financing for eligible customers

A business term loan is a type of loan where a borrower gets a large amount of cash against specific lending terms. He can repay the amount as per a certain agreed-upon schedule with a fixed or floating interest. It is usually opted by small businesses to purchase assets or expand their operations. These loans are more popular than others as they offer more flexibility and lower interest rates. Lenders usually check for sound financial statements that indicate a borrower's creditworthiness. This type of financing usually requires certain collaterals to reduce the risk of default for the lenders. The duration for this type of loan can last anywhere between less than a year to twenty-five years.

At Biz2Credit, we usually provide term loans to qualified applicants between the range of $25000-$1million, with an average loan amount of $242,200. Qualified borrowers usually have a FICO of at least 650 and above with a business revenue of a minimum of $250,000. At Biz2Credit, the payment plans range from 12-36 months, giving businesses the extra flexibility they need to grow.

There are three criteria that a borrower needs to fulfill in order to be eligible for a business term loan – FICO rating, average business revenue and time in business. There are other elements too such as debt-service coverage ratio, collaterals, business plan and industry type. FICO ratings should be 650 or above, average business revenue should be a minimum of $250,000 and the company should be in business for at least 18 months.

The process for approval varies depending on the documents and eligibility. But we at Biz2Credit strive to provide quick funding. Once an applicant submits their application and required documentation, expect a prompt decision. That’s why it is critical for all applicants to ensure that their documentations are in order for the process to go smoothly.

Business term loans can be used for a variety of purposes, including expanding business, managing cash flow, purchasing equipment, or covering operational expenses.

At Biz2Credit, we offer flexible repayment terms ranging from 12 to 36 months, with options for weekly or biweekly payments to suit your business's cash flow needs.

To apply, create an account on Biz2Credit.com, submit your application with the necessary financial documentation, and connect with a funding specialist to complete the process.