A small business term loan refers to receiving a lump sum of working capital to use for business purposes. The best feature about this type of loan is that there is a fixed payment amount which is automatically deducted from your business bank account on either a daily, weekly, or monthly basis.
Understanding the word "term" in Term Loan
Business term loans are a type of funding instrument that a company will commonly use for expansion, purchasing equipment, investing into marketing, and many other business needs. The hallmark of this kind of business financing is that it has a set maturity date; there is a fixed date by which the business must pay off the loan. Business loans offered through CapLadder are no different, but they do have many features that set them apart from traditional bank loans.
Funding to your business checking can happen in as fast as 2-5 business days from the moment you apply. Repayment is made simple with a fixed term and automated monthly payments. Stellar credit history is not required to qualify, there are no checks to write, and no personal collateral is needed!