Established in 2007, Biz2Credit is an innovative small business lender that provides the funding businesses need. To date, over 250,000 small businesses have used Biz2Credit to secure over $7 billion in loans.
One of its signature offerings is the business term loan, which is worth considering if you’re in need of some stable funding to grow your company.
What Is A Business Term Loan?
A business term loan is a type of financing dispersed in a lump sum and payable over an extended period. Most come with a fixed interest rate (unless there is a payment default or breach of the loan agreement by the borrower), which means the amount of your loan payment will stay the same for the duration of the loan term.
You can use the funds to cover business-related expenses. But this type of loan is designed to help you meet long-term business growth goals. Consequently, it’s ideal to spend the funds on investments that will pay off in the long run.
Business Term Loans
How Do Biz2Credit Business Term Loans Work?
Biz2Credit offers business term loans from $25,000 to $500,000. Interest rates start at 7.99 percent, and you could get cash for your company in just 72 hours (from the time you apply).
Most small business owners turn to this funding source to free up cash flow and expand operations. However, you can use the funds however you see fit, whether to grow your budding business or keep it afloat if you’re in a rough spot financially.
Here’s an overview of the lending process:
- Step 1: Register with Biz2Credit and create a custom profile. It’s free and only takes a minute or less of your time.
- Step 2: Get pre-qualified for potential loan offers by completing the online application and uploading the necessary documents. The entire process is easy and can be completed in around four minutes.
- Step 3: Reach out to a funding specialist from the Biz2Credit team to help determine which funding option is best.
- Step 4: Select your top choice, submit a formal application and await approval, typically in 24 hours or less.
- Step 5: Sign the loan documents and get your funds. Most small business applicants receive funding within 72 hours.
Pros of a Business Term Loan
- You could get the funding you need in as little as three business days.
- You’ll have access to a dedicated funding specialist that can help you analyze loan offers and choose the best fit.
- You’ll have a fixed weekly or biweekly payment that you can work into your company’s monthly budget.
Cons of a Business Term Loan
- Same-day funding is not available.
- You likely won’t qualify for a loan with a low credit score.
- The minimum annual sales volume is relatively high.
How To Qualify For A Biz2Credit Term Loan
You could be eligible for a business term loan if you meet these criteria:
- Earn at least $250,000 in revenue per year
- Have a credit score of 650 or higher
- Have a business that’s been operable for at least 18 months
Business Term Loans
Biz2Credit Loan Terms, Costs And Fees
You’ll get between 12 and 36 months to repay your business term loan. The interest rate you receive will be determined by your creditworthiness – the best interest rates typically go to the borrowers with strong credit scores. Still, your interest rate can be slightly higher if you select a lender that offers rapid funding.
Biz2Credit doesn’t charge an application fee to explore loan options. However, fees apply if you decide to move forward and close on a financing product from Biz2Credit.
Who Should Consider Getting A Loan From Biz2Credit?
A business term loan from Biz2Credit could be a good fit if:
- You have good or excellent credit and over 18 months of experience in your current business.
- Your business earns more than $250,000 annually.
- Your business is financially stable, and you have a solid plan of action to expand.
- You’re not seeking a cash infusion to get over a temporary financial hump.
Otherwise, it may be best to explore offerings from other lenders.
How To Apply For A Biz2Credit Business Term Loan
Are you ready to grow your business with confidence? Complete this simple online form to take the first step towards securing the capital your company needs and deserves. It only takes four minutes to apply, and there’s no impact on your credit score.
If approved, you could get funding in as little as four 24 hours. So, don’t waste another minute of your time scouring the internet for small business loans. Let Biz2Credit work for you so you can focus on what you do best; providing exceptional offerings and service to your clients and customers.