A business loan gives your business an immediate infusion of funds designated for a specific purpose. One-time expenditures or long-term financing needs—such as fixed-asset purchases, permanent working capital, and business expansion and acquisition—can be financed by a vehicle, real estate, agriculture, equipment or expansion loan.
Who it's for
Business loans are designed for business owners who need credit for:
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Purchasing inventory and materials
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Purchasing vehicles or equipment
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Improving cash flow or permanent working capital
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Refinancing debt
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Financing accounts receivables
Business loan features
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Available for amounts $10,000 and up
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Provides a one-time lump sum with fixed monthly payments
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Quick approval process
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Competitive, fixed rate of interest
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Maximum term up to 7 years ( SBA 7A loan can go over seven years)
Requirements
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Personal credit score of 680 or higher
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Business established 2 or more years.
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Financial documentation required including: The past 2 most recent years business tax return, and 2 most recent years personal tax return.
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All owners with at least 20% ownership required to guarantee, with a minimum of 80% ownership represented.