Growing Your Business with a Term Loan

Have you been waiting for the right time to forge ahead with buying equipment, upgrading systems, hiring staff and making other big moves? Making strategic investments in your business can help you improve operations and increase market share. If you need financing to make it happen, a term loan can help you launch into the next phase of your business plan. 

The Nuts and Bolts of Term Loans

Business term loans provide a lump sum of cash to fund your medium- and long-term business needs. Business term loan¹ amounts with Amegy Bank range from $5,000 to $175,000 with terms up to 60 months. Term loans have a fixed rate for the life of the loan, which makes it easy to calculate monthly payments and the total cost of the loan.

Term loans are an efficient way to borrow money for your business. They can usually be funded quickly (in two to three days) if your application is approved. In addition to having a good credit score and strong history of business revenue, you may also need collateral to secure the loan.

Get Ready to Grow

Let’s explore some of the ways term loans can be used for business growth:

1. Purchasing equipment. Whether you run a factory, bakery, tech company or other business, having the right equipment helps you deliver for your customers. With a term loan, you can spread out the cost of new equipment over a number of years.
   
   
2. Financing vehicles. If your business involves traveling or transporting products, you need a reliable fleet of vehicles. Be sure to compare the costs of buying and leasing commercial vehicles before making a decision.
   
   
3. Hiring staff. Scaling your business and expanding your capabilities may require hiring for new positions. A term loan can provide the funds you need to recruit and retain talented employees.
   
   
4. Financing commercial real estate. If the timing is right to open a new location or rethink your office space, you may be able to find affordable options for buying or leasing commercial buildings.
   
   
5. Business acquisition. One of the fastest ways to grow a business is through acquisition. Having a strong financial position is key when you’re seeking an acquisition to propel your business forward.
   
   
6. Refinancing existing debt. A term loan may be used to refinance current debt, reducing interest payments and freeing up funds for additional working capital needs.

Apply for a Business Loan

At Amegy Bank, we offer business term loans and other working capital financing solutions that can be customized for your needs. Our business bankers work with you to find the best borrowing options for your business. Contact a business banker to learn more.

1. Loans subject to credit approval. Terms and conditions apply. See an Amegy Bank for details.

The information provided is presented for general informational purposes only and does not constitute tax, legal, or business advice. Any views expressed in this article may not necessarily be those of Amegy Bank. Amegy Bank is a division of Zions Bancorporation, N.A. Member FDIC.