Account Features and Benefits

Business term loans can only be used once, as opposed to a revolving business line of credit, and typically require collateral. Rather than paying off the balance of a line of credit as needed, you have monthly payments adjusted for specific loan term with fixed or variable interest rates. Short-term business loans are best suited for financing one-time business needs, such as construction, furniture or equipment.

Types
  • Business term loans: secured or unsecured
Purpose
  • Finance a specific one-time need
  • Expand your business
  • Increase working capital
  • Finance furniture, fixtures or equipment
Term
  • Up to 84 months
Collateral and Loan-to-Value Ratio
  • Unsecured: None required
  • Secured: Savings, marketable securities, furniture, fixtures, equipment, car or truck (Advance rate based on type, age and condition of equipment)
Repayment Term
  • Interest and principal generally due monthly on fully-amortizing basis
Rate Option
  • Fixed or variable
Other Fees
  • Loan origination fee
  • Appraisal fee, if applicable
  • Filing costs, if applicable

What's Next

Did you find all the information you needed about our Business Term Loans? To find out if a short-term business loan is right for you, contact us or visit a local banking center.