GROW YOUR BUSINESS WITH A

Business Term Loan

A crucial aspect of running a business involves securing the necessary working capital to sustain operations. Whether you need funds for equipment upgrades, payroll obligations, or driving expansion, the conventional route for business owners has been bank loans, which requires a significant amount of paperwork and time. That is where Approvd steps in.

At Approvd, we’ve streamlined and simplified the business funding process to provide financial access for small business owners. Our lenders offer small business term loans from $10K to $5M, with flexible repayment terms extending up to 60 months. Applying is simple and upon approval, funds can be disbursed as soon as the next business day.

Business Term Loans Offer:

Loans from $10,000 to $5 Million.

Terms from 6 to 60 months terms.

Rates starting at 8% APR

Easy Payments

We make it simple with hassle-free, automatic daily, weekly or monthly payments.

Prepayment Initiative

Save on your financing by paying your loan off early! No prepayment penalties here.

Credit Building

Develop your personal and business credit profiles with on time payment history.

A QUICK AND TRANSPARENT PROCESS

Applying is simple

1. Complete our short application.

Our quick application process only takes a few minutes to complete.

2. Compare competing offers.

Improve your funding odds and compare offers from multiple lenders.

3. Secure and receive funds.

Accept an offer and get funds as quick as the same day!

Apply Now

BUSINESS TERM LOAN

Frequently Asked Questions

Does acquiring a business loan develop my business credit?

Most of our term loan lenders report to the business credit bureaus (Dun and Bradstreet, Experian Business), so good payment history can bolster your business credit profile.

Can I receive a term loan and a line of credit at the same time?

Depending on revenues and other factors at the time of applying, some businesses may be eligible for a credit-line in addition to a term loan. Contact us at 516-262-5269 to check your eligibility.

Can I pay off my business term loan off, ahead of schedule?

Absolutely! Our loan products offer prepayment initiatives, and if you meet the criteria for our 100% prepayment benefit, you can settle your loan early, in full, and have all remaining interest waived, with no associated penalties or fees.

Can I use my small business term loan to pay off another debt?

You can use a term loan for any business purpose, including paying off other loans and obligations. In fact, term loans are ideal for consolidating financial products with higher interest or more frequent payments (such as advances or factoring).

What will I need to apply and qualify for a business term loan?

Qualifying for a business term loan requires that the business be in operation for over 12 months, generating at least $300,000 in annual sales, and that the owner have a personal FICO score above 680. Getting started is simple - all you'll need is a completed application and three to six most recent business bank statements. Some lenders may require additional documents, such as your tax returns.

What's the difference between a loan and revenue-driven financing?

Some business term loans are revenue-driven products, but term loans typically have stricter eligibility requirements than revenue-driven financing (such as advances). As term loan lenders value personal credit and time in business more than other funders, these products are ideal for well-qualified borrowers, who've been in business for over a year.