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Term loans help established companies pay for large expenses that they either cannot pay for with cash or which would substantially drain their company resources to do so. They are often used for major expansion, capital improvements, new equipment, or to provide working capital to grow the business. Although lenders may consider a term loan’s intended purpose before approval, the money can be used for whatever the borrower chooses.

Typical small business loan terms include fixed-rate interest and predictable fees, making them relatively easy to budget for as payments remain consistent for the life of the loan. It’s possible to find adjustable-rate loans, which usually start off at a lower rate, then vary with the marketplace thereafter. Either way, the specifics of what you’re expected to pay, how much of each payment is interest and how much goes towards the principle, and any other potential fees or charges, should all be spelled out in clear terms before you sign. Reputable business term loan lenders are happy to be clear and honest about their terms. Don’t hesitate to ask about anything you find unclear.

Traditional term business loans are sometimes categorized by the length of time allotted for repayment – short-term, intermediate-term, or long-term.

Short term business loans can have terms from 6 – 18 months. Because they’re of shorter duration, many lenders consider them lower risk. Newer businesses or entrepreneurs with imperfect credit histories may find it easier to qualify for short-term loans when starting out. The approval process can be less complicated, but lenders are likely to charge higher interest rates to offset the shorter time period. Payments may be required monthly, bi-weekly, or weekly, and can be relatively high even on small loan amounts due to the compressed time frame for repayment. If your business has seasonal income or other natural ebbs and flows, or if an opportunity arises which can’t wait for the next influx of capital, a short-term business loan may be the way to go.

An intermediate-term business loan has a repayment schedule of 12 – 36 months. These are typically used to refinance debt, open new locations, hire new people, or add or replace essential equipment. Intermediate-length small business term loans are slightly harder to qualify for but normally have better interest rates than short-term loans. Payments are usually scheduled monthly and tend to be slightly more manageable even on higher amounts due to the extended repayment period compared to short-term loans.

Long term small business loans can be set up for anywhere from 3 years to 25 years or more. The most common long-term business loans are 5 or 10 year loans, with payments due either monthly or quarterly. Longer terms usually translate to better interest rates and lower monthly payments. Because of the amounts involved and lengthy terms, there are few if any restrictions on how the money can be used to support the business, although standard contracts often prohibit using the loan to pay off other debts, issue dividends, or pay some salaries.

A traditional long-term business loan can be a powerful tool for growing and strengthening your business. At the same time, it’s a major long-term commitment and timely repayment is essential for your business to maintain or strengthen its credit history and future financial opportunities. If you have a well-established business, or a new business with a strong personal credit history, you’ll have many options both with local traditional lenders and reputable online business loan companies. Even if you have bad credit business loans may still be available to you at terms you can live with, although your options may be narrowed to online lenders specializing in such things.

Other Forms of Small Business Loans

There are types of short term business loans which are worth considering, depending on your specific needs. As you begin business loan shopping, it’s helpful to be aware of some of the more common variations. Most are different types of term loan, but as always, pay attention to the details. Don’t hesitate to ask for clarification from your lender about anything of which you’re not certain.

An SBA loan is backed up by the Small Business Association, who works with lenders to support small businesses in the United States. The SBA guarantee means less risk for lenders, who are then able to offer better terms to qualifying businesses. The application process for an SBA loan is fairly rigorous. But the return is that these loans are offered with very competitive rates and fees. The down payment on the loan might be low and the lender might not require any collateral. Sometimes the SBA also provides small businesses with additional support and resources for growing the business. SBA loans can be used for anything a traditional business term loan could be used to do – in other words, practically anything that’s good for your business.

Equipment Loans, as the name suggests, are specifically designed to help you purchase essential equipment. Because the equipment acts as natural collateral for the loan, this type of loan often offers favorable interest rates and can be easier to qualify for than unsecured alternatives. They typically carry a fixed interest rate, making repayment consistent and predictable, and thus much easier on the budget.

Line of Credit Loans operate much like a credit card. Your business is approved for a maximum loan amount, but you don’t receive the money up front. Instead, you draw from the available funds as necessary, and only pay interest on the amount you’ve actually used – not the total to which you potentially have access. It’s like a series of individual short term business loans all taken out on the same terms, based entirely on the needs of your business. As you repay the loan, those funds become available for use again on the same terms.

Balloon Loans are any loan for which early payments are very low – possibly interest-only or other especially favorable terms. At some point, however, the balance becomes due, either all at once or over a very short amount of time. There are limited specific circumstances in which this is desirable – construction projects resulting in selling the resulting property at a profit or business ventures for which a large payoff is essentially guaranteed. Most businesses, however, benefit from far more typical business loan terms.

Qualifying for a Traditional Term Business Loan

Most lenders want prospective borrowers to have been in business for at least two years and may require documentation of solvency – a good debt-to-income ratio, reliable revenue, etc. If a business is not well-established, lenders may ask for some form of collateral.

You should be prepared to document your personal and business income history and other financial information. Every lender will check your credit score and most will ask for your business plan and detailed cash flow projection. Some keep it all about the numbers; others may ask you about your business and your vision or even ask you to explain the industry in which you operate. It’s never personal – they’re trying to gage the likelihood you’ll be willing and able to repay what may be a substantial sum of money. Keep your answers clear and honest, complete but concise. Your confidence may occasionally tip the balance in your favor.

Although the specifics may vary from lender to lender, most consider some version of “The Five Cs” when evaluating an application for a traditional term loan:

Character: How has the loan applicant handled other credit obligations both personally and professionally?

Credit Capacity: Does the borrower have the capacity to repay the loan? (Some get very detailed in their analysis for this one.)

Collateral: Does the borrower have property of value? Depending on credit history and other factors, the lender may require this property to be offered as security for the loan.

Capital: Does the borrower have liquid assets they could potentially convert or sell if necessary to repay the balance of the loan?

Confidence (or Comfort): How does the lender feel about the proposed use of the loan and the overall business plan of the company wishing to borrow from them? (This is sometimes part analysis and part subjective judgement.)

Ideally, your small business is strong in most or all of these areas. If not, bad credit business loans are still a possibility. While terms may be more restrictive and costs a bit higher, a short term business finance loan repaid faithfully lays a critical foundation for improving your personal and business credit history. There’s no time like now to start building credit towards the future.

Loanry® is here to help you get your Traditional Term Business Loan


Why Loanry?

If you’re a small business owner, your time is precious – and there’s probably never quite enough of it. You can’t afford to be away from your business day after day to shop business loans or investigate business loan companies. That’s where Loanry can help.

The advent of online lending made possible in the 21st century means more options and more competition for your business, which in turn means better terms and more competitive rates. The only downside is trying to sift through the hundreds of entities out there and identify those most committed to building their long-term success on your long-term satisfaction.

We maintain a curated database of reputable online lenders, many of whom specialize in circumstances very much like yours. When you’re ready, we’ll gather a little basic information about yourself, your business, and your needs, and help you find a lender who may be able to help. What you negotiate with them or whether you choose to borrow from them at all is always entirely up to you.

Because the entire process takes place online, you can move as fast or slow as you choose, and use the service whenever you like, from wherever you like. Access us from your work computer or on your tablet at home. Reach out on your smart phone from a job site or on your laptop while having lunch. Depending on the lender, if you’re approved the money can sometimes appear in your account within 24 hours or less. When you rely on us to do what we do, you don’t have to miss a minute of doing what you do. That’s Loanry.


As with any loan, the long-term goal of a traditional business term loan is the growth and prosperity of your business. That’s why it’s important at each step to be honest with yourself about your budget, your projected income, and your long-range plans for growth. All entrepreneurship involves risk, but hopefully it’s a measured risk – a rational risk – and one likely to help push your efforts forward instead of driving them over the unseen ledge.

There’s no shame in seeking the advice or drawing on the experiences of others. Whether it’s comparing business term loan lenders or pondering the potential of bad credit business loans, good choices come from good information. You’re an expert in your business. You’ve probably read books on running your business or attended professional seminars on moving your efforts forward. The same is true for financing your business. Better information means better decisions, and better decisions mean better odds you’ll still be growing and doing business in a year, or five, or ten.

The other element of long-term financial stability is your credit – for both yourself and your business. Your current credit score and credit history have a major impact on what types of financing you can secure, and on what terms. Strong credit means more options at better rates; weak credit means limited choices and paying more to borrow less. We can’t go backwards or change our past, but neither can we avoid going forward one way or the other. Your business will need financing again at some point – to fund equipment purchases, to open another location, or to weather a downturn. YOU will need financial options again at some point – to buy a car, purchase a home, pay for a wedding, or take the family on a much-needed vacation. The choices you make today, and each day going forward, will determine your options then.

It’s not always glorious, and it’s rarely dramatic. It’s mostly making small, solid decisions about paying company bills and using credit strategically, one day at a time. Starting today.


You’re an expert in your field, and we’re experts in ours. Connecting users to quality lenders is part of what we do, and we’re proud of our track record. That’s not all we’re about, however.

Loanry is one part of the Goalry family, a network of financial sites focused on different elements of personal and small business finances. The topics may vary, but the goal is the same – to provide you with the information, tools, and access you need to take more effective control of your financial life. We’ve built a “content mall” of related sites covering just about every aspect of personal or small business finance. You can check your credit scores on, learn about different sorts of savings accounts or investment options on, then calculate what it would cost to refinance your car or home on using different interest rates or lengths of the loan.

Learn more about devising an effective household budget, different types of small business loans, or how to best prepare for tax season – whatever you need to know, there’s a good chance it’s covered in plain, simple English and freely accessible from wherever you like, whenever you like. Or, if you prefer, we have over 200 videos on our YouTube channel covering many of the same topics – and more are being added weekly.


Did You Hear?

“What do you need to start a business? Three simple things: know your product better than anyone. Know your customer, and have a burning desire to succeed.”

Dave Thomas (American Businessman and Philanthropist; founder of Wendy’s)

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Traditional Term Business Loans

Sometimes the only way to help your small business grow is to invest in it. You may have outgrown your space and need to find a new facility. You may need to purchase additional equipment to move the business forward. Or you just might need a cash infusion to fund all the items on your “to do” list. You take a look at the bottom line and you see that the cash flow just isn’t there to keep up with your wishes and your dreams. But there are financing options for small business owners out there. They include the traditional term business loan that might be just the financial assistance you need.

We’ll give you a concise overview of the different types of term loan and the pros and cons of each. We’ll decipher some terminology and make sure you can hold your own in any business loan shopping discussion. We’ll even talk you through the process of applying and what documentation you may be asked to provide, so you can be prepared ahead of time.

Loanry can’t make everything about running your own business easy – no one can. But not everything about it has to be as complicated as it sometimes seems. And you don’t have to do it alone.

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It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


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Funds are deposited directly to your bank account as soon as the next business day.

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Pros & Cons of a Traditional Term Business Loan

One of the biggest keys to the success or failure of any business is access to funding. Financial flexibility, or the lack thereof, can make or break even the strongest small business. Is a term business loan right for you?

Pros: Flexible Funding

A traditional business term loan can be used for a wide variety of business needs without excessive interference from the lender. No one knows your business like you do; no one else should decide how to spend your money.

Pros: Predictable Repayment

Traditional term loans usually carry fixed interest rates and minimal additional fees. This means you can budget for consistent monthly payments and no surprises along the way.

Pros: Strengthen Your Business Credit

Every decision you make for your business leads to growth or decay – getting stronger or going backwards. Taking out even a small, short-term business loan and repaying it on time means better terms and more options next time. Rinse, and repeat.

Cons: Extensive Documentation

Lenders may require information for both your business and yourself. In addition to financial records, it’s not unusual to be asked for copies of your business plan, growth projections, market research, or other paperwork – especially if dealing with traditional lending institutions.

Cons: May Require Collateral

Depending on your credit history, lenders may insist on some form of security for the loan. If your business lacks appropriate options, you may be asked to risk your home or other personal property.

Cons: Long-Term Commitment

A business loan is a major commitment, not only professionally but personally. Repayment is essential, not just this month or next month but every month for the life of the loan.

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We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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