Business Term Loans
As your business gains momentum, what’s keeping you from reaching your next-level goals? For many companies, it’s access to capital. Business term loan lenders serve this need by providing companies with the financing they need for expansion, leading to eventual greater success and profit. When your business wants to buy or build something new, MIDFLORIDA can help you do it. Our business term loans come with a variety of terms and fixed or variable rates to fit the unique needs of your company.
What is a business term loan?
A business term loan is one of several types of loans used to support the ongoing financial needs of a business, which may include acquisitions, business expansion or other improvements. For example, business term loans might be used to cover the costs associated with opening new offices, upgrading IT networks, or purchasing new equipment.
Unlike a business credit card, a term loan consists of set payments over a predetermined length of time. If you have a mortgage, a car loan, or any other type of personal loan, you are already familiar with the experience of term loans.
There are two types of business term loans: secured and unsecured. Loans can be secured with business or other types of assets. Unsecured business term loans are not attached to a particular asset. Loan terms and interest rates will vary depending on whether or not the loan is secured.
The benefits of working with a credit union
As a credit union, MIDFLORIDA can bring a unique perspective to the needs of your business during the loan application process.
Working with a credit union that serves the same community as your business has many benefits.MIDFLORIDA cares about your success, and knows the community you are going to be marketing your services to. We will be here for you at the beginning of the term loan financing process—and continue to be a resource for you as you move forward in making the best decisions for your business.
What other types of business loans does MIDFLORIDA offer?
If a business term loan is not the right loan for you at this time, MIDFLORIDA does have other options, including:
- Commercial Lines of Credit
- Commercial Real Estate Financing
- Small Business Administration (SBA) Loans
- Rebuilding Economic Vitality (REV)