Larger Capital, Lower Rates, Predictable Payments
Fund major business investments with up to $5M in term financing. Fixed monthly payments, competitive rates from 7.49% APR, and repayment periods up to 5 years for maximum cash flow flexibility.
$10,000 – $5,000,000
3–7 Business Days
Repayment Terms
6 Months – 5 Years
APR Range
7.49% – 22%
Minimum Requirements
Overview
What Is Business Term Loan?
A Business Term Loan is the traditional cornerstone of small business financing — and for good reason. You receive a fixed lump sum of capital upfront, repay it over a defined term with consistent monthly payments, and benefit from some of the most competitive interest rates in small business lending.
Term loans are ideal for businesses with a clear, larger capital need: expanding a location, purchasing equipment, hiring a team, launching a product line, or making a strategic acquisition. Because the repayment schedule is fixed, you can plan your business finances with precision — no surprises, no fluctuating payments.
Approvd's network of 75+ lending partners means we can offer term loans ranging from $10,000 to $5 million with terms from 6 months to 5 years. Whether you're a growing startup or an established multi-location business, our advisors will find the term loan that fits your plan and your budget.
Why Approvd?
No impact to credit score
Simple Process
How Business Term Loan Works
Submit Your Application
Provide basic business details and financials through our secure online form. Most applicants complete it in under 10 minutes.
Underwriting & Matching
We analyze your business profile and match you with term loan offers from lenders most likely to approve and fund your request.
Review Term Sheet
Compare loan amounts, APRs, terms, and monthly payment amounts. Your Approvd advisor explains every line of the offer.
Document Submission
Submit supporting documents (bank statements, tax returns, financials). Our team guides you through every requirement.
Funding
Once approved and signed, funds are typically deposited within 3–7 business days depending on the lender and loan size.
Key Advantages
Benefits of Business Term Loan Through Approvd
Largest Amounts Available
Access up to $5 million — more capital than most other small business financing products, enabling truly transformative investments.
Lowest Interest Rates
With APRs starting at 7.49%, term loans offer the lowest cost of capital outside of SBA financing.
Predictable Monthly Payments
Fixed payments make budgeting simple. Know exactly what you owe each month for the entire life of the loan.
Longer Repayment Terms
Terms up to 5 years spread your payments over time, reducing monthly obligations and preserving operating cash flow.
Builds Business Credit
Consistent on-time payments on a term loan are one of the best ways to build a strong business credit profile.
Multiple Use Cases
Expansion, acquisition, equipment, hiring, inventory — a term loan can fund virtually any legitimate business purpose.
Common Uses
What Can You Use Business Term Loan For?
Businesses across industries use business term loan through Approvd to fund growth, manage cash flow, and seize opportunities.
- Expanding to a new location or facility
- Major equipment purchase or upgrade
- Hiring and onboarding a significant number of employees
- Launching a new product line or market expansion
- Funding a business acquisition
- Consolidating existing higher-rate debt into a single payment
Ready to Get Started?
Apply in 5 minutes. Get matched with real offers from 75+ lenders. No impact to your credit score.
Or call (516) 262-5269Common Questions
Business Term Loan FAQ
What documentation is required for a term loan?
Typically: 3–6 months of business bank statements, the most recent 1–2 years of business tax returns, a year-to-date profit & loss statement, and a completed application. Requirements vary by lender and loan size.
Can a startup qualify for a business term loan?
Most term loan lenders require at least 12 months in business and $20,000+ in monthly revenue. For businesses under 12 months, Revenue-Based Financing or a Line of Credit may be more accessible.
Is there a prepayment penalty?
This varies by lender. Some term loans have prepayment penalties (typically a percentage of remaining balance), while others do not. Your Approvd advisor will clearly identify this in any offer you receive.
What's the difference between a traditional term loan and an SBA loan?
SBA loans are government-backed, offering the lowest rates (6–18% APR) and longest terms (up to 20 years) but have stricter requirements and longer approval timelines. Traditional term loans fund faster and have fewer requirements.
Can I use a term loan to refinance existing debt?
Yes — debt consolidation is one of the most common uses of a business term loan. Consolidating multiple high-rate obligations into a single lower-rate term loan can significantly reduce your monthly payment burden.
Other Financing Solutions
Not sure if this is the right fit? Explore our other products.
Important Disclosure
Approvd is a loan marketplace and does not make lending decisions or issue loans directly. All loan products, rates, terms, amounts, and approval decisions are determined solely by the individual lenders in our network. Loan availability and terms vary by lender, applicant qualifications, state regulations, and other factors.
Applying through Approvd does not guarantee loan approval or any specific loan amount, rate, or term. APR and cost of capital vary widely based on loan type, lender, credit profile, revenue, time in business, and other underwriting criteria. Representative APR examples are illustrative only and do not constitute an offer or guarantee of credit.
Business loans involve risk. Carefully review all loan documents and understand your repayment obligations before accepting any offer. If you have questions about a specific loan product, consult the lender directly or seek independent financial or legal advice.
See Your Business Term Loan Options Today
Apply in 5 minutes. Real offers from 75+ lenders. Zero impact to your credit score.