Business Term Loans
What is a Term Loan?
When your business plans call for a large sum of money—from expansion to stocking up on inventory—term loan could be just what you need.
With a fixed repayment schedule and term length customized to your cash flow needs, business term loans can make your loan payments affordable each month and simple to manage.
How Do Term Loans Work?
Business term loans give companies upfront capital. When you get a term loan, you repay the principal and interest over a fixed period (the term) with a payment each month.
A term loan can be secured or unsecured. Secured loans use collateral, like a bank account or real estate. Because they’re secured by an asset, they may be easier to get approval for or come with lower interest rates. Term loans can also have fixed or variable interest rates. Your loan will be designed to meet your specific capital and cash flow needs, with term lengths ranging from one to ten years.
Why get a Term Loan from Neighbors?
- Competitive fixed or variable interest rates.
- Tailored loan amounts and term lengths, with predictable repayment schedules.
- Straightforward application and approval process.
- Expert guidance from experienced commercial lenders.
- Fast, local decisions on your loan application.
I'm Ready to Apply! Where Do I Start?
To qualify for a business term loan, you’ll need to have sufficient credit history and business income that support your ability to repay. Good credit history may result in lower interest rates!
Once you’re ready to apply, we’ll work with you to gather the right documents and information needed to underwrite your loan. These may include:
- Your business plan and business incorporation documents.
- Financial documents including tax returns, financial information (accounts and other debts), and cash flow records and projections.
- Plans for use of loan funds.
When you’re ready to submit your application, there are several easy ways to apply:
- By phone: 314-892-5400
- By email: [email protected]
- By fax: completed Business Loan Applications can be faxed to 314-329-9867
After you submit your application, we’ll review it, take the time to discuss terms and conditions, and request additional information if we need it.
Get Started with Neighbors Today
Looking for a business term loan tailored just for you in the St. Louis area? Our specialized term financing can help with you your plans for expansion and improvement or equipment and inventory purchases—and is always paired with knowledgeable local assistance. Missouri businesses can count on Neighbors for all their commercial lending needs. Reach out to us today to get started.