Long Term Loans

Long Term Loans for Small Businesses?

As opposed to short term loans, longer term loans generally have repayment periods that can theoretically extend anywhere from 5 to 25 years. This, of course, will be based on a variety of factors, to include the lending company with which you work. The question we often get concerns whether or not a small business can actually get a long term loan. The answer is yes! Getting a conventional bank loan might not be the easiest; especially given today’s stringent standards, many small businesses go through a lengthy and arduous process only to receive a rejection in the end. Therefore the loan options listed below might be a better fit for your small business…

SBA Loans

When a lender partners with the SBA in essence what this means is that the SBA is guaranteeing a percentage of that loan. And so, if for some reason the company does default, at least the lender isn’t losing 100% of the money borrowed. With SBA term loans, businesses often will have in that 5 to 25 year range as far as the payback duration. If you have been denied for a traditional bank loan, then you are eligible to apply for an SBA loan.

Term Loan

Beyond SBA loans, there are also term loans available through both banks as well as other types of lenders. The repayment on these is generally a little shorter, ranging from 1 to 5 years. The amount borrowed in some cases can be as high as 500k, so if you do require more cash than say a short term loan would accommodate, this may be one to look into.

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well.

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