Term Loans
The bread and butter of business lending is to provide financing for asset purchases and acquisitions as your company grows and expands. These types of loans can vary from small computer and software upgrades all the way up to the purchase of expensive manufacturing equipment. Any asset that helps your business provide a product or a service is normally eligible for term loans.
Competitive rates that are usually floating tied to “WALL STREET JOURNAL PRIME RATE AS PUBLISHED IN THE MONEY MARKET SECTION OF THE WALL STREET JOURNAL.” Loan terms vary depending on economic life of the asset being acquired. Apply now!
In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:
- A business financial statement, and copies of business tax returns covering a 3-year period if possible.
- A personal financial statement and copies of 3 years of personal tax returns if possible.
- An invoice or purchase order describing the equipment you are buying.
- A short business plan indicating how the asset will affect growth, cut costs, or improves operations if installed. In short, why you want to buy the equipment.
- For companies that are brand new or in a start-up mode, a business plan may be your most important piece of banking information.
- For extremely expensive equipment in specialized industries, an appraisal from a generally recognized evaluation expert could be required.
