Explanation
Term loans are best for large, one-time investments: equipment, expansion, acquisitions, or refinancing higher-cost debt.
Bank and SBA term loans offer the lowest rates; online lenders provide faster funding at higher cost.
Examples
- •Short-term: 3–24 months
- •Mid-term: 2–5 years
- •Long-term: 5–25 years (SBA, real estate)
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