Business Term Loan

Receive a lump sum of capital to invest in your business, that is repaid over a fixed term with regular payments.

Grow Your Business Starting Now!

Securing the right working capital is vital for running a successful business. Whether you need funds for equipment upgrades, payroll, or expansion, many owners traditionally turn to bank loans, which often involve extensive paperwork and lengthy processing times. This is where Approvd comes in.

At Approvd, we’ve made the business funding process easier and more accessible for small business owners. Our lenders offer term loans ranging from $10,000 to $5 million, with flexible repayment terms of up to 60 months. The application process is straightforward, and once approved, you can receive your funds as soon as the next business day.

Easy Payments

We make it simple with hassle-free, automatic daily, weekly or monthly payments.

Credit Building

Develop your personal and business credit profiles with on time payment history.

Prepayment Initiatives

Save on your financing by paying your loan off early! No prepayment penalties here.

Quick and Transparent Process

1. Complete our short application.

Our quick application process only takes a few minutes to complete.

2. Compare competing offers.

Improve your funding odds and compare offers from multiple lenders.

3. Secure and receive funds.

Accept an offer and get funds as quick as the same day!

Minimum Requirements

Time in Business

12+ Months

Personal Credit Score

680+

Annual Business Revenue

$300,000

Frequently Asked Questions

Does acquiring a business loan develop my business credit?

Most of our term loan lenders report to the business credit bureaus (Dun and Bradstreet, Experian Business), so good payment history can bolster your business credit profile.

Can I pay off my business term loan off, ahead of schedule?

Absolutely! Our loan products offer prepayment initiatives, and if you meet the criteria for our 100% prepayment benefit, you can settle your loan early, in full, and have all remaining interest waived, with no associated penalties or fees.

What will I need to apply and qualify for a business term loan?

Qualifying for a business term loan requires that the business be in operation for over 12 months, generating at least $300,000 in annual sales, and that the owner have a personal FICO score above 680. Getting started is simple – all you’ll need is a completed application and three to six most recent business bank statements. Some lenders may require additional documents, such as your tax returns.

Can I receive a term loan and a line of credit at the same time?

Depending on revenues and other factors at the time of applying, some businesses may be eligible for a credit-line in addition to a term loan. Contact us at 516-262-5269 to check your eligibility.

Can I use my small business term loan to pay off another debt?

You can use a term loan for any business purpose, including paying off other loans and obligations. In fact, term loans are ideal for consolidating financial products with higher interest or more frequent payments (such as advances or factoring).

What’s the difference between a loan and revenue-driven financing?

Some business term loans are revenue-driven products, but term loans typically have stricter eligibility requirements than revenue-driven financing (such as advances). As term loan lenders value personal credit and time in business more than other funders, these products are ideal for well-qualified borrowers, who’ve been in business for over a year.