As the owner of your very own enterprise that happens to be chugging along with relatively very few issues, you may be quite content. However, you are not exactly seeing the exponential growth that you know you could be seeing. Sure, you could leave your business there, or you could make a few choices like, say, business term loans and watch your company go from chugging along to going full speed ahead! This handy dandy cash injection into your business from lenders like Bluevine can help you grow, expand, and deal with those often all too inconvenient costs that come with operating.
Why Choose Business Term Loans?
Business term loans provide a one-time lump sum of cash distributed directly to the borrowers’ bank account following an approval decision. They are then paid back in fixed increments, generally monthly, over time. This makes them ideal for nearly any large business expense or working capital need, whether you need it for new equipment, new technology, or a cash cushion. Having a fixed cash amount at a fixed rate ensures that you know exactly what your financial commitments will look like.
Business term loans are flexible. They can be short-term (1-3 years) or long-term (3-10 years), which means you can select a term depending on what makes the most sense for your business strategy. Whether you are a new business or a well-established company, there is likely a term loan that meets your needs.
The Advantages of Business Term Loans
One of the biggest benefits of business term loans is the availability of funds. Depending on the lender, the process is relatively fast. This means that if you need a term loan, you could be able to apply as opportunities arise. You may receive the funding quickly and easily enough to take advantage of a great opportunity or address an emergency cash need. Plus, with a great lender like – say – Bluevine, you get reasonable rates and good customer service. Borrowing large amounts of capital can be a great experience.
In addition, business-term loans tend to have a fixed interest rate. This means your monthly payments will stay the same, which will make it easier for you as you budget using the loan. You will know how much you are going to owe on a monthly basis. This makes it much easier to plan, prepare, and keep your cash flow stable.
What to Consider When Applying
While a term loan can be an amazing tool for your business, you have to approach it in a smart way. Make sure that you’re in a good financial state before you apply, figure out how much money you actually need, and don’t forget to think about how the term business loan itself is going to affect your business way down the road.
Don’t forget to check out the lender’s terms and conditions, either. You definitely want to do business with a company that is upfront about its deficiencies and payments. Bluevine is one such place that you could check out, but if they don’t tickle your fancy – you can use this guide to get yourself a lender who does.
Make the Move Today!
A loan of any kind may – let’s face it – sound like debt. And sure, technically it is, but as there are good and bad bacteria, there are good and bad “debt,” and business term loans fall under the good debt umbrella – that, if used wisely, can actually help your business grow to never before seen heights. So why not hop on the business term loans bandwagon?