Term loans are typically used to purchase assets such as equipment, vehicles, furniture
and fixtures. They are also available for business expansion and debt consolidation
purposes. Competitive fixed rates are available for terms up to 7 years.
Purchase equipment, capital improvements, refinance existing debt.
$10,000 to $150,000
Up to seven years.
Variable based on the Prime Rate as published in the Wall Street Journal plus a
margin. Fixed rate available as determined at time of approval.
Access to funding:
Funds available at closing.
Principal and interest payments to amortize entire balance over the term of the
A first lien on all business assets and/or liquid collateral such as CD or securities.
Required from each borrower/owner.
Closing costs vary by complexity of transaction, annual facility fee 1%.
Automatic payment feature, fixed rate available.