How to Apply and Secure a Term Loan for Your Small Business
                     How to Apply and Secure a Term Loan for Your Small 
Business
Searching for a simple and flexible 
funding option to achieve your 
small business’ short and long-term 
goals, applying for a term-loan 
could be your best option.
Whether you want to invest in real estate, buy equipment, or cover 
day-to-day business’ expenses, this small business financing can 
be used for a variety of business purposes.
In a term loan, you’re given 
a lump sum of cash that you 
have to repay over time in 
scheduled installments. 
Both startups and 
established businesses can 
apply for term loans and can 
be either long-term and 
short-term.
The term loan requires a business to provide the lender with 
some type of collateral.
Maturity :- These loans are generally repayable over a period of 5 
to 10 years in installments.
Interest :- Though the interest rate is fixed in term loans, the 
borrower can negotiate the interest rate with the lender at the time 
of dispersing a loan.
Funding Time :- As fast as 2 days
Requirements
● A minimum of 1-year business history
● a minimum credit score of 680
● $100,000+ in annual revenue
● Must be Profitable
How to Apply for a Term Loan?
While you can apply through a traditional bank, it’s suggested to apply through an 
online alternative lender. Banks have a complicated loan approval process while 
alternative lenders use various technologically-advanced web-based applications 
to offer easy and faster funding.
Documents you need before applying:
● Driver’s License ● 2 years of personal and business tax 
returns
● Business certificate or license
● Loan application history
● Business plan
● Credit score
● Balance sheet
● Bank statement
● Profit and Loss statements
● Voided business check
Find and Compare Best Term Loan Offers
Use Smansha to find and compare a variety of term loan offers 
from multiple lenders and choose one that best fits your current 
financial needs. Once approved, you can get the funds into your 
bank account in as little as 24-48 hours.