SmartBiz makes getting a Bank Term Loans easier. A Bank Term Loan is a short term loan solely based on your business profile. rough online automation, SmartBiz shrinks the lending process from months down to weeks.
Bank Term Loans Product Overview
| Loan Size | $30,000 to $200,000 | Payment | Monthly payments are debited from checking account |
| Loan Description | Bank term loan | ||
| Use of Proceeds | Working capital Debt refinance New equipment purchases | Fees | 6% referral and packaging fee Between $200 and $300 for bank closing costs |
| Time to Funding | Pre-qualify in 5 minutes Funding as fast as 2 days after application is complete | Security | Lien on business assets No minimum requirement for the value of those assets |
| Interest Rates | Fixed interest rate from 6.99% to 26.991 | Geographic Coverage | Nationwide |
| Loan Term | 2 to 5-year repayment terms with no prepayment penalty |
Bank Term Loans Qualifications & Borrower Eligibility
| Personal Credit Score | Minimum 650 FICO |
| Public Records | No bankruptcies or foreclosures in past 3 years No outstanding tax liens |
| Cash Flow | Cash flow to support loan payment |
| Basic Eligibility | 1) 2+ years in business 2) Business Owner(s) must be U.S. citizen(s) or Lawful Permanent Residents 3) Excluded industries include religious teaching, primarily political and lobbying activities, oil wildcatting, mining, mortgage servicing, real estate development, bail bond, pawn or private clubs, tobacco related businesses, among others 4) Non-profit businesses are ineligible 5) Business must be able to demonstrate repayment ability from earnings |
Small Business Solution 