Term Business Loan:
As a financial planner at JMS Global Enterprises, we understand that small businesses often need additional financing to take their operations to the next level. For businesses that have been operating for at least two years and have shown a profit in at least one of the last two years, term loans can be a great option.
Term loans typically have a minimum FICO score requirement of 600 or excellent cash flow and business strength. They are most commonly used for business expansion, improvements, working capital, equipment purchases, or consolidation of business debts. These loans can provide businesses with a lump sum of cash upfront, which can be used for a wide range of purposes.
At JMS Global Enterprises, we work with a network of lenders to provide our clients with a range of term loan options. Loan amounts can range from $50,000 to $5,000,000, and the loan term can be up to five years. Payments are made on a weekly, bi-weekly, or monthly basis, depending on the terms of the loan.
One of the advantages of term loans is their flexibility. Unlike SBA loans, which have specific requirements for how the funds can be used, term loans can be used for any business purpose. This makes them a great option for businesses that need financing for a specific project or want more control over how the funds are used.
Another advantage of term loans is their relatively short repayment period. With loan terms ranging from one to five years, businesses can pay off their debt relatively quickly, which can help them maintain strong financial health over the long term. This can be particularly important for businesses that are just starting out or that have a limited cash flow.
At JMS Global Enterprises, we work closely with our clients to identify the best financing options for their specific needs. We understand that every business is unique, and we take a customized approach to each client's situation. Whether you're looking for an SBA loan or a term loan, we can help you navigate the lending process and find the right financing solution for your business.