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A term loan is a type of loan from a bank to a business, for which the borrower must make specific repayments over an agreed period of time. A term loan typically involves collateral, such as tangible assets owned by the company that can be sold in case the borrower fails to repay. It also usually requires periodic interest payments until it matures and principal repayment at maturity.
Term loans are often used to fund large-scale investments or expansion projects that require upfront capital expenditure, such as buying new equipment or launching marketing campaigns. Businesses with strong credit profiles and cash flow projections may provide more attractive financing options than other types of debt instruments such as lines of credit or revolving credit facilities due to their longer-term nature and fixed payment amounts.
When evaluating your financing needs, consider whether a term loan may be right for you – given its structured repayment terms and ability to help grow your business in predictable ways could lead it to success.
