A term loan is simply borrowing a lump sum and paying it off at fixed intervals over a set period of time (or “term”). There are many purposes and uses for a business term loan.

Try something new: Pursue your passion with the cash needed to take advantage of an opportunity.

Refinance debt: Pay off expensive credit card debt to improve your cash flow or earnings.

Invest in equipment or inventory: Do you need to invest in new equipment to grow your business?

Expand your product or service menu: Do you have an idea for a new product or service that could boost your bottom line?