A: When it comes to business loans, there are distinct differences between a long-term business loan and an SBA loan. The most notable difference is that the federal government backs SBA loans, which reduces the risk for the lending institution and results in lower interest rates. However, since the government is backing the loan, qualifying for an SBA loan is more challenging, and the application and approval processes take longer. In fact, most SBA loans require business owners to demonstrate that they have explored all other financing options and invested their own time and money into the business before approval.

A: Consider a long-term business loan with a fixed interest rate to save on interest. Use a loan calculator to determine monthly payments. Good business scores may qualify for rates as low as 7.49%.

A: Long-term business loans are ideal for financing significant expenses such as purchasing equipment, expanding real estate, or improving working capital. These loans are approved quickly, making them a reliable way for businesses to fund vital projects or expansions to drive long-term growth. If you require funding for a significant project with promising ROI potential, a term loan can be a suitable option.

A: Once your application is approved, lenders can transfer funds directly to your bank account within 48 hours.