Business Term Loans to Fuel Your Growth
Running a business takes planning and the right funding. Our business term loans offer the flexibility, stability, and support that business owners in Ohio need to grow. If you’re looking to buy equipment, expand operations, or refinance existing debt, we provide term loans for small businesses with both short-term business loan and long-term business loan options. With fast approval, competitive rates, and local expertise, our team of bankers is here to help you reach your next milestone with confidence.
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At Consumers National Bank, we provide you with flexible financing to support your growth plans. You can use funds in areas that move your business forward, such as:
- Purchasing or upgrading equipment and machinery
- Buying or refinancing your owner-occupied facility or office
- Investing in inventory
- Hiring talented staff
- Developing new products
- Refinancing higher interest rate debt
Benefits of Business Term Loans in Ohio
- Lower interest rates than credit cards due to longer terms (from 12 months for inventory or staff expenses up to 20 years for real estate).
- Personalized repayment that fits your timeline and budget.
- A predictable payment plan that helps with cash flow management.
With Consumers National Bank, you will find business term loan options that are right for you and your business needs! Contact one of our business bankers or visit your local branch for more information.
Ready to Take the Next Step in Growing Your Business?
At Consumers National Bank, we understand the unique needs of Ohio’s businesses. If you're expanding your operation, purchasing new equipment, or investing in growth, our local experts are here to help. With tailored solutions, competitive rates, and responsive service, our business term loans provide the reliable capital your business needs. Contact us today to get started and fund your future with confidence.
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FAQs About Business Term Loans
What Are Business Term Loans?
Business term loans are a popular financing solution that provides businesses with a lump sum of money to be repaid over a fixed period. These loans are typically used to fund major initiatives such as purchasing equipment, expanding facilities, or managing long-term operational costs. With predictable payments and fixed interest rates, business term loans give Ohio business owners control over their repayment schedule. Businesses can choose between short-term business funding for quicker payback or long-term business funding for more extensive growth plans.
What is the Average Term for a Business Loan?
The average term for a business loan depends on the loan type and intended use. Short-term business loans often range from 6 to 18 months and are suitable for immediate needs like inventory purchases or payroll. On the other hand, long-term business loans can last from 3 to 10 years or longer, ideal for substantial investments such as property, renovations, or machinery. Businesses should evaluate their cash flow and goals to determine whether short-term loan rates or long-term loan rates align better with their financing strategy.
Who is Eligible for a Business Term Loan?
Eligibility for a business term loan is based on factors like business credit history, revenue, time in operation, and overall financial stability. Most lenders require at least one year in business, a reliable source of income, and a favorable credit score. Even if you're applying for a long-term small business loan or looking for quick short-term business funding, having a solid business plan and financial documentation can improve your chances of approval. Local banks in Ohio often offer more personalized support to guide eligible businesses through the application process.