Business loans allow us to give you a low fixed APR and longer payback periods for up to 24-36 months. Business loans are ideal for renovations, a down payment for opening a new location and buying inventory. While business lines of credit give you an ongoing pool of money to dip into, a business loan presents you with a one-time lump sum. You will owe interest on the total amount from a business loan, while you only pay interest on the money you use with a business line of credit.
A business line of credit is a type of small-business loan that provides more flexibility than a regular business loan. Business owners can borrow as needed up to their limit, which can range from $5,000 to $3 million.
Advantages of Business Loans