Traditional banks commonly issue large business loans with favorable rates and terms. Repayment terms often span from just a few years to as many as 20 years. However, business owners typically need high credit scores, strong cash flow, profitability and substantial time in business to be approved for a bank loan. In addition, banks usually have slow approval and funding processes.
If you do qualify, though, you could be approved for funds that you could pay back at a manageable rate. For instance, Bank of America’s secured business loans start at $25,000, with rates as low as 3.50% and repayment terms up to four or five years, depending on the type of loan.