Term Loans to Finance Your Business Needs
Being an entrepreneur requires courage, intelligence, and creativity. Our local business community in Southeast Michigan is inherently capable, and we admire that. But establishing a profitable business and growing it to scale also requires funding, and it isn’t always inherently available. For your business to run seamlessly, you need to keep your processes up-to-date. Your tasks may include updating your equipment, developing new product lines, and releasing marketing campaigns. All of these business essentials require capital to help you achieve a stable revenue stream.
This is where term loans come in handy. Term loans are under the agreement of a fixed payment ranging from one to five years (up to ten years via the SBA 7a Loan Program) and secured by collateral, such as machinery. Bank Michigan provides business term loans with customized payment terms designed around the needs of your business. You can take advantage of a business term loan to fulfill that need and free your fixed assets. With our lending team, your loan’s payment structure, terms, and rates are all tailored to your business.
How Can Our Term Loans Fuel Your Growth and Expansion?
Commercial loans are key to creating capital and eliminating any impediments to growth. Proper funding gives your business the opportunity to achieve ongoing objectives and aim higher. You may think your current issues are insignificant, but over time, they can add up and become financing obstacles that hamper the course of your business growth. Issues with your equipment can result in production delays and increased downtime. Expanding your services or products means more employees, more training, and more locations.
So, how can a term loan from Bank Michigan be used to improve and grow your business?
- Update your processes – A term loan can give you the support to update your processes and increase your presence in your markets.
- Purchase new equipment – Old equipment must never be an insurmountable issue for any business. A business term loan can help you with renting or purchasing new equipment to increase and improve production.
- Refinance business loans – Sometimes, you need a little help over a short period. You can use a term loan to help you consolidate your business debts.
- Hire new employees – With access to this type of funding, you can hire new personnel to increase efficiency, boost productivity, and relieve workloads.
- Expand your locations – This type of business loan can also help you acquire new property and expand your retail locations or warehouses.
- Purchase your own fleet – Supply work vehicles to your staff with the right term loan.
- Manage your marketing – Are you in need of a new slogan, commercial, logo, or even merchandise? With a term loan, you can have it all. Invest in the future of your business today, pay back the loan according to the term that works for you, and reap the benefits of a thriving business for years to come!
- Create new services or products – Do you have an innovative product or service idea? You can make your dreams a reality with this business financing option.
What Can You Expect from Our Business Term Loan Options?
Partnering with Bank Michigan means you will have access to personalized service from a team of expert commercial lenders who understand the industry. We can offer you various financing options—flexible or fixed, and accessible to attend to your every business need. Our lenders will go over your business plan and recommend the best loan for you.
Do you need room to grow? Have you been dreaming of new equipment to scale up your production line? Maybe you need your own fleet to speed up logistics. Bank Michigan can help you with our business term loans.
Contact us online or connect with a lender at your nearest branch. Join us for coffee and meet our team. We’ll be happy to introduce you to Better. Thinking. Banking.