Business Term Loans
A Stillman business term loan is repaid over a specified length of time. Used for a variety of business needs, a business term loan helps with needs such as buying equipment, buying or renovating a business property, buying vehicles, or as a source of working capital.
Business Term Loan Details
A term loan can be either secured or unsecured, although secured loans offer lower interest rates. When used as an equipment loan or a real estate loan, whatever you’re buying with the proceeds would be used as collateral.
- ✔ Typically used for major purchases and long-term investments.
- ✔ Also known as equipment loans, equipment financing, commercial vehicle loans, and commercial real estate loans.
- ✔ Can be used to consolidate or pay off other business loans.
Why Choose Stillman Bank
Access all your accounts, transfer funds, and make payments through online access and mobile banking. Access to 40,000 ATMs surcharge-free through the MoneyPass® ATM network.
Enhanced Mobile Alerts providing instant access to account information including account balances, debit card transaction notifications, and more. (Text messaging fees from your cellular provider may apply).
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Common Questions
+ How Do I Apply for a Business Term Loan?
Someone on our commercial lending team can help you apply. We’re going to need your business tax ID (EIN) number, your gross annual revenues, and other data.
+ How Do I Choose between a Business Term Loan and a Business Line of Credit?
That really depends on what type of loan you’re looking for. A Term Loan is typically used for a long-term investment in your business and is pursued with a particular goal in mind, such as expanding a business. You would receive all the proceeds from your loan at one time, and these loans are typically secured by using whatever you purchase as collateral.
A Business Line of Credit provides flexible access to funds whenever you need them. Use it to help manage cash flow, cover unexpected expenses, or meet other short-term business needs. Because it is unsecured, no collateral is required, giving you a simple and convenient financing solution.
+ What’s the Difference between a Secured Business Loan and an Unsecured Business Loan?
While most business term loans are secured with collateral (business equipment, vehicles, inventories, real estate, etc.) there are unsecured business term loans available. A secured loan offers lower interest rates, but if you fail to repay the loan, your business would lose the assets that were used as collateral.
Apply for a Business Term Loan or Speak with a Banker Today
If you’re looking for a business term loan in northern Illinois and southern Wisconsin, or if you have any questions, you can contact us online, apply online, or speak with a banker at your nearest branch. You can also reach out to someone on our commercial lending team.