Question
If I get a business loan, how long of a term does the average bank give you to pay them back?
Do they give you 1 year to pay them back with 12 monthly payments? Or 5 years? 20 years?
6 months ago - 4 answers
Other Answers
It depends. I would worry first about if you can get a business loan.
by I Like Turtles - 6 months agoIt depends on the use of the loan. A line of credit is used for short term cash flow issues. It is usually for 12 months with the ability to renew if you are paying on time. Hard assets such with longer life spans can be financed up to 7 years depending on the asset. Assets such as building can be financed up to 25 years. Just make sure your financing matches your needs appropriatley. You don't want to finance a long term asset with short term money.
Source(s)
www.partnersindemand.com/cash_flow_...
by Dee - 6 months ago5 years is standard, but will you qualify?
by Casey Y - 6 months ago