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Questions related to a term loan or SBA Loan? Simply fill out the form below and one of our team members will contact you shortly.
A term loan provides a lump sum of capital upfront, which is then paid back at fixed intervals over the life (term) of the loan. They’re called term loans in reference to the length of the repayment term.
The benefit of a term loan is the loan age itself. Since the borrower can repay the money in a longer duration, a borrower has the ability to make lower payments on larger amounts of funds.
Term loans are designed for more established businesses, typically with at least two years of operating history. Due to the larger dollar amount, and the fact that business term loans are delivered in one lump sum, these loans are often used for growth investments versus covering day-to-day operating expenses.x
1. Paid in monthly installments.
2. Flexible repayment schedules
3. Dedicated loan advisor that helps schedule flexible terms at best available interest rates
4. Borrow between 10,000 USD to 2,000,000 USD depending on your revenue, and creditworthiness
Term loans are best for businesses looking to purchase materials or equipment, or planning to expand to new states or countries or for other efforts with long-term value.
The 7(a) program is the SBA’s general small business loan program and one of the most popular loan options.
There are several types of 7(a) loans, including standard, small, and express loans, as well as loans for export and international trade businesses. These loans can be used for a variety of purposes, including buying inventory, equipment, working capital, and refinancing other business loans.
The loan amount and term will depend on the type of 7(a) loan and how you plan to use the proceeds. The SBA will guarantee 50% to 90% of the loan, depending on the type of 7(a) loan.
The SBA uses the FICO® Small Business Scoring Service℠ (SBSS) to score and prescreen businesses that apply for an SBA 7(a) loan of $350,000 or less – an SBA 7(a) Small loan.
Typically, you’ll see minimum credit score requirements of at least 640 to 680.
1. SBA offers a variety of finance solutions including SBA express loans, SBA export express loans, SBA micro loans depending on needs of different small businesses in USA.
2. SBA loans are available at pocket-friendly interest rates, have flexible repayment options and loan duration is large which means you have ample amount of time to repay your loan back and get your business in a sound condition.
2. Moreover, with SBA, you can get easy access to a large amount of working capital if you have a feasible business plan and the complimentary mentorship that comes with SBA loans is a plus.
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