Term Loans for Businesses

A Business Term Loan provides a fixed lump sum of capital repaid over a set schedule — monthly, bi-weekly, or weekly — with a defined interest rate and maturity date. It is the most straightforward form of business financing and the benchmark against which other products are compared.

How it works: You borrow a fixed amount (typically $25,000 to $5,000,000) and repay it over a term of 1 to 10 years at rates ranging from 6% to 25% APR depending on creditworthiness, time in business, and collateral. Secured term loans (backed by real estate, equipment, or receivables) carry lower rates; unsecured loans are faster but priced higher.

Best used for: Expansion into a new location, commercial renovation or build-out, acquiring a competitor or business, purchasing equipment, refinancing higher-cost debt (such as MCAs), or funding a marketing campaign with a measurable ROI horizon.

Short-term vs. long-term: Short-term loans (6–24 months) fund working capital and urgent needs. Long-term loans (3–10 years) are better for capital expenditures where the asset generates returns over time.

Approval timeline: Traditional bank term loans take 2–8 weeks. Alternative lenders through Glovenco’s network can approve and fund in 5–10 business days.

Processed through Gloven Funding — These products are originated through Gloven Funding, Glovenco’s dedicated business financing division. You can also apply directly at glovenfunding.com.