Short term business loans for any period from 1 month to 24 months. Loans can be used for any business purposes.
When many business owners think of business loans, they think of a traditional 5-10 year term loan from their local bank.
In recent years, however, short term business loans have become an increasingly popular tool for business owners to quickly take advantage of opportunities and handle obstacles that may come their way.
For example, sometimes inventory is only available at a discount for a limited time, or marketing opportunities can be time sensitive. Sometimes, business owners just need breathing room while waiting for clients to pay. In these cases, getting a short term business loan is often a better option to taking a loan with multi-year repayment – If you turn your inventory in 3 months, you don’t still want to be paying for that inventory in 3 years.
And, short term financing typically has higher approval rates than long term bank loans.