A business term loan is a type of loan characterized by a fixed repayment schedule over a specified period, known as the "term" of the loan. It is a common form of borrowing used by businesses to finance various initiatives, such as expansion, equipment purchase, or working capital needs.

Depending on the funding partner, you’ll pay off the loan on a weekly, bi-weekly, or monthly basis. Repayment can last six months up to 10 years or more.