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Types of Business Term Loans

Business term loans come in various forms, each designed to meet specific needs and financial situations. Short-term loans typically have repayment periods of less than a year, making them suitable for immediate cash flow needs or quick investments. On the other hand, long-term loans can extend up to 10 years or more, providing substantial funding for significant projects like infrastructure development or large-scale equipment purchases.

For startups, the choice between short-term and long-term loans will depend on the nature of their business goals and financial strategy. It's important to evaluate the interest rates, repayment terms, and any associated fees to choose the best fit for your startup's needs.