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Entity, amount, use of funds. Soft inquiry to start.
What it is
A long-term business loan amortizes over a longer calendar than a short-term note. Monthly payments are usually lower relative to the amount, in exchange for more documentation, more time in underwriting, and often a personal guarantee or collateral.
Some long-term paths sit next to SBA programs. Others are private. The papers decide which rules apply — not the heading on this page.
Who it fits
Operators with a use of funds that will still be producing after the first year: a second location, a piece of equipment with a long useful life, a refinance of a more expensive short-term debit. It is slower than an advance. That is the point.
Process
Review
Deposits, obligations, and whether this structure is even in scope.
Get funded
Written terms before a signature, if a source can underwrite it.
When it fits
Larger, planned uses — expansion, acquisition support, multi-year equipment or build-out with a longer service window.
When it does not
Emergency payroll this week; longer facilities move slower and ask for more documentation.
Who typically qualifies
About six months operating, ~$15k+ monthly deposits, personal credit near 500+. Stronger files help. Frames, not guarantees.
Eligibility snapshot
A starting frame — not a decision.
Time in business
Often around six months or more of operating history.
Revenue
A common conversation starts near $15,000 in monthly deposits.
Credit
Personal credit around 500 or higher is a typical starting mention.
Read this before you prefer this product
Ask about collateral, prepayment, and whether the note is fully amortizing or has a balloon. Do not treat “long-term” as a synonym for inexpensive until the documents say so.