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Long-Term Installment Loans
First Bank offers long-term installment loans and other types of lending that help small businesses cover expenses. The government-backed Small Business Association (SBA) helps business owners acquire long-term loans to help them grow, expand their services, or recover from disaster.
Connect with our experts at First Bank today and find out how long-term installment loans could help your business thrive and grow.
Benefits of Borrowing Long Term
Long-term installment loans offer several key benefits for small business owners:
- Predictable, Steady Payments
Long-term loans are usually repaid in steady monthly installments. But weekly or bi-weekly payments may be required, depending on the loan terms and conditions. - Fixed Rates
Another benefit of long-term loans are the stability of fixed rates. A fixed rate gives you more time to gradually pay back what you borrowed for costly repairs, construction, equipment, or inventory. - Lower Interest Rates
Many long term installment loans, because of the length of commitment, have lower rates than other types of business financing.
Working with our network of lenders, the experts at First Bank will work with you to find the best choice for your business needs.
Other Long-Term Installment Loan Factors
Before taking out a long-term installment loan, there are a few factors to consider.
What’s true of any loan is that interest will accrue throughout its lifespan. This can take years to pay off and could become a debt burden in the long run if a detailed budget is not in place.
If you have existing debts, taking on a long-term loan may be risky. However, First Bank’s wide network of lending partners will provide the best available loan terms to help your business succeed.
Long-Term Loans with First Bank
Whether you need a long-term installment loan or something for the short term, First Bank can help you find the financing you need for your business. Find a First Bank near your and start growing your business today.
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Source:
SBA.gov: www.sba.gov/starting-business/business-financials/borrowing-money-your-business
Loans Subject To Approval