--- title: Bank Term Loans for Small Businesses | SmartBiz Bank description: Discover SmartBiz Bank’s Bank Term Loans for small businesses. Access flexible funding, competitive rates and predictable payments to grow your business. --- BANK TERM LOANS # Shorter terms, faster delivery of funds We help small businesses like yours access funds quickly with bank term loans from our trusted network. [See if you pre-qualify](https://smartbizbank.com/apply) ![lock icon blue](https://smartbizbank.com/hubfs/NB%2022/icons/lock%20icon%20blue.svg) Only takes 5 minutes and doesn't impact your credit score1 ![Small Business Lawyer](https://smartbizbank.com/hs-fs/hubfs/Small%20Business%20Lawyer.png?width=469&name=Small%20Business%20Lawyer.png) ## Funds today, no surprises tomorrow Bank term loans offer you the opportunity to secure cash flow more quickly while locking in a favorable fixed rate. ![Repayment Terms-1](https://smartbizbank.com/hs-fs/hubfs/Repayment%20Terms-1.png?width=88&height=88&name=Repayment%20Terms-1.png) #### 2-5 year repayment terms with stable monthly payments ![Working capital_2](https://smartbizbank.com/hs-fs/hubfs/Working%20capital_2.png?width=88&height=88&name=Working%20capital_2.png) #### $50,000 - $300,000 for working capital and debt refinancing2 ![Mail US](https://smartbizbank.com/hs-fs/hubfs/Mail%20US.png?width=88&height=88&name=Mail%20US.png) #### Competitive fixed interest rates3 ![Competitive Rates](https://smartbizbank.com/hs-fs/hubfs/Competitive%20Rates.png?width=88&height=88&name=Competitive%20Rates.png) #### Eligible business owners are U.S. citizens or legal permanent residents ![Working Capital](https://smartbizbank.com/hs-fs/hubfs/Working%20Capital.png?width=88&height=88&name=Working%20Capital.png) #### Must be 3+ years in business with good credit and cash flow to qualify [See if you pre-qualify](https://smartbizbank.com/apply) ## Business banking redefined Our mission is to empower small businesses to thrive by enabling access to the financial services they need.   We fuel the growth of our small business customers through thoughtful innovation. Gone are the days of complicated, slow, and outdated banking processes designed for large businesses. We've redefined the banking journey specifically for small businesses by combining cutting-edge technology and personalized customer support. And when it comes to small business financing, we help eligible businesses navigate the noise towards a 'yes' quickly by making the complex clear and the process seamless and streamlined. Welcome to a new era of small business banking. Welcome to a new era of small business banking. ![Business Banking Redefined for Restaurants](https://smartbizbank.com/hs-fs/hubfs/Business%20Banking%20Redefined%20for%20Restaurants.webp?width=620&name=Business%20Banking%20Redefined%20for%20Restaurants.webp) ## FAQs ##### What’s the difference between an SBA and Bank Term Loan? ![plus sign icon](https://smartbizbank.com/hubfs/NB%2022/plus-sign.svg) ![minus sign icon](https://smartbizbank.com/hubfs/NB%2022/minus_svg_shape.svg) In general, SBA loans provide lower rates and longer terms, and bank term loans are a great option if you’re looking for fixed rates and faster access to funds through a faster application process. ##### Am I a good candidate for a Bank Term Loan? ![plus sign icon](https://smartbizbank.com/hubfs/NB%2022/plus-sign.svg) ![minus sign icon](https://smartbizbank.com/hubfs/NB%2022/minus_svg_shape.svg) Most businesses in good financial standing that have been in operation for more than three years are good candidates for bank term loans. ##### What are my options if I’m not approved for a Bank Term Loan? ![plus sign icon](https://smartbizbank.com/hubfs/NB%2022/plus-sign.svg) ![minus sign icon](https://smartbizbank.com/hubfs/NB%2022/minus_svg_shape.svg) Even if you don’t yet qualify for an SBA or bank term loan, we'll work to help you find other financing options that may be a good fit for your needs. ##### Does SmartBiz Bank offer Bank Term Loans? ![plus sign icon](https://smartbizbank.com/hubfs/NB%2022/plus-sign.svg) ![minus sign icon](https://smartbizbank.com/hubfs/NB%2022/minus_svg_shape.svg) While SmartBiz Bank does offer conventional bank term loans in Chicago as well as the surrounding areas within 250 miles of Chicago, SmartBiz Bank works with other banks in its network to help you secure bank term loans across the country. ## Trusted & Loved [Trustpilot](https://www.trustpilot.com/review/smartbizloans.com?stars=5) Our customers say **Excellent** [![4.6 out of 5 stars on Trustpilot](https://smartbizbank.com/hubfs/Hero%20Images/TP%20Quote%20module%20header.png) ](https://www.trustpilot.com/review/smartbizbank.com?stars=5) 4.7 out of 5 based on 16,366 reviews ### "I definitely recommend SmartBiz" “From day one to the final day of loan funding Christina Lahi and David Lin were very helpful both of them guiding me thru the whole process of the loan. I have concerns because i know that it's real hard for a business to meet the criteria for an SBA loan but they meet my expectations going beyond to qualify my business i definitely recommend smartbiz. Thanks Christina and David” California Paint ** ** ** ** ** ### "I was thoroughly impressed and highly satisfied." “I was thoroughly impressed and highly satisfied with the expedited processing of my SBA Express Loan through SmartBiz, coordinated by my contact person, Alisha. On May 21st, Alisha requested the necessary documents, which I promptly submitted the following day. By May 24th, I had provided all additional requested documentation. Despite the Memorial Day holiday on May 27th, the underwriting review was completed by May 28th. On May 31st, the documents were forwarded to South State Bank. After the weekend, on Monday, June 3rd, we awaited SBA approval. Impressively, the very next day, I signed the closing documents, South State Bank disbursed the funds same day. The entire processing period took only two weeks, demonstrating SmartBiz's remarkable efficiency and speed. I definitely recommend it !” Paula L. ** ** ** ** ** ### "Super friendly and positive through out the entire process, easy to work with." “Blake did an outstanding job of staying on top of the paperwork that was required for the completion of this process. He outlined from the beginning the steps needed. He communicated effectively and transmitted to all parties the process, procedures and outcomes with the expected time line and completion dates. I would refer and speak highly of Blake and recommend the services provided with SmartBiz. Also, super friendly and positive through out the entire process, easy to work with.” Michael Z. ** ** ** ** ** Back to Top --- 1. We conduct a soft credit pull that will not affect your credit score. However, in processing your loan application, SmartBiz Bank and the lenders with whom we work will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may impact your credit score. 2. Subject to credit approval. Your loan amount will be determined based on many factors, including your credit and financial profile. Not all applicants will qualify for the full amount.  3. Interest rate depends on loan term and the applicant's credit and financial profile. Qualifying customers may have the option to reduce their term loan interest rate by 2% if they choose a prepayment penalty of 5% of the total outstanding balance. ```json { "@context" : "https://schema.org", "@type" : "LoanOrCredit", "additionalProperty" : [ { "@type" : "PropertyValue", "name" : "Repayment Structure", "value" : "Stable monthly payments with fixed interest rates" }, { "@type" : "PropertyValue", "name" : "Use of Funds", "value" : "Working capital, debt refinancing, and general business expenses" }, { "@type" : "PropertyValue", "name" : "Funding Speed", "value" : "Fast access to funds after approval" }, { "@type" : "PropertyValue", "name" : "Eligibility Requirements", "value" : "Minimum 2 years in business, good credit, strong cash flow, U.S. citizen or permanent resident" } ], "amount" : { "@type" : "MonetaryAmount", "currency" : "USD", "maxValue" : 300000, "minValue" : 50000 }, "areaServed" : { "@type" : "Country", "name" : "United States" }, "category" : "Business Loan", "description" : "Fixed-rate bank term loans designed for small businesses needing fast access to capital, with predictable monthly payments and shorter repayment terms.", "eligibleCustomerType" : "Small business owners in the United States", "feesAndCommissionsSpecification" : [ { "@type" : "PriceSpecification", "description" : "Approximately 3% of loan amount", "name" : "Referral Fee" }, { "@type" : "PriceSpecification", "description" : "Approximately 3% of loan amount", "name" : "Packaging Fee" }, { "@type" : "PriceSpecification", "description" : "Approximately $200–$300", "name" : "Closing Costs" } ], "interestRate" : "Fixed rate (starting around 10.99%, varies by credit profile)", "loanTerm" : { "@type" : "QuantitativeValue", "maxValue" : 5, "minValue" : 2, "unitCode" : "ANN" }, "loanType" : "Bank Term Loan", "name" : "Bank Term Loan for Small Businesses", "provider" : { "@type" : "BankOrCreditUnion", "name" : "SmartBiz Bank", "url" : "https://smartbizbank.com" }, "termsOfService" : "https://smartbizbank.com/", "url" : "https://smartbizbank.com/bank-term-loans" } ``` ```json { "@context" : "https://schema.org", "@type" : "FAQPage", "mainEntity" : [ { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "A bank term loan is a fixed-rate business loan with predictable monthly payments and a defined repayment period. It provides faster access to funds compared to SBA loans and is designed to support short- to medium-term business needs." }, "name" : "What is a bank term loan?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "SBA loans typically offer lower interest rates and longer repayment terms, while bank term loans provide faster funding, fixed rates, and a simpler application process." }, "name" : "What is the difference between an SBA loan and a bank term loan?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Most businesses that have been operating for more than three years and are in good financial standing are strong candidates for a bank term loan." }, "name" : "Who qualifies for a bank term loan from SmartBiz?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Bank term loans are designed for faster funding than SBA loans, with many businesses receiving funds within a short timeframe after approval, sometimes within weeks." }, "name" : "How quickly can I get funding?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Interest rates are typically fixed and depend on the loan term, credit profile, and financial condition of the applicant. Rates vary based on lender and loan details." }, "name" : "What are the interest rates for bank term loans?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Bank term loan funds can be used for working capital, purchasing inventory, hiring employees, refinancing debt, marketing, or other business growth initiatives." }, "name" : "What can I use a bank term loan for?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "Initial prequalification uses a soft credit pull that does not impact your credit score. A hard credit pull may occur later in the process, which could affect your score." }, "name" : "Does applying affect my credit score?" }, { "@type" : "Question", "acceptedAnswer" : { "@type" : "Answer", "text" : "If you don’t qualify, SmartBiz Bank will work to match you with other financing options from its network that may better fit your business needs." }, "name" : "What happens if I don’t qualify for a bank term loan?" } ] } ```