Small Business Term Loans
BizEssentials Business Term Loan
Explore product features and benefits to build up your business and maintain a consistent cash flow when you apply for a business loan. A secured or unsecured loan with your choice of a fixed or variable rate, the BizEssentials® Term Loan* is popular for new equipment purchases, which can be eligible for special tax benefits like full depreciation in the first year.**
Product Features
- Secured loan amounts from $25,000 to $3,000,000
- Unsecured loan amounts from $25,000 to $500,000
- Fixed and variable interest rate options
- Flexible terms up to 84 months, depending on collateral***
Product Benefits
- Potential tax savings**
- Multiple payment options
- Secured and fully amortized
Business Term Loans FAQs
What is a term loan?
What are the eligibility requirements for term loans at First Horizon Bank?
Eligibility criteria may vary depending on factors such as creditworthiness, business history, and the specific terms of the loan. To learn more about eligibility requirements, please contact one of our business bankers for assistance.
What are the repayment terms for term loans?
Repayment terms for term loans can vary widely depending on the amount borrowed, the purpose of the loan, and the financial institution providing the loan. At First Horizon Bank, we offer flexible repayment terms tailored to meet the needs of your business. Please speak with one of our business bankers for assistance.
Can I use a term loan for any purpose?
Term loans can typically be used for a variety of business purposes, such as purchasing equipment, financing expansion projects, or managing cash flow. However, specific restrictions may apply depending on the terms of the loan. Contact us to discuss your business needs and how a term loan from First Horizon Bank can help you achieve your goals.
How long does it take to get approved for a term loan?
The approval process for a term loan can vary depending on factors such as the complexity of the loan, the completeness of the application, and the responsiveness of the borrower. At First Horizon Bank, we work diligently to process loan applications as quickly as possible while ensuring thorough review and consideration. Contact us to learn more about our application and approval process.
How do I apply for a term loan with First Horizon Bank?
To apply for a term loan with First Horizon Bank, simply contact one of our business bankers or visit here to learn more about our loan products and application process. We're here to guide you through every step of the process and help you find the right financing solution for your business.
