term loan
- A type of loan given to a business that is intended to be paid back according to a set payment schedule, typically within a timeframe of one to five years, and in certain circumstances, up to fifteen years
- The company was able to expand its facility by obtaining a term loan.
- Due to tight cash flow, the firm sought a term loan to finance its new project.
- The business could meet its expansion goals thanks to a term loan.
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