PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
Can you get a business loan for 15 years? Yes, you can get a 15-year business loan, however, the requirements that most lenders may have may be much more strict than other types of financing or shorter term loans. Lenders will expect to see some evidence that shows that your business has a demonstrated history of profitability and some success. They may also want to see a good amount of monthly revenue, and most likely, they will dig deep into your credit history to see how big of a risk you could be.
For a 15-year business loan, it may be more ideal to have an established business credit score that lenders can review, however, you could potentially still use your personal credit score. So, what is the difference between the two?
Although you can still qualify for a business loan using your personal credit score, if you are able, it may be in your best interest to separate your business and personal finances as soon as possible.
Since a typical 15-year business loan may be for a larger amount, the loan ideally should be used at a time when your company is ready to expand. Maybe you need to renovate your office space to accommodate additional staff? Maybe you are trying to expand by acquiring other businesses or by purchasing additional real estate? All of these scenarios are exciting times for a business. In order to expand your business, you may have to make some significant investments. Additional space, additional inventory, upgrading your IT infrastructure, all of this costs money. A 15-year term business loan may be the key to acquiring the capital you need to take your business to the next level.
The main reason any business would need a 15-year term business loan is to stimulate growth. Even if you are looking for a loan to only increase your working capital, working capital can act as a growth stimulator by allowing you to take care of short-term expenses while you focus your revenue on long-term investments. Long-term investments that a business hoping to expand may want to make could include bringing in fresh new talent by hiring key persons in important positions. Or, maybe you need to purchase some specialized equipment to increase your company’s production volume of a top-selling product. Either way, there are thousands of ways you can utilize the funds from a 15-year term business loan, but more often than not, all of those pursuits are most likely in the name of expansion.
Taking on a 15-year business loan is a big decision. It is a decision that should not be taken lightly. That is why it is most likely in your best interest to weigh all the pros and cons of taking on such a significant commitment. Here is a breakdown of some of those pros and cons that you may want to consider.
Pros:
Cons:
If you do not have good or exceptional credit, you should at least be somewhere in the upper range of a fair credit score. If you are willing to secure the loan with significant assets or find a co-signer, you may be able to qualify for a 15-year business loan without a good credit score.
Most lenders require a personal credit score of 680 or higher or a business credit score of 155 or higher. The better your personal or business credit score is, the more likely you are to qualify for lower interest rates and more favorable terms.
Average business loan rates can range from 2.54% to 7.02%. However, interest rates depend on many factors including the lender, the type of loan, your monthly cash flow, and where or not you use an asset as collateral.
15-year business loans typically can be for large amounts. Business loans can average anywhere from $13,000 to $1.2-million depending on the length of the loan, the size of the business, and the credit history of the main applicant on the loan.
Before applying for a 15 year business loan you should check offers. When you officially apply for a business loan your credit will likely be affected. Getting pre-qualified by checking offers beforehand can help you find the best offer without impacting your credit score. At PrimeRates you can receive personalized business loan offers from top national lenders without impacting your credit score.
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