A loan with a fixed repayment schedule and a set end date.
For example, a dental practice borrows $220,000 through a 7-year term loan to finance an office buildout and new equipment. Monthly payments of $3,420 begin 30 days after funding, and the loan is fully repaid at the end of the 84-month term.
Why it matters: It provides predictable, structured capital for major investments, allowing businesses to match the debt timeline to the life of the asset.
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