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4 Things to Look for in a Business Term Loan

April 03, 2017

By Mark Beriault
Executive Vice President, Chief Lending Officer

Maintaining and growing a business takes more than sheer skill. Funding is a cornerstone of every business’ success, both short-term and long-term.

What is the next step to take your business to new heights? Whether it’s buying new equipment, making leasehold improvements, or opening a new location, a business term loan can be a great tool to help you realize your goals. But, not all term loans are created equal, so how do you choose the right one for your business? Here are four things to look for in a business term loan:

Fixed Rates
A fixed rate business term loan has predictable monthly payments that help to simplify your accounting. With a fixed rate, you can access the funding you need, without having to worry about how it will affect your cash flow.

Local Decisions
At large national banks, lending typically comes with red tape that can take days or weeks to cut through. Manasquan Bank makes all lending decisions locally, resulting in a smoother process from application to approval. We’re here to help your business move forward, fast.

Personalized Service
Business owners need to make informed decisions. Before you decide on a loan, your banker should take the time to explain all of the features to you and provide real-world examples of how they work. Being a local bank, friendly and personalized service is one of Manasquan Bank’s strong suits.

An Open Line
Getting approved for a business term loan is only the beginning. Once you start putting your funding to use, you will likely have occasional questions for your banker. Over time, your business might even evolve to require other types of lending, such as a line of credit. Personalized service during the approval process should extend to an open line of communication with your banker, which is exactly what you have at Manasquan Bank.

Are you considering loan options for your business? Learn more about Manasquan Bank’s handcrafted business loans, and feel free to contact me directly with any questions you might have.

Mark Beriault
Executive Vice President, Chief Lending Officer


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