Small Business Term Loan
Our Small Business Term Loan can be used for general working capital and purchasing equipment, including new and used vehicles, to help your business grow and thrive. You can apply online in under 10 minutes and request between $10,000-$50,000.
- Quick access to your funds
- Receive a decision in less than 5 business days
- No financial information required
- Competitive rates
- Term up to 60 months
- Available for businesses in our assessment area with sales between $100,000 and $10 million
Benefits & Features
Easy Application Process
Our streamlined, online application process is available 24/7 and can be completed in under 10 minutes. For added convenience, you can save your application at any time to return to it later.
Receive a Decision in Less than 5 Business Days
Once Needham Bank has received your application, you will receive a decision in 5 business days. If your application is approved, we will schedule a closing at one of our 10 local branches.
Quick Access to Your Funds
Once approved, your funds will become available in as soon as 1-3 business days. Funds can be deposited directly into your Needham Bank Business Checking Account. Don’t have an NB Business Checking account? Please contact us at 781-444-2100 or [email protected]
You can borrow between $10,000 and $50,000 with a Small Business Term Loan through Needham Bank.
You can use your loan in a variety of ways to support your business. Popular uses for a Small Business Term Loan include expanding to a new location, purchasing equipment or inventory, and hiring staff. However, your loan cannot be used for your personal finances, such as refinancing of personal debt.
Yes. You can include any or all costs associated with the collateral you are financing.
A term loan is a type of installment loan. You’ll receive the full loan amount, excluding the origination fee, at the start and repay the loan with a series of fixed (generally monthly) payments. A portion of each payment will go towards the interest that accrues and a portion pays down your loan’s principal balance. Your account will be closed once you repay the loan.