A long term small business loan is a loan set up for an extended period time, generally giving a lower interest rate due to the extra length of the note. They are typically used to finance the purchase of homes, land or small businesses. Long term loans can be either a fixed or adjustable rate loan, depending on the preferences of both the borrower and the lender. What you should be aware of is that paying off a long term loan early can often cause you to be penalized. This is because the lender has planned on the interest payments that you have agreed to.
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You can also take advantage of the Small Business Startup Assessment Tool below and see the tools and resources you need to succeed at launching your business. It takes just a minute and will also tell you if there may be any funding programs available.