Thriving businesses are the heart of every community. As a community bank, JVB focuses on the success of our business customers because we know their success means a healthy, happy and vibrant community. When business owners come to JVB for a commercial term loan, they will experience friendly service, commercial expertise, flexible terms, competitive rates, and local decision-making. We are eager to help you succeed with your business and we will create a term loan package to fit your business needs.
Quickly summed up, a bank term loan is an amount borrowed and paid back over a specific time period, usually a set number of months. The borrower pays back a portion of the borrowed amount (principal) along with a scheduled amount of accrued interest. Mortgages and vehicle loans are typical examples of term loans. This type of financing usually has a fixed interest rate. In some cases, a tax deduction for the interest you pay on your term loan may be allowed (always consult your tax adviser).
Term loans for business are very common and can range from small to large amounts, depending on the business and the loan purpose. They are also very flexible, and can be used for a variety of purposes, such as new equipment, vehicles, or computerization.
When applying, a few years of operational history with positive revenue and a good credit score will place you in a better position to qualify. If your company’s financials are lacking, you may be able to use your own personal credit score and financial situation to apply for the loan. The application process for a commercial term loan is fairly simple, at least compared to other types of loans. You’ll need to provide basic documentation of your company’s current financial situation and tax returns, as well as some personal information.
No two businesses are the same. At JVB, we focus on personalizing the business loan process. Customizing a loan for your business at rates and terms to fit your business needs is our goal. Use our easy Business Contact Request form and one of our business lending experts will contact you at a time and place convenient for you.
To call JVB Customer Care: 1-855-582-5101. Local branch phone numbers are on our Locations page. We are close by in the following communities: State College, Blairs Mills, McAlisterville, Mifflintown, Port Royal, Richfield, Burnham, Reedsville, Lewistown, Millerstown, Coudersport, and Port Allegany on Main Street and West Mill Street. Call us to get started today!