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Business Term Loans

Get the financing you need to expand your business.
Competitive rates
Experienced guidance
Flexible financing
Explore Business Loans & Lines of Credit

Financing for your next business goal.

A business term loan provides financing for a specific business need with repayment over an established period.

Whether you are expanding operations, making a major investment, refinancing existing business debt, or preparing for the next stage of growth, Michigan First can help you explore financing options based on your goals and financial situation.

What can a business term loan be used for?

Term financing may be useful when your business needs funds for a planned, longer-term expense, such as:

  • Business expansion
  • Major purchases or improvements
  • Refinancing eligible business debt
  • Working capital associated with growth
  • Other significant business investments
Business loan programs

Depending on your business and financing needs, available options may include:

Conventional Business Loans

Traditional financing structured around your business needs.

SBA Loans

Eligible businesses may benefit from financing supported by U.S. Small Business Administration programs.

MEDC Loans

Programs connected with the Michigan Economic Development Corporation may provide additional opportunities for eligible Michigan businesses.

USDA Loans

Eligible businesses may also qualify for financing through applicable U.S. Department of Agriculture programs.

Need flexible access instead?

For expenses that arise throughout the year, a business line of credit may provide more flexibility than a one-time term loan.
Let’s talk about your business plans

The right financing depends on your purpose, timeline, cash flow, and long-term plans. Our business lending team can help you review your needs and explore the options available to you.

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Frequently asked questions

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Yes. Michigan First offers business term loans, lines of credit, commercial real estate financing, equipment financing and other borrowing options for eligible businesses. The appropriate option depends on the purpose of the financing, the amount needed and the business’s financial qualifications.

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