What is a Term Loan and How Does it Work?

A term loan is a loan from a bank for a specific amount that has a specified repayment schedule, at either a fixed or floating interest rate.

Ways to use a term loan

Term loans are the perfect option for fixed asset purchases such as:

  • Equipment
  • Vehicles
  • Expanding to a new location
  • Making improvements to your existing rental and commercial property

Helping Our Customers Grow And Expand Their Business

  • $6,100,000
    Leaseholds & Equipment
    Danbury, CT
  • $2,000,000
    Manufacturing Equipment
    Danbury, CT
  • $700,000
    Transportation Equipment
    Danbury, CT
  • $400,000
    Hydraulic Crane
    Watertown, CT
  • $250,000
    Medical Equipment
    Torrington, CT
  • $200,000
    New Data Center
    Danbury, CT
  • Talk with us today.

    Talk with us and we’ll do everything we can to help you keep your business running smoothly.

    Call us at 866.650.0720 or complete the form and we’ll respond within 24 hours.

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    Business & Commercial Loans FAQs

    Does Union Savings Bank offer small business term loans?

    Yes. For more information please visit or call us at 866.872.1866. We offer competitive fixed and variable rates which can be tailored to meet our client’s needs.

    What type of commercial loans does Union Savings Bank offer?

    We offer a broad range of commercial products including commercial construction and term loans, commercial mortgages, secured lines of credit for short-term cash flow needs, term loans for equipment and vehicle purchases, and an unsecured business cash reserve line to protect against overdrafts. We offer competitive fixed and variable rates which can be tailored to meet client needs.

    What are the small business loan rates at Union Savings Bank?

    Our small business loan interest rates are competitive and priced on an individual basis and therefore are not posted. One of our small business loan officers would be happy to further explain how pricing is determined. Call us at 866.872.1866.

    How does Union Savings Bank determine the interest rate for my small business loan?

    Union Savings Bank has established competitive rates for all of our small business loan products. Your interest rate is then adjusted based on your credit worthiness, collateral for the loan, the loan product, the amount of the loan and your overall relationship with Union Savings Bank. Call us to find out more or get started: 866.872.1866.