Short-Term Vs Long-Term Loans: Which Is Better for Your Business?
As implied by their names, the main difference between short-term and long-term loans is how long your business has to repay them. Depending on the lender, short-term loans may last from a few months to a year, while long-term loans can last for a much longer period. When determining what type of loan is better for your business, you need to consider a variety of factors, including the amount you need to borrow, the available lenders, how soon you need the money, the collateral you can provide, and your business’s financial health.