Term loans for a planned spend.
A term loan is one amount, paid back on a schedule. The window is usually longer than short-term working capital. It is for a project you can plan, not a Friday payroll panic.
What it is used for
Expansion. Buying out a shorter product. A project whose payoff is measured in years. A spend you can size in advance.
What it is not
A gap you need covered this week. That is usually working capital. An asset that should be titled as equipment. A revolving cushion. That is a line of credit.
How repayment usually works
Fixed schedule on the agreement. Read the term, how often money leaves the account, the total you pay back, and what happens if you pay it off early.
SBA is a different path
Some term needs belong in an SBA program: more documents, more parties, a longer wait. If you can wait and the project is larger, read SBA vs short-term. If you cannot wait, say so on the application. You do not have to pick the product name. Choose Not sure.
What to have ready
What happens here
One application. You compare your options. You are not required to sign.