If you need to borrow money for your business, it’s important to choose the right term. You can pay some loans back over the course of six months while others could take 10 years. A multi-year loan might sound daunting -- that's a long time to be making repayments -- but generally speaking, longer-term loans are larger amounts with lower interest rates and are usually only offered to business owners with proven track records.

Different term lengths generally also come with different repayment schedules. The shorter your loan term, the more often you'll make smaller payments, and the opposite for longer terms.