Term Loans - Equipment, Manufacturing, and More
Morrill & Janes Bank offers a loan product much like an installment loan with monthly principal and interest payments based upon a preset amortization schedule. Term loans are primarily used for long term capital investments such as equipment, machinery and vehicles. In some cases, this product can be used to fund ownership changes or the purchase of a new business. The amortization schedule of a term loan typically matches the useful life of the asset being financed.
Morrill & Janes Bank is a relationship based bank and doesn't generally finance leases or stand alone term loans. We utilize our expertise and resources to support complete banking relationships, rather than simply "making loans".