30 Nov How long do I have to pay back the loan? (Amortization)
The term of the loan depends on how the funds are to be used and often reflects the life of the assets being financed. For working capital loans, the maximum amortization is 5 years, while for loans used to purchase equipment the amortization period can be up to 10 years. If you are purchasing real estate, expanding or making renovations to existing facilities or buying an existing business that includes real estate, your loan may be amortized over as many as 20 years.