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The long-term loan usually has a maturity of 3-10 years although long-term bank loans can stretch out as far as 20 years depending on its purpose.
A small business term loan is used for short-term needs such as financing the purchase of equipment or inventory. It is rare for a small business term loan to exceed 7 years. This is due to the fact that equipment and inventory are quickly depreciating assets that lose usefulness over time. However, there are alternatives for getting a longer term, such as supplementing the collateral with real estate or looking into programs such as the SBA 504, which carries a minimum of 7 years for equipment.