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BUSINESS FINANCING GLOSSARY

Term Sheet

A document laying out a financing offer’s key terms — amount, rate, term, fees, collateral — before final documents. Compare term sheets, not just headline rates.

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Related terms

Covenant→A condition written into a loan agreement the borrower must meet — e.g. maintaining a minimum DSCR. Breaking one can trigger default even if payments are current.Origination Fee→An upfront fee a lender charges to process and fund a loan, usually a percentage of the amount. It’s baked into the APR.Prepayment Penalty→A fee for paying a loan off early, charged to recover interest the lender expected. Many small-business loans have none — check the terms.

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