1 You can borrow a maximum of $1,000,000 for term loans, of which no more than $500,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment. Of that amount, a maximum of $150,000 can be used for intangible assets and working capital costs.
2 The repayment of the term loan can be amortized over a period longer than 15 years (for example, a mortgage on a real property with an interest term of 5 years and an amortization of 25 years). However, in such a case, the balance of the loan at the end of the 15-year period from the date of the first scheduled payment must be converted to a conventional loan.
To calculate the maximum loan term of 15 years, the first payment payable under the loan document should be used, irrespective of the fact that it's a payment of principal, a payment of interest or a payment of principal and interest.