Should I choose a 5-year or 10-year business loan term?

A shorter term means higher monthly payments but less total interest paid. A longer term reduces monthly payments but costs significantly more in total interest. Choose the shorter term you can comfortably service. A 5-year term on $100,000 at 7% has payments of ~$1,980/month and total interest of ~$18,800; the same loan over 10 years has payments of ~$1,161/month but total interest of ~$39,300.