What is a Business Loan?
A business loan is specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
The right business loan can help you get the capital you need to start a new venture, gain access to working capital, expand a current business, and more. But not all business loans are created equal, and understanding how each type of loan works can give you a better idea of which one is the right fit for you and your business.
How it works
Apply online in seconds
Tell us about yourself and how much you want to borrow
Choose your best offer
Compare rates, terms, and payments among competing lending partners.
Get your money
Receive new loan proceeds and take care of your expenses.
What are some smart reasons to get a business loan?
Your business information will be needed while applying through Black Insure...
In addition to the general business owner information, having a best estimate for these factors will increase your chances of getting the best business loan offer.
Figure out how much you really need to borrow. Asking for more than you need may decrease your chances of getting an offer.
Gross Annual Revenue
This information helps the lenders determine the overall performance of your business.
Average Bank Balance
This is for lenders to understand that you have the income and the cash flow to pay back your loan. To estimate this, look at the ending balance in your bank statement for your business.
The top questions people ask us
It's a good idea to choose a loan that is suited to your specific needs in some cases. For instance, you would use a commercial mortgage to purchase property, asset financing to fund the purchase of new tools and equipment, and a Start Up Loan to help you move into the world of entrepreneurship for the first time. This way you're working with repayment plans that cater to your circumstances.
Additionally, it's worth thinking about the term over which you would like to repay your loan. If you need a long-term loan, then certain loan types will not be appropriate, and vice versa on shorter terms. While examining terms and APRs, remember to ask about what happens to you if you default on repayments, and how you will be able to discuss concerns with your lender.
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Note: These are general business loan FAQs. We also suggest you read the FAQs for the lender company you decide to move forward with.