Hey everyone! I want to learn more about commercial loans. What are they? Who can qualify and what are the pros and cons?
A commercial loan is a loan between a bank and a small business. As a single person you usually do not qualify for a commercial loan unless you are starting a business. It provides small businesses the capital necessary if you want to grow your business. Some of the pros include a large cash injection into your business, you can keep ownership of the business and you have access to large sums of money. Some of the cons include lack of flexibility and risk of default. It is important to consider your businesses position before applying for a commercial loan.