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Commercial Loans

A commercial loan is made to businesses for a variety of reasons. A company may need funding to purchase equipment, make improvements to their facilities, or to resolve short-term cash flow problems. Individuals may apply for commercial loans in order to purchase an existing business or to supply funding for a business startup. Additionally, existing businesses secure commercial loans to cover operational functions like purchasing bulk supplies used in the manufacturing of goods. There are many different types of commercial loans offered by bankers and financial institutions, but credit worthiness is an important factor in getting any commercial loan approved.

One type of commercial loan is a renewable loan. When a business needs a temporary influx of cash to purchase supplies needed to service a new production contract or to handle large seasonal orders, they may opt for a renewable loan. This allows them the opportunity to borrow the needed funds, repay the loan according to the associated terms, and then continue the loan by either rolling the loan into a second period or renewing it. In some ways, these types of commercial loans resemble high-limit, revolving, credit accounts. However, for renewable loans, the terms and interest rates are considerably different than credit cards.

In terms of finding the best commercial loan for a particular business, business owners would do well to seek the advice of a commercial loan officer with the banking institution where they plan to take out a loan. A commercial loan officer can review financial data on the company to help assess the financial needs of the company and thereby recommend appropriate commercial loan programs offered by the bank. Both local and national laws, which regulate the banking industry, will determine the types and terms that banks are able to offer their commercial loan customers, so loan officer will know best what is available.

In order to secure a commercial loan, especially in terms of renewable loans or loans needed as a quick source of operating capital, the bank will require that the business provide certain documentation. Just as an individual must provide financial records and proof of income before securing a loan, businesses must provide financial data indicating the company's stability. They must have stable and positive cash flow, manageable debt, and the ability to repay the loan according to the terms. The more stable a company is financially, the more competitive the interest rate on their commercial loan.