Small Business Loans Made Easy
Get the funding you need to grow your business with Black Rok LLC.
We offer a simple and hassle-free application process. Our team of experts will work with you to find the best loan options available for your business.
Why do millions of Americans trust Black Rok LLC?
25+ years in business. 110+ million Americans served. $260+ million in funded advances.
1
SECURITY
Instead of sharing information with multiple lenders, fill out one simple, secure form in five minutes or less.
2
SAVINGS
We’ll match you with up to five lenders from our network of 300+ lenders who will call to compete for your business.
3
SUPPORT
We provide ongoing support with free credit monitoring, budgeting insights and personalized recommendations to help you save.
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Types of small business loans
Business loans come in a variety of flavors, with terms as short as a few months or as long as 25 years. You can find business loans with traditional brick-and-mortar banks, credit unions, online lenders and even the U.S. Small Business Administration. Here are some common types of business loans to choose from:
Term Loans
Business term loans provide a lump sum of cash upfront, paid with interest in fixed monthly or weekly installments. Short-term business loans have repayment terms of a few months to a year or more and are commonly available from online lenders. Long-term business loans, usually offered by traditional brick-and-mortar banks, can last 10 years or more.
Line of credit
Similar to a credit card, a business line of credit is a revolving form of funding that requires you to pay interest only on the amount you borrow. Lines of credit are best for recurring expenses like rent and inventory purchases or seasonal fluctuations in income..
Equipment financing
Also known as equipment loans, equipment financing enables businesses to purchase heavy machinery, computers, vehicles or other necessary equipment to operate the business. The equipment acts as collateral for the loan.
Commercial real estate loans
Commercial loans help large companies to purchase materials, finance equipment or build property for business uses. Commercial real estate loans are similar to a home mortgage, but often require a higher upfront down payment.
SBA loans
SBA loans are guaranteed by the U.S. Small Business Administration (SBA), offering long repayment terms with comparatively low interest rates.The SBA 7(a) loan provides up to $5 million for various business purposes, while the504/CDC loan is more commonly used for purchasing equipment or real estate. You’ll apply with a bank or online lender, not directly through the SBA.
Microloans
Microloans are loans for $50,000 or less. The SBA offers microloans, along with several nonprofit or community organizations. Microloans are often geared towards startups or underrepresented business owners, such as women or people of color.
Working Capital Advances
Working capital loan is an umbrella term for financing that covers short-term operating expenses, like payroll or cash flow gaps. Working capital loans can come in various forms, like working capital lines of credit, term loans and cash advances.
Invoice factoring
Invoice factoring enables businesses to sell unpaid invoices to a factoring company in exchange for a cash advance. This may be a good option for cash-strapped businesses or businesses with poor or limited credit, but you can typically get only 70% to 90% of your invoice face value. It can also get expensive, with factoring rates going as high as 8.25%.
Business Advance Requirements
When you apply for a business loan, lenders want to know that your business and credit history are stable. Common business loan requirements include reviewing your credit profile, time in business, capacity to take on debt and any collateral you may have.
TIME IN BUSINESS
In general, your business will be in a stronger position to borrow if you can prove you have a track record of solid revenue over the past two years. This is more attractive to a lender than a company with spotty revenue over the past six months.
CREDIT SCORE
Lenders use your credit score to determine your riskiness as a borrower. In most cases, you’ll need a good to excellent credit score in the mid-600s or higher to get a business loan, although certain lenders allow scores as low as 500. Your business credit score should be at least 80, although some lenders may rely on just your personal score when reviewing your loan application.
CASH FLOW
A business cash-flow projection shows when money is collected, when cash goes out and what’s left. Lenders typically like to see that you understand where your business’s money is going each month.
WORKING CAPITAL
A business cash-flow projection shows when money is collected, when cash goes out and what’s left. Lenders typically like to see that you understand where your business’s money is going each month.
Frequently asked questions
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How do small business loans work?Business owners can take out small business loans — generally between $5,000 and $500,000 or more — to finance expenses like payroll financing, inventory, equipment and other costs. Repayment terms could be as short as three months or as long as 25 years. Both traditional financial institutions and alternative online lenders offer small business loans.
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Are there small business loans for bad credit?Yes, bad credit business loans are available for business owners with personal credit scores as low as 500. However, lenders may offer you a higher interest rate if you want to borrow money and have a lower credit score.
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Am I personally liable for a small business loan?A personal guarantee requires you as the business owner to be personally responsible for the company’s debt in case of default. A personal guarantee is pretty common on small business loans because it lowers the risk for a lender. But as the business owner, it may limit any protections your business structure offers.
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How to get a startup business loan with no money?Online lenders may be the best option to get a startup business loan with no revenue. Unlike brick-and-mortar banks that often have stricter eligibility requirements, alternative lenders typically require only a few months in business. Other options beyond new business loans include crowdsourcing, self-funding or grant funding.
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What credit score is needed for a business loan?Each lender will have its own criteria based on the loan type. In general, you need a personal FICO Score of at least 500 and a business credit score of 80 to get a small business loan. But, the lowest business loan interest rates are typically reserved for borrowers with higher credit scores. If this doesn’t fit your business, online lenders may be more lenient with credit score requirements.
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How much income do I need to get a business loan?Most lenders look for minimum monthly or annual revenue when you apply for a loan. Many traditional banks do not publish their minimum revenue requirements, but online lenders tend to be more transparent. It’s common to expect a minimum annual revenue requirement of $50,000 or more for unsecured loans. However, you may be eligible for a business loan with a lower annual revenue if you can provide collateral.
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What should I do if I’m rejected for a small business loan?If you were rejected for a business loan, revisit the reason why. Focus on improving your personal credit and business credit scores. If you haven’t operated in business long enough, wait a bit. In the meantime, consider a small business credit card or a personal loan to access capital for any immediate business needs.
