If you are looking to run a business and make a profit from it, you need to have a lot of things about the venture figured out. A business sometimes for either external or internal factors could experience some financial hardships that will leave you to borrow money. You can go for personal loans or commercial loans depending on the fix you are in and what you feel will work for you well. A commercial loan comes with conditions where you have to use it only for the business but with the personal loans it's up to you to decide what you want to put it in.
A business that could be expanding could need the money to buy equipment or put into other expansions efforts but for ventures that are starting, its mainly to boost capital. Also depending on your businesses, a secured loan or unsecured loans could work better. The amount to time you will be offered to repay the loan will be influenced by the amount you are taking and the security you have offered. As a business owner you need to understand the importance of finding the right funding. You should be working hard for the lender to trust you and that way they can offer good interest rates on the loans they will offer. If you have an enviable credit score, you will have no problem getting a good interest rate on the loan.
It's even possible to bargain for some much lower rates than what you have been offered provided you have a good credit score. Commercial loans will be more detailed and when looking to secure one it's advisable that you have your tax returns and business plan documents ready as the lender will ask to look through them. Provided your business plan has worked well up to where you are in business, commercial lenders will see you as an able borrower. Commercial lenders offer you money based on estimates of what the business makes hence the need to have something that can act as a guarantee.
If the business to the commercial loan lender appears to be risky, it can be hard for them to put their money there. For business owners with stable sources of repaying their loans that are different form their businesses, securing a commercial loan becomes easier. You get an extended period to repay the loan you take when you get one that is long-term. The key thing to remember during this time is not to rush when settling for a lender. Look at the needs of the business and go to a lender that will meet them best with reasonable conditions.