Commercial loans are a loan type that includes those loans needed to fund a business and also loans to purchase or finance the construction of a property for a commercial business. Therefore, commercial loans are not personal loans and it is the business or the business project that needs to qualify and prove reliability and feasibility in order to be eligible for commercial financing.Following are some facts about commercial loans that need to be taken into account and that though they should be common knowledge, people usually ignore them. In order to clarify these issues, we are going to contrast common and erroneous beliefs with the actual facts about commercial loans:Commercial Loan Approval Can Take Six Months Or More?This is not necessary true. You may take six months or more to meet the requirements for applying but within less than two weeks, banks or financial institutions can approve commercial loans without further hassles. There is some documentation required that does not vary that much between lenders. Therefore, you should act wisely and find out what you will be asked for prior to actually applying. That way, you will save yourself a lot of time.Do I Need Business Counseling Before Applying? Is It Costly?Business counseling is not a prerequisite for a commercial loan approval and even if it were, most lenders provide that service for free. Therefore, you should not worry about this issue. You need to have in hand as much information about your business as possible so when you contact the lenders, they can analyze your situation and come up with a financial solution that suits your commercial needs.Can I Get Cheaper Rates If My Business is Small?There are really no differences or promotions for small businesses as opposed to big ones. Actually, interest rates are negotiable and therefore, chances are that big companies have more negotiating power and skills to get reduced rates. However, since rates are the result of an agreement between the lender and the borrower, other loan terms can be negotiated so as to obtain a lower rate (shorter repayment schedule, co-signing, security, etc. )Is it Harder To Get Small Amount Commercial Loans?No. Moreover, the opposite is true: by spreading the overall money lent by a lending institution into many borrowers, the risks are reduced. It is harder for 100 borrowers owing $50,000 to default all at the same time than for a single borrower owing $5,000,000 to default. The overall amount is the same, but the risk is significantly smaller. Therefore, it is a lot easier to get approved for small amount loans because lenders are eager to do business with this kind of commercial loans.There Are Not Many Commercial Loans Out There. Are they?Indeed, there are all kinds of commercial loans available like guaranteed loans, loans for veterans, handicapped and all kind of assistance loans for those in need or underprivileged. There are also loans and Lines of Credit for Importing and Exporting, small business loans, constructor loans, etc. There is surely a commercial loan suit for your needs.