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Black Onyx Lending in Chicago, IL
Black Onyx Corporation provides commercial and business financing solutions including SBA loans, equipment leasing, asset-based financing, and working capital lines of credit to businesses across the U.S., Canada, Australia, and the U.K.
Data compiled from public sources · Rating from CreditDoc methodology
Black Onyx Lending Review
Black Onyx Corporation, LLC is a business finance broker based in Chicago, Illinois that specializes in connecting businesses with commercial financing solutions. Operating from their Michigan Avenue office, the company positions itself as an alternative to traditional bank lending by offering access to hundreds of funding programs rather than limiting clients to a single lender's offerings. The company's stated mission is to be "the best in the world at creating outstanding opportunities for our clients" through professional service and financial expertise.
The company offers a comprehensive suite of business financing products including SBA loans, equipment leasing, asset-based financing, accounts receivable factoring, sale-leaseback arrangements, purchase order financing, payroll financing, and working capital lines of credit. They also provide real estate financing tools and calculators. Black Onyx emphasizes their "highly personalized service" and claims to cut through bureaucratic red tape by directing clients to the most appropriate funding source from their network, which they monitor daily for competitive rates and terms.
Black Onyx differentiates itself primarily through breadth of access rather than direct lending. They position themselves as consultants who connect businesses to multiple funding sources across four countries, rather than as a direct lender. The company also provides ancillary services including business planning and consulting, professional underwriting, program and finance management, and commercial lender negotiations. Their website includes educational content about equipment leasing versus purchasing and various financing concepts.
As a finance broker rather than a direct lender, Black Onyx's effectiveness depends on their actual relationships with funding sources and the competitiveness of rates they can access. The website contains generic educational content but limited specific information about rates, terms, approval timelines, or actual client outcomes. No details are provided about application requirements, typical loan amounts, or APR ranges. The company's value proposition relies heavily on claims about consultant expertise and funding source access that are difficult to independently verify from publicly available information.
Services & Features
Accounts receivable factoring
Asset-based financing solutions
Business lines of credit
Business planning and consulting
Commercial lender negotiations
Commercial property financing
Equipment leasing and sale-leaseback financing
Lease and equipment affordability calculators
Payroll financing
Professional underwriting services
Purchase order financing
SBA Loan brokerage and placement
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Access to hundreds of funding programs across multiple countries (U.S., Canada, Australia, U.K.) rather than single-source limitation
- Offers specialized SBA loan programs with professional underwriting and negotiation support
- Provides multiple financing structures including equipment leasing, asset-based financing, and factoring to match business needs
- Daily monitoring of funding sources for competitive interest rates and terms
- Includes business consulting and planning services beyond basic loan brokerage
- Online calculators for lease payments, equipment affordability, and mortgage scenarios
- Dedicated account consultants to direct loans to appropriate funding sources
Cons
- No specific information about interest rates, APRs, fees, or typical loan terms available on website
- No details about approval timelines, minimum loan amounts, or eligibility requirements
- As a broker rather than direct lender, unclear what additional costs or markups may apply
- Limited transparency about actual funding source relationships or success rates
- No customer reviews, testimonials, or case studies provided to verify service quality claims
Rating Breakdown
Value 5.0
Effectiveness 3.0
Customer Service 3.7
Transparency 3.5
Ease of Use 3.7
Frequently Asked Questions
Is Black Onyx Lending legitimate?
Yes. Black Onyx Lending is a registered company, headquartered in JOHN HANCOCK BUILDING, 875 N Michigan Ave 31st floor, Chicago, IL 60611.
Quick Facts
- Headquarters
- JOHN HANCOCK BUILDING, 875 N Michigan Ave 31st floor, Chicago, IL 60611
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on Black Onyx Lending
Black Onyx is best suited for established businesses with legitimate financing needs that exceed traditional bank capabilities, particularly those requiring equipment leasing, asset-based financing, or SBA loan guidance. The main caveat is that as a broker with no published rate information or performance metrics, businesses should verify actual terms and compare offers independently before committing, and clarify all fees upfront since brokers typically add costs to direct lending rates.
Best For
- Growing businesses needing working capital or equipment financing with complex requirements beyond standard bank programs
- Companies with established assets or receivables that qualify for asset-based or factoring arrangements
- Business owners seeking SBA loans and willing to work with a broker to navigate program options
Updated 2026-05-05
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Read guide →Financial Terms Explained (7 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Interest Rate
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Why it matters
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
How Loans Work
Cosigner — Loan Cosigner
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Why it matters
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
Loan Term (Tenor) — Loan Term / Tenor
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Why it matters
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
Origination Fee — Loan Origination Fee
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Why it matters
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
Principal — Loan Principal
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Why it matters
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
Underwriting — Loan Underwriting
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Why it matters
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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