Applying for equipment financing.
We make it easy for you to apply.
With $150,000 in annual sales and 3 months in business, the process is simple:
1
Apply
Complete our simple
one-page funding application.
Submitt
Submit your application along with 3 months of bank statements.
2
3
Choose & Fund
Choose your approved funding option and receive it within 24 hours.
What is Equipment Financing
Equipment financing is a financing solution that allows businesses to acquire the necessary equipment they need to run their operations without having to pay for it upfront with cash. Instead, the business can borrow the funds needed to purchase or lease the equipment and then make regular payments over a specified period of time until the equipment is paid off. This type of financing is typically used by businesses that need to acquire expensive equipment, such as heavy machinery, office equipment, or vehicles, but do not have the capital to do so.
Equipment financing can take many forms, including loans, leases, and lines of credit. The type of financing a business chooses will depend on their specific needs and financial situation. Loans are typically used to finance equipment purchases, while leases are more commonly used to rent equipment for a specific period of time. Lines of credit can be used for either purpose, but they are typically more flexible than loans or leases.
What are the benefits of equipment financing?
There are many benefits to equipment financing for businesses. Perhaps the most significant benefit is that it allows businesses to acquire the equipment they need to run their operations without having to pay for it upfront. This can be particularly helpful for small businesses that do not have the capital to purchase expensive equipment outright. Additionally, equipment financing can help businesses conserve cash flow by spreading the cost of the equipment over a longer period of time. This can free up cash flow for other business expenses, such as payroll or inventory.
Another benefit of equipment financing is that it can be easier to qualify for than traditional bank loans. This is because the equipment being purchased serves as collateral for the loan, which reduces the lender's risk. As a result, businesses with less-than-perfect credit may still be able to qualify for equipment financing.
Equipment financing also has tax benefits. When equipment is purchased outright, it is typically depreciated over a number of years. However, with equipment financing, the business can typically deduct the full cost of the equipment in the year it was purchased, which can significantly reduce the business's tax liability.
Equipment financing can also provide businesses with flexibility. For example, leases may allow businesses to upgrade their equipment at the end of the lease term, which can be helpful for businesses that need to stay up-to-date with the latest technology. Additionally, lines of credit can provide businesses with the flexibility to purchase equipment as needed, rather than having to make a large purchase all at once.
So what are the top 5 reasons a business will need equipment financing?
1. Start-up Costs - When starting a new business, there are many costs to consider, including the cost of equipment. Equipment financing can help new businesses acquire the necessary equipment without having to pay for it all at once.
2. Expansion - As businesses grow, they may need to acquire additional equipment to keep up with demand. Equipment financing can help businesses acquire the equipment they need to expand their operations without having to use all of their available cash flow.
3. Technology Upgrades - Technology is constantly evolving, and businesses that want to stay competitive may need to upgrade their equipment on a regular basis. Equipment financing can provide businesses with the flexibility to upgrade their equipment as needed.
4. Maintenance and Repairs - Equipment maintenance and repairs can be costly, especially for businesses that rely on heavy machinery or specialized equipment. Equipment financing can help businesses cover these costs without having to dip into their cash reserves.
5. Seasonal Demands - Some businesses experience seasonal fluctuations in demand, which may require them to acquire additional equipment for a limited period of time. Equipment