Most businesses depend on reliable, updated equipment to keep operations flowing smoothly. We work with a variety of industries like manufacturing, construction, restaurants, and others to source financing on fleet vehicles, software, IT, machinery and other equipment so that our clients stay competitive.
What is an Equipment Loan?
Equipment is considered anything that is intended to be used in your company for several years, and is often one of the costliest items in your budget. Whether you need new equipment or equipment updates, Equipment Financing is a great avenue to pursue to keep you operating at maximum capacity.
Private lenders, traditional banks, and the Small Business Administration all offer equipment loans. For those with bad credit, the good news is that lenders often put more weight into annual revenue and length of time in business than credit score.
What are the advantages of an Equipment Loan?
The value of the equipment you own can be used to secure other loans for operating expenses like payroll. Depending on the type of equipment you own and length of ownership, you might be eligible for a depreciation tax benefit.
Equipment Financing Can …
>> Finance new equipment through small, incremental payments.
>> Keep your business flowing without straining your cash flow.
>> Allow you to eventually own equipment that can be leveraged as a lending source for other business needs.
>> Keep you competitive by giving you access to the most current technology and equipment in your industry.
>> Allow you to qualify for tax depreciation benefits once you own the equipment.
With changes in technology, it’s important for businesses to update equipment to stay current and competitive. Equipment loans help businesses purchase updated equipment to stay relevant in their industry.
If you have a higher frequency of equipment updates or replacement, leasing may be a better alternative than buying new equipment.