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Next big thing? Get equipment financing for it.

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Are you ready for an upgrade? Let’s have a discussion about equipment financing.

  • Loan Amount $5,000 to $5,000,000
  • Loan Terms 1 to 10 years.
  • Interest Rate Starting at 7.5%.

Options for equipment loans tailored to your industry

Looking to acquire a new backhoe or a credit card processing app? Look no further, as there are loan options available for small businesses in various industries. From conventional equipment to unique apparatus, your wish list is likely to be covered. Explore the possibilities today.

An Insight into the Mechanics of Equipment Financing

Equipment financing is a form of asset-based lending, that assists business owners in acquiring funding to procure or lease equipment while preserving their working capital. Let’s delve into how it operates.

Determining Your Requirements

Initially, let’s establish the essential equipment necessary to enhance your business operations. This may encompass a broad range of items, such as a new excavator or office furniture. Once you have identified these requirements, proceed to estimate the associated costs. By following this approach, you can effectively strategize and allocate resources for optimal productivity and growth.

Application Process

Take the next step and submit your application online. It’s a painless process, and we guarantee your convenience.

Plan Selection

Once you’ve submitted your application, we take care of the complex task of finding the perfect financing options for you. You’ll have the opportunity to thoroughly review and select the option that seamlessly aligns with your specific needs.

Acquire Your Gear

With the funds readily available , proceed to purchase the necessary equipment. Subsequently, you can begin repaying the loan on terms that suit your needs. And upon completion? The equipment becomes entirely yours, without any obligations attached!

Equipment financing minimum requirements.

If your business does not meet certain criteria outlined below, securing funding from our lending partners may pose more challenges.

  • Credit score 520 or higher is required.
  • Annual Revenue $50,000 or higher.
  • Minimum time in business 0-12 months.
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Guidelines for Applying for Equipment Financing

While going the traditional bank route may entail a lengthy application process and a high rejection rate, Grand Capital Group offers a faster and easier alternative for securing financing in this lifetime.

STEP 1

Complete the 10-minute online application form.

STEP 2

Receive notifications of compatible matches.

Our dedicated funding managers will guide you through a thorough evaluation of the benefits and drawbacks associated with each choice.

STEP 3

Obtain funding.

Once your approval is granted, you will have expedited access to your capital.

Where to obtain equipment financing.

When seeking an equipment loan, you have several options at your disposal. Each lending institution possesses unique strengths, making it crucial to identify the best match for your business.

1. Alternative lenders: These financial institutions differ from traditional banks in their flexibility and ability to expedite processes, making them an excellent option for prompt equipment acquisition.

2. Banks and Credit Unions: Traditional lenders, although they may require a slightly longer processing time for your application, frequently provide competitive rates.

3. The U.S. Small Business Administration (SBA): The Small Business Administration (SBA) provides an array of loan programs tailored to assist small businesses in obtaining the necessary funding for equipment financing. These programs serve as valuable resources, empowering entrepreneurs to drive growth and achieve their financial goals with ease and confidence.

4. Companies specializing in equipment financing: Specialized companies in equipment financing are experts in their field and provide valuable guidance throughout the process.

5. Online Platforms: Grand Capital Group and similar websites provide a convenient marketplace where you can explore various loan options, allowing you to compare and choose the most suitable one.

Frequently Asked Questions about Equipment Financing

Equipment financing is a professional financial solution that empowers businesses to acquire the machinery, vehicles, or other equipment necessary for smooth operations. Rather than paying the full cost upfront, spreading the expense over time makes it more manageable for your budget.

An equipment lease or financing can provide the necessary funds for a wide range of business requirements. This flexible financing solution can be utilized for various purposes, including:

  • Vehicles

  • Heavy machinery

  • Restaurant appliances

  • Medical equipment

  • Office furniture

  • Technology systems

Exploring equipment finance options can greatly contribute to the success of your business, regardless of industry. It is worth noting that equipment lenders typically report to business credit, which can provide long-term benefits. Building solid business credit opens up opportunities for better rates and terms, thus improving your ability to secure future loans without a personal guarantee. Ultimately, this strengthens your business’s financial standing and enables growth.

One key distinction between an equipment lease and an equipment loan lies in their terms. An equipment lease entails a fixed duration wherein you make monthly rental payments, with no prepayment advantages. On the other hand, an equipment loan allows early repayment, with the added benefit of having any remaining interest waived. This flexibility and freedom make equipment loans an enticing option for many.

Equipment financing is a financing option that grants you complete ownership of the equipment. In addition to the principal balance, you will pay interest, typically through a fixed monthly payment. Upon completion of the financing term, you will have full ownership of the equipment, free from any obligations.

Equipment financing offers significant advantages for business growth. By acquiring new equipment while spreading the costs over time, you can avoid the need for collateral. Integrating state-of-the-art equipment into your operations not only increases revenue but also expands your reach and improves the quality of your services.

While there are drawbacks, it’s important to note that funds allocated for equipment come with certain limitations. Occasionally, soft costs like taxes or delivery fees can be covered. However, it’s worth considering alternative financing options, such as small business loans or business lines of credit, which offer more flexibility in utilizing the funding proceeds. By exploring different avenues, businesses can maximize their potential for growth and success.

Benefits of Equipment Financing:

  • Business Expansion

  • Cost Management

  • Minimal Collateral Requirements

  • Tax Advantages

Equipment Financing Drawbacks:

  • Limited Use

  • Equipment Obsolescence

The payments for your equipment financing are determined by four key factors:

  • Funded amount

  • Interest rate

  • Term

  • Collateral

Our extensive network of specialized lenders enables us to provide tailored small business loans that align with industry-specific requirements and equipment types. This allows us to assist you in finding the most advantageous deals for your business.

Qualifying for equipment financing can be easier than other business financing options. This is because the lender considers the equipment as collateral, providing a more secure transaction.

Equipment financing offers a scalable solution for business expansion, enabling growth without depleting your cash reserves. Moreover, the presence of physical collateral attached to the funding streamlines the eligibility process. This ensures a smoother and more accessible qualification for businesses seeking financial support.

To obtain equipment financing, it is generally necessary to meet the following criteria:

1. Annual revenue of $50,000 or more
2. Credit score of 520 or above
3. Different time in business requirements: Certain equipment financing companies may collaborate with startups from the initiation stage, while others may require a minimum of two years of business operation.

Please do not be concerned if you do not meet all of these requirements. The precise qualifications differ depending on the lender and the type of equipment. Rest assured, we will work with you to find the best solution.

Certain equipment financing companies we partner with will collaborate with startups from their inception. However, it’s important to note that these companies may impose stricter requirements on your personal credit score or offer lower financing amounts if your business has been operating for less than a year.