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Equipment Loan

Depending on the industry you work in, an equipment loan may be helpful in aiding your company’s investment in the technology and equipment it needs to thrive. An equipment loan isn’t like a traditional small business loan — instead it is a line of credit that can be accessed at any time. A line of credit is a form of revolving credit that is issued by a lender. Unlike a credit card, a line of credit allows you to withdraw cash without additional fees. Instead of paying back the initial loan amount in full with interest, a line of credit only requires you to pay interest on the money that you access. If you do not end up accessing any of the money, there will be no associated interest costs with your loan. This type of financing allows you additional flexibility in comparison to a traditional loan. Many businesses acquire them to have access to capital in times of emergency.

What Are Equipment Loans Used For?

This will entirely depend on the type of industry your business is involved in. Once you are issued an equipment loan line of credit its use will be entirely up to your own discretion. For example, if you if you were opening a new restaurant you may use your equipment loan to purchase kitchen facilities and utilities. If you were opening up a medical practice you may instead choose to purchase an x-ray machine. While the possibilities our endless, the majority of our equipment loan customers use their lines of credit for the following purchases:

  • Replacing outdated equipment
  • Equipment repair
  • Investing in additional equipment
  • Researching more effective equipment
  • Modifying existing equipment
  • Purchasing modes of transport

Assess the current equipment you have in inventory — chances are there are ways that your business could be made more efficient by a relatively small investment in equipment improvement!

What’s the Process?

We understand that as a business owner you’re extremely busy. That’s why we’ve tried to make the application process for equipment loans as quick and painless as possible. Traditional lenders will most likely require you to undergo a lengthy and strenuous application process that will include extensive documentation and long standing credit histories. We prefer to analyze basic revenue data to make our lending decisions; it makes the process much quicker. Chances are if you’re looking at this page you want access to capital fast. We’ve streamlined our application process to be automated through our online portal. We can have a lending decision back to you at a fraction of the speed of our competitors. Once you have received your line of credit you will have full access to the amount of predetermined capital we specify. And remember, you will only have to pay interest on the capital that you access — meaning there is no associated costs if you don’t use your line of credit. So, what are you waiting for? Apply for an equipment loan today and invest in your business’s future success!

Equipment Loan