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Equipment Financing: Why Quick and Dirty Sometimes Works Best

Ginger Hale / September 8, 2023

As with other loans, you’ll need to make periodic payments that include interest and principal over a fixed term. The lender usually requires a lien against the equipment being financed. Startups can improve their chances of approval by providing a strong business plan and revenue projections and by having a creditworthy owner personally guarantee the loan. A personal guarantee legally requires the individual to repay any unpaid business debt with their personal money.

It has forced us to adapt to a new normal, perhaps changing the way business gets done in the future. While things remain fluid, there are some … Read more

Equipment Financing: How It Works and Tips for Applying

A good credit score will not only increase your chances of qualifying for business equipment loans, but it will also earn you favorable lending terms. You can get a low interest rate, longer repayment period and ultimately lower monthly payments. If heavy equipment financing isn’t an option, you might consider leasing instead. Equipment leases work the same as most other leases, in that you are renting from an owner. Leasing does not require a down payment and allows you to slowly pay back your debt in fixed monthly installments.

Additionally, the SBA offers a lot of free education and business