Inside or Outside of The Office – Any Equipment You Need Whether your need a new tractor for your farm or a slew of laptops for your office, equipment financing may be right for you. Learn more in our Ultimate Guide to Equipment Financing in 2021. The lifeblood of any business, working capital refers to the money available at your disposal to meet present and short-term needs. Choose from our new-age range of auto-leasing solutions, handpicked for your diverse needs.
These same benefits often don’t apply to equipment lease situations – which means it’s often a better deal to finance equipment than it is to enter into an equipment leasing agreement. Many small business equipment loans can be paid back using monthly payments or even semi-annual payment schedules. In contrast, many term loans require weekly/bi-weekly, or even daily payments. First, some manufacturers themselves may help you with financing equipment purchases.
What type of equipment leases and loans do you offer?
Capital City Bank offers financing options for new and used equipment, featuring competitive terms, fixed rates and a quick approval process. Upgrading or buying new equipment can accelerate the growth of your business. When done correctly, new equipment essentially pays for itself by increasing sales and revenue.
- Since business equipment leases tend to carry smaller monthly payments than a loan, this option may be worth checking out, especially if you’re operating on a thin profit margin.
- The U.S. Small Business Association has been helping business owners across the country obtain the funding they need to thrive.
- Note that heavy equipment loans and leases aren’t substantially different than other types of equipment financing.
- It can be used to finance and purchase any new equipment that improves the operations of your business.
- Examples of equipment include, but are not limited to, computers, machinery, tractors, vehicles, appliances and furniture.
- The loan terms and rates presented are provided by the lenders and not by SoFi Lending Corp. or Lantern.
Instead of buying your equipment outright, you also have the option to lease it for a set period of time. As with any loan, you are taking on business debt and may wind up in financial trouble if you suddenly find yourself unable to make payments. Grants are offered by nonprofit organizations, government agencies, and corporations for many different reasons. Many of them focus on special interests and target groups, such as minorities, veterans, or women.