One of the toughest parts of starting a new business is raising capital to get it off the ground. Bank loans are usually an option only once a business is operating for 2 years.

Here’s the good news. Equipment Financing is often approved by non-traditional lenders and manufacturers, even before you’ve started business operations.

Of the total market for financing in 2018, banks accounted for 43% of financed acquisitions, manufacturer or vendor financing accounted for 33% and independents accounted for 12%.

What is Equipment financing?
Equipment financing is a loan or lease used to purchase or rent business equipment. The equipment serves as the loan collateral making it easy to obtain a loan with promising rates. 

Get funding for business equipment and make that business idea a reality.
If you’re a new or a not-yet-launched business, Equire will connect you to specialized lenders. There are non-traditional lenders that can approve your loan with more flexible underwriting requirements – even if you don’t meet the minimum credit requirements needed by the banks.

3 points to get the most from Equipment Financing:
1. When to choose a loan or a lease. Some business equipment like copiers and printers require maintenance, lose value quickly, or become obsolete too soon. With equipment that’s not a good long-term asset, leasing options give you more for your money.
2. Your strong personal credit will help you. If the business entity doesn’t have any credit history of its own, any loan approved will be based on your personal financial history. 
3. Every lender’s requirements are different. And so are the terms of financing. Equire will point out to you the different qualifying requirements and financing terms, so your equipment loan will be best for launching your new business. 

You’re the entrepreneur! Finally, move forward and jumpstart your profits by financing your business equipment. Reach out to Equire to help you find the right lender.

Business loan or line of credit? Does it matter? Find out more about this here.