What You Should Know About Equipment Financing and How to Get it
Getting Funding for a New Business or Start Up can be tough, hav you considered Equipment Financing?
You’re looking for money to buy all your appliances for your new restaurant. That’s an expensive endeavor. Luckily there is solution, equipment financing. What is equipment financing? Just that, money for the equipment you need to operate your business. If you’re a farmer, you’d need a tractor or truck to run your farm, here at Willow Financial Consulting, we could help you find and GET money for that tractor. Here are some other things to know about getting equipment financed.
1) It’s Easier than you think
Qualifying for equipment financing is easier than you might think. Typically, you’ll need to have been in business at least 3- 6 month, have $50,000 or more in annual revenue, and have a credit score of 600 or higher. Because the collateral is often part of your loan, it’s not as difficult to obtain as other types of financing.
2) It can be hard to get equipment financing at a bank.
Traditional sources for equipment financing are often inadequate for the business owner of today. If you needed a piece of equipment back a long time ago, it was a no-brainer that you’d go to a bank to seek a loan or line of credit, but it’s not the most joyful experience. You have to apply for the financing in person, you’re restricted to a smaller number of financing options, it requires a mountain of paperwork, It’s a slow process that drags on too long for your needs, plus much more effort. In short, there are other resources and ways to finance without going to a bank.
3) You Can Preserve your cash for other business needs
Financing your equipment allows you to preserve your cash for other business needs. For early business that need a solid cash flow, this is the best choice. Having a manageable monthly payment over the years is much better than a lot of capital upfront.
4) We Can Help You Get it
At Willow Financial, we’ve helped many businesses in Atlanta and all over the US. From restaurants and nightclubs to construction companies, software companies and start-ups we’ve gotten financing for them all. Unlike a typical US equipment financing firm, we have programs for start-ups with good credit.
Other equipment financing firms require a minimum of six months in business to consider candidates a “good fit” for applying for the funding. We customize equipment financing methods to best suit your budget and cash flow requirements, through a wide array of financing & leasing options. We can offer you funding in as fast as 24-48 hours. Ask about our lease insurance options. No matter what your business, we’ll find ways to help you grow.
Thank you for reading our blog, we hoped you enjoyed it. Get in touch with us to apply for funding today!