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How Equipment Financing Work

Business equipment may be any tangible asset other than real estate – examples include office furniture, computer equipment, machines used in manufacturing, medical equipment, and company vehicles.

One key benefit of purchasing equipment, as opposed to leasing it, is that when the equipment loan is paid off, the business owns a valuable asset. If the business needs to borrow cash for another purpose, such as expanding business operations, the previously purchased equipment can be used as loan collateral to obtain more favorable loan terms.

How To Qualify
Your personal and business credit scores are an important factor in obtaining equipment financing. The higher your scores, the more likely you are to get approved with better financing terms.
In addition to credit score, we require provision of a business plan that describes your business and a detailed proposal for future growth. The basic goal is to give us comprehensive summary of your business. The number of years you've been in business and the annual revenue of your enterprise are important factors to include within your business plan.
Beyond a profit and loss statement, we also require a balance sheet or cash flow statement. These should identify the revenue coming into the business and the expenses going out. These statements help us assess the financial strength of your business.
Also include past tax returns and bank statements worth 6 months.
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