Small Business Equipment Loans | StartupLoans.org

To keep a small business running efficiently it is important to make sure all equipment is up to par, running properly and not out dated. As years go on equipment does age, some times it becomes beyond repair or obsolete, in need of replacement. Not all small business owners have the working capital to purchase new equipment out right. When it comes to lack of capital they need small business equipment loans to get the money they need for these much needed purchases. Finding a lender willing to do a loan for equipment purchases can be easier than you think. Most equipment vendors have lending institutions that work directly with them to get the money these small businesses need. Some small business owners don?t stop there, they look into other lending institutions to ensure they are getting the best rate possible.

• Farm equipment
• Construction equipment
• Heavy machinery
• Restaurant equipment
• Furniture

What is a Small Business Equipment Loan?

A small business equipment loan is a loan provided by a bank or another lending institution to a small business to make equipment purchases. The loan is typically the total amount of the equipment purchase, how ever some lenders do require a down payment. Equipment loans normally have low-fixed rates just as car loans. A lien is held on the equipment purchased until the borrowing business has paid in full. Failure to meet the repayment agreement and the lender will seize the equipment and sell it at action to cover the cost of the loan.

How to Get a Small Business Equipment Loan

1. Find a lender that offers this type of financing.
2. Make sure your small business and equipment needs fit under the lenders requirements.
3. Submit an application along with your equipment purchase list.
4. Negotiate the terms and conditions of the loan to ensure your business is getting the best rate possible.
5. Sign the contract and set up a repayment schedule.

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Source: http://www.startuploans.org/small-business/small-business-equipment-loans/

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