Regardless of the industry, there’s a question all business owners ask themselves at some point: How to get equipment financing? Keep reading to discover the answer.
What Is Equipment Financing?
Put simply, equipment financing is a form of business financing that provides companies with the capital they need to purchase or borrow hard assets such as tools, machinery, vehicles, and more.
Equipment financing is crucial at any stage of a company’s lifecycle.
For a new company, equipment financing is a basic requirement. On the other hand, companies that are already established need equipment financing to enhance their capabilities and increase their market share.
There’s no question about the importance of equipment financing. However, business owners often find themselves at a loss when it comes to making sense of their equipment financing options. If that’s your case, don’t worry — this blog is for you.
How To Get Equipment Financing?
SBA loans are one of the most interesting alternatives for companies looking to secure equipment financing.
These loans are partially guaranteed by the Small Business Administration (SBA) and designed with the needs of small business owners in mind.
SBA loans usually offer longer repayment terms and lower interest rates compared to traditional bank loans.
There are different types of SBA loans, each geared toward a different purpose. The two most popular SBA lending programs are 504 loans and 7(a) loans.
504 loans can be used to purchase existing land, new facilities, or long-term machinery and equipment
7(a) loans, on the other hand, have a broader scope and can be used for anything from working capital to the purchase of fixtures and supplies.
Ready to get started on a personalized equipment financing solution? Visit our homepage and tap the chat icon to get real-time assistance from a Gellyfish Commercial agent.
Gellyfish: Equipment Financing Made Easy
Looking for equipment financing that combines flexibility and certainty of execution? Gellyfish Commercial is the answer!Contact us today by email (email@example.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our financing solutions.