The performance of your business is only as good as the quality of the tools you use. That’s why equipment financing is key for all entrepreneurs looking to take their organizations to the next level.
What Is Equipment Financing?
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.
Some typical examples of assets companies can purchase with equipment financing include:
- Ovens (for restaurants)
- Construction equipment
- Office equipment
- Agricultural equipment
Who Can Use Equipment Financing?
Since most businesses need hard assets, almost any company can take advantage of equipment financing. In most cases, the equipment itself serves as collateral. This means that even businesses without a long credit history can access equipment financing under the right circumstances.
Finally, if you are planning to apply for equipment financing, keep in mind that you may have to make a down payment.
Equipment financing offers interesting advantages that put your business on the right track to success. The monthly payments are predictable, allowing you to manage the cash flow of your organization. Furthermore, being diligent with your payments helps your business build a credit history that is attractive to lenders.
What Are the Best Equipment Financing Options?
At Gellyfish Commercial, we offer three different alternatives for businesses looking to access equipment financing:
- SBA 7(a) loans. These are loans guaranteed by the U.S. government through the Small Business Administration (SBA) and can be used to purchase virtually any kind of equipment.
- SBA 504 loans. Like 7(a) loans, this is an option guaranteed by the U.S. government and can be used to purchase hard assets with a useful life of at least 10 years
- Conventional loans. While SBA loans are attractive options, some businesses prefer conventional loans because they usually offer faster approval times and have fewer strings attached.
Gellyfish: Certainty of Execution in Financing
Looking for equipment financing in California, or anywhere in the United States? Gellyfish is here to help. We offer financing with the certainty of execution you need to take your business to the next level.
Contact us today by email (firstname.lastname@example.org), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.