Equipment financing is a type of asset-based lending that helps business owners get the funding to purchase or lease equipment without depleting their working capital. Regardless of your company’s industry, exploring your equipment finance options could help the success of your business.

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Why Choose Small Business Loan?

A Small Business Loan in Action: Miguel’s Electrical Services, Inc.

Miguel has been operating a successful electrical firm in a small New England city for more than ten years. Now he’s ready to act on a longtime vision of moving into the commercial marketplace.

When a new luxury hotel near the sports arena requests bids for its electrical work, Miguel bids on the $500,000, eight-month job — and gets it.

The job will cost Miguel $250,000 in materials and payroll. The hotel is paying $100,000 up front, leaving him with a $150,000 gap to manage until the hotel makes its final $400,000 payment.

Miguel applied for and received a $150,000 loan. And since we gave him a ten-month payback schedule, there’s a two-month cushion, just in case there’s an overrun on the job.

Miguel and his team completed the job — and won two more commercial bids. Now we’re helping him fund those, too!

Get Started

Buy Equipment

Maintain your competitive edge.

Expand

Act quickly on new market opportunities.

Maintain Cash Flow

Compensate for slower startup or seasonal sales.

Renovate

Improve your workplace for enhanced employee and customer satisfaction.

Manage Expenses

Compensate for unpredictable cash outlays.

Purchase Inventory

Buffer your operation from supply-chain issues.

Staff Up

Add people when and where you need them.

Launch a Marketing Campaign

Keep the conversation going with customers and prospects.

Bolster Your Payroll

Compensate seasonal employees during slow periods.

Get Started With Ease

Submit the easy online application and within minutes, a Capital Specialist will call to discuss your funding request.

We’ll make our funding recommendation within four to 24 hours.

You’ll receive a lump-sum payout within 24 to 72 hours. Spend it at your own pace, as you need it.

Pros of Equipment Financing

Giving your business on-demand access to working capital

Features:

Amount: Approvals from $10K – $5.0M

Terms Options: 1 – 7 Years

Flexible Payments: Custom payment options

Instant Funding: 100% Financing (0% down) available

Qualifications for Equipment Financing

TIME IN BUSINESS

No minimum time

CREDIT SCORE

650+

ANNUAL REVENUE

$120,000 or higher

1. Vehicles
2. Heavy machinery
3. Restaurant appliances
4. Medical equipment
5. Office furniture
6. Technology systems

Qualifying for equipment financing can actually be easier than other business financing options.

Equipment financing helps you scale your business without covering the full cost through your own cash reserves. Plus, the eligibility requirements are easier to qualify for.

There are three different types of loans. They are short, medium, and long term. Short-term loans usually last for 12 months or less. Medium-term loans can last 12 months up to 36 months. Long-term loans can last anywhere from 3 years up to 25 years.

The main term loan definition is that it has a specified length of time required to pay it off. The interest rates can be fixed or variable as well. A loan can be an open line of credit, a term loan, or other type of lending product.

Mortgages are a type of term loan that most people are familiar with. It has a set amount of time like 20 years or 30 years to pay off and a fixed or variable interest rate.

Term loans are great for any business, but they are especially helpful for businesses with special equipment, permanent locations, and other startups.

Global Funding offers a free, no obligation quote for their term loans. Apply today to find out if your business qualifies.

Repayment begins typically the month after the loan starts unless your terms include different terms. You'll pay a set amount every month until the end of the loan unless it is a variable interest rate.

At the end of a term loan, your loan must be paid off in full. Once it's paid off, you are no longer bound by the terms of the loan.

Our dedicated specialist are here to assist you every step of the way!

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