Grow Your Company with a Business Equipment Loan
Need funds to purchase equipment, furniture, inventory or other business assets? A Business Equipment Loan, secured by business assets, will enable you to borrow funds with a budget-friendly, flat monthly payment. This type of loan can also be used for business-purpose vehicles.
Whether you’re expanding or are coping with machinery that needs urgent replacement, a business equipment loan can help. This type of funding is ideal because it’s secured by business assets, which may include the items you’re purchasing, and also it’s one of the easiest ways to borrow. Moreover, the monthly payments are flat, to make budgeting easy.
Increase Your Inventory or Purchase Furniture with a Business Equipment Loan
Even though most people think of “equipment” in terms of machines and tools, the funds can be used for much more than that. Entrepreneurs often use the funds to secure inventory that’s necessary to tackle a large order or to expand their company. Capital may also be used for things like furniture, including desks, cubicles, or chairs for your waiting room.
A Business Equipment Loan is Versatile
Because this type of funding is so flexible, it can be used to obtain almost any kind of device or tool your establishment needs. From computers to company cars, it’s a smart solution. While many small-business owners turn to leasing for the ease of payment plans, credit union financing can provide the same benefit, and unlike items that are leased, the item belongs to the company.
There are Many Benefits to Using a Business Equipment Loan
On top of retaining ownership of the items purchased, companies reap many benefits from financing.
Easy Approval- Qualification is typically decided based on business assets that can be used as collateral, so it’s easier to obtain financing.
Fast Results- Applications are processed quickly, to ensure the funds are available when you need them.
Tax Deductible- Many times the monthly payments can be deducted as an operating expense, though you should check with a tax specialist to be sure.
Straightforward Terms- Budgeting is simple, because you’ll be able to pay the same amount every month.
More Cash On Hand- When you borrow, you keep your company’s funds available for handling daily needs.
Builds Credit- It takes startups some time to establish credit. Making regular payments on your loan can help build it up quicker.
If your company needs capital in order to obtain items necessary to grow or to purchase replacements for machines and tools that keep your revenue streaming, the credit unions of Business Loan Connection can help. Best of all, these organizations do not exist for profit. They’re designed to suit the needs of their members, so you can be sure you’re receiving the best service possible. If you have questions about which options are right for you, contact the dedicated representative at the location nearest you. You may also get started right away, by completing a quick no-obligation application online.