Equipment financing* – Equipment loans for small businesses
Need equipment for your small business? Don’t wait another minute – online small business lending can help you get the resources you need without breaking the bank.
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Small businesses financed
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Benefits of equipment financing:
- Access between $10,000 to $10M in small business equipment financing
- Enjoy lower barriers to financing as your equipment will serve as collateral
- Get guidance from a financing expert throughout the entire process.
Requirements to qualify
While requirements for a working capital loan may vary, your business will generally need:
- To be operating in the United States
- 1+ years time in business
- $25,000 in monthly deposits**
- To deposit revenue in a business bank account
- A credit score of 550+
Recognised as “Best for Short-Term Loans” by industry experts.
Whether you run a coffee shop or a construction company, your products and services depend on having the right equipment. This type of small business financing allows you to purchase equipment or machinery for your business without disrupting your cash flow.
Invest in essential equipment like:
- Machinery
- Vehicles
- Computers
- Office machines
- Office machines
- And more
Explore the benefits of equipment financing with us
01 Apply online
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02 Gather required documents
We require certain documents from you in the approval process. Be ready with bank statements and a government-issued ID to start.
03 Approval in as little as 4 hours
Your loan application will be reviewed and you can get approved in as fast as 4 hours.
04 Receive same-day funding
If approved, your requested loan amount can be transferred to your bank account as soon as the same business day.
Explore the benefits of equipment financing with us
Pros
- Allows you to purchase essential equipment without hurting cash flow
- Has favorable equipment finance rates, repayment terms, and total loan terms when compared to alternatives.
- Easier to qualify for equipment financing because your new machinery is the collateral.
- You can save money by listing equipment financing as a tax deduction under Section 179.
Cons
- This type of financing is strictly for equipment.
- If you can no longer afford to pay the loan, the equipment gets collected as collateral.
- Equipment that needs frequent replacement may increase debt.
Why work with Fundrivo ?
Trusted financing provider
Credibly has helped over 46,000 small businesses throughout the U.S. achieve their dreams by providing access to capital. Our fast processes and friendly experts are why we have a 4.8 out of 5 rating on Trustpilot.
Best-in-class customer service
Credibly business experts are standing by to help you understand your financing options, get you the best offers, and walk you through determining if additional capital is right for your business.
Frequently asked questions about equipment financing
What equipment financing options are available?
If you don’t need the financing immediately, another option you can consider is an SBA loan. Funds from 7(a) loans, which are backed by the Small Business Administration. An SBA loan can be used for a wide variety of business expenses, including purchasing equipment.
Businesses that are looking to make larger investments or purchase particularly expensive pieces of equipment may be interested in another type of SBA loan called a CDC/504 loan, or a long-term loan.
Finally, if you only need the equipment for a short amount of time, you can also consider equipment leasing. This type of financing allows you to borrow the equipment for a set period of time, and the cost is often much lower than purchasing the equipment outright.
What types of business equipment can I finance?
Some commonly financed items include:
1.Medical equipment and devices
2.Construction or industrial equipment
3.Carpentry workbenches and tools
4.Commercial-grade kitchen appliances
5.Office furniture
6.Computer software for operations use
7.Devices for office or business use
8.Company vehicles used for transporting goods or employees
9.Food trucks
10.Farm machinery
Can I finance used equipment for my business?
In the event that you default on your loan payments, the lender will repossess the equipment for liquidation.
Most lenders prefer new or like-new equipment, as it has less wear and tear and hasn’t depreciated as much.
What do I need for the equipment financing process?
1.Business credit score/credit history
2.Personal credit score
3.Financial statements
4.Business plan
5.Tax history
6.Information about the equipment to be financed (new/used, age, type of equipment, lifetime value, etc.)
Apply for business financing up to $600,000
Find out how much you qualify for. Applying will not hurt your credit score. Do you meet the requirements?