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Equipment Financing

Equipment financing is something that you apply for when you need to purchase any of the following:

  • Computer hardware
  • Network servers and other hardware for network support and management
  • Computer peripherals, e.g. all types of printers and scanners, drawing boards, and web cameras
  • Photocopiers
  • Phones, mobile phones, facsimile (fax) machines, and intercom phones
  • CCTV cameras, hardware drives, network systems, and monitors
  • Cash registrars and point-of-sale (POS) systems
  • Air-conditioners, electric fans, and heaters
  • Vacuum cleaners, mowers, and leaf blowers
  • Power tools and generators

Businesses typically invest in equipment for the following activities:

  • Production or manufacturing
  • Communication, all forms and channels of it
  • Delivery and transport
  • Receipt, delivery, and accounting of inventory and payment
  • Ventilation
  • Storage and maintenance
  • Construction
  • Quality control

5 Reasons Why It Is Hard to Apply for Equipment Financing

  • When you apply for equipment financing from any regular bank or creditor, do not expect them to take your word at face value. They will require you to submit numerous kinds of paperwork in order to ensure that you are indeed intending to use the funds you wish to borrow for the purpose you have stated.
  • They will ask a copy of the brochure of the product or service you intend to purchase.
  • They will ask for contact details of the seller, distributor, retailer, or supplier that you intend to purchase the equipment from.
  • They will make you wait for a significant period of time to process your application.
  • They will conduct a research or investigation regarding the quality of the product, its estimated life expectancy, its price range, and whether it is indeed suitable for your company.

And after jumping through all kinds of hoops for the creditor, you could still end up with a rejected application. In truth, the application process used by banks and other financial lenders today can be so arbitrary and a lot less objective too.

Also, most of these financial institutions just do not want to take risks right now – even if it is at the expense of turning away a potentially promising client like you. If and when they do agree to extend an equipment financing loan, this offer may come with a lot of strings attached – like the ones below.

  • High interest rates
  • High application fees
  • High processing costs
  • Collateral
  • Personal or third-party guarantee
  • Freezing of assets or cash balances

Top 2 Reasons Why You Are Better Off Getting Cash Advance

Here at Small Business Funders, we have one simple motto: to do what we can to improve your business and succeed alongside you. That's why we have made it a point to do anything that could help your business progress.

  • We won't ask you to wait for a long time to know what our decision is.

    As soon as you submit to us your application, you can start counting. A call will be placed to your number in 24 hours.

  • We won't ask anything of you except to fill out the provided application form.

    That's it. We don't need you to secure your cash advance. Your past and future sales are the basis we'll use for approving your equipment financing request.

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