This is a great financing option for small business owners who need to purchase equipment necessary for day to day operations. More than tractors, production machinery or other large equipment you can think of, equipment financing is a great option for upgrading your tools of trade. It will cover up to 100% of the equipment’s value.
On top of the range of equipment it can cover, another advantage for small businesses is the ability to use the equipment they are getting as collateral. This means that you can reduce the risk to your liquidity as well as personal assets.
To be considered, it is advised that your business has been in operation at least for 1 year with a minimum of $120,000 average annual revenue. If your business does not have a strong credit history, evidence of a solid cash flow or revenue from the past 6 months can still help you qualify.
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