Equipment financing for small business owners has become an increasingly popular option and is continuing to grow. By purchasing your own equipment you never have to pay rental fees and the high insurance it generally requires. An investment in purchasing your own equipment will give you a return on investment as well as build equity that you can use for cash flow. If you are a small business owner looking to expand your business and need financing for equipment in Toledo, Columbus, Cincinnati, Cleveland or other areas in Ohio contact us today at 419-519-9055.
Equipment Financing Advantages
Leasing vs Loans
When you have equipment that will not deliver you a return on investment due to the short lifespan of the machine or the short term need on the part of your business, leasing provides you with a great option. Not only do lease terms allow you to access the equipment without a full investment in a purchase, they also represent a business expense, making them tax deductible in ways that a full purchase would not be. Loans generally will require more down payment and less flexibility with payments. Some will argue what option is the best for your business…we believe gaining the equipment to ensure your business keeps moving forward is the most important factor.
Financing Terms
Most of our financing packages have terms available up to 84 months, and they all come with a variety of options for repayment structure. Here’s how we handle approvals.
Up to $150,000 for Equipment Financing
Up to $150,000 for Equipment Financing is available with just an application. This is a simple application that will ask your business name, type of business, equipment purpose and how long you have been in business. We use this basic information to assist in the approval process which does not require full disclosure of financials. Full disclosure of financials would include 2 years tax returns, current year to date P&L, and current equipment list.
$150,000 to $500,000 for Equipment Financing
$150,000 to $500,000 for Equipment Financing is available with full disclosures. 2 years business tax returns, current year to date P&L, and current equipment list.
Over $500,000
Over $500,000 is made available to borrowers whose incomes qualify them. Generally, an income of 1.25% debt service would be required for equipment financed above $500,000. Don’t worry, A-Key Funding Solutions will help you will all the pre-qualifications steps to ensure you have access to all the proper financing solutions.
Equipment Financing Checklist
- Signed Business Credit Application
- Provide the proposed equipment invoice
- Proof of Insurance
- Bank statement if requested (3 months)
- Purpose of Equipment
Apply for Equipment Financing
A-Key Funding Solutions will finance Start-ups, Manufacturing/Medical Equipment, Over the Road Trucks, Yellow Iron (backhoes, bulldozers, crawlers, excavators, frontend loaders, pavers, rollers, skid steers, and wheel loaders), Autos/Trucks for business use, Used Equipment for purchase from private sellers and much more. If you are a small business owner looking to expand your business and need financing for equipment in Toledo, Columbus, Cincinnati, Cleveland or other areas in Ohio contact us today at 419-519-9055.
