For companies that depend on their equipment to manufacture, repair, or produce goods, often this same machinery stands in the way of taking their enterprise to the next level. When it is time to become more productive, competitive, and profitable, outdated business equipment replacement is the best, and sometimes only, option. For smaller enterprises especially, their local commercial banker may not be the best source for their business equipment financing. That’s due, in part, because traditional banks have limited funds allocated for small businesses. Instead, when your company is researching equipment financing companies, turn to Milestone Capital Funding for the best solution for your business and its future.
How does business equipment financing work? As you might expect, this loan product is expressly for the purchase of business-related machinery, be it an administrative office tool such as a photocopier, or a delivery van, bobcat, or even a restaurant oven. As with any conventional loan, payments will be expected on a predetermined basis, and these payments will include interest and principal (the dollar amount you borrow) over a fixed term such as 36-60 months.
Business equipment financing will likely require security for the loan. Usually, just as with a car loan, that security will be the equipment itself. Default on making the periodic payments as scheduled, and the equipment will be repossessed. On the bright side, once the loan has been fully satisfied, the equipment is yours outright. Sometimes, in lieu of the equipment itself as security, equipment financing companies might place a lien on additional business assets or possibly require an additional personal guarantee.
The path to your business’ next level of success begins with submitting our form for consideration. It is a one-page form; also upload your business bank statements for the last 90 days and, most importantly, do not be in arrears on any existing loans.
If you have questions, our team has answers. Contact us directly at (516) 204-1741 or click Apply Now to begin.