At first glance, an article that covers the basics of equipment loans may seem rather pointless. After all, aren’t equipment loans used for purchasing equipment? Well, the answer may surprise you and help you understand why there’s more to the story!
Yes, equipment loans are indeed used for purchasing equipment. But there are several other types of financing solutions that can also be used to buy equipment, such as working capital loans, business lines of credit, invoice financing (a.k.a. factoring), and merchant cash advances.
However, unlike those solutions, equipment loans are structured differently — and that’s why understanding how they work is important and valuable if you choose to head in that direction. Here are the 5 key things that you need to know:
Using an equipment loan to buy new machinery for your business is a great way to take advantage of larger contracts, update your technology and increase your capacity!
If you want to take your business to the next level with opportunities like improving your equipment, check out our latest eBook “7 Profitable Opportunities You Could Miss Without More Business Funding” today:
National Business Capital helps entrepreneurs secure quick and fair financing to save time and cultivate sustainable growth.
Our stress-free online platform is designed for simplicity and speed, helping business owners go from application to approval in a matter of hours. And while we remain a leader in the Fintech industry, our clients agree it’s our personalized service and award-winning team that sets us apart.
From SBA loans to lines of credit, to equipment financing, and more, business owners can access all the different financing programs available to them in one place. Through our streamlined process, we have helped clients secure $2 billion in financing since 2007, and, more importantly, we’ve helped entrepreneurs save a tremendous amount of time and grow faster.
Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.