Equipment finance is a perfect fit for startups that may have trouble getting traditional bank loans. Typically, most lenders want to see two years of financials, but with equipment finance, there’s no jumping through the same hoops as with commercial and industrial loans.
Making up 99.7% of all employer firms in the United States, small businesses are a critical component of the economy and important end-users of equipment finance. With that kind of clout, small businesses can find equipment finance companies and financing options specifically designed for their needs.
Not only do manufacturers and dealers use financing for their own operational needs, they also offer financing programs to get their products into the hands of more customers.
Local, state and federal government agencies, school districts, charitable organizations and other non-commercial entities finance the equipment they need for many of the same financial and operational benefits that commercial businesses do.
Equipment finance contributes not only to businesses’ success but also to U.S. economic growth, manufacturing and jobs.
Source: Equipment Finance Advantage