Steps to get approval of equipment finance for startups business in Chicago

Steps to get approval of equipment finance for startups business in Chicago

Almost every small business relies on some type of critical equipment to stay afloat. A car, truck, photocopier, harvester, forklift, crane, or portable refrigeration unit are all possibilities. Many business owners, however, are unaware that equipment finance can be used to fund items such as computers, office equipment, and even your office fit-out.

In addition to funding that crucial piece of equipment, financing rather than purchasing it outright can help with cash flow. It is possible to obtain accepted for equipment financing with as little as $5,00k.

3 Steps for Fund Approval

Mainstream lenders make it simple to get financing for equipment under $55,000 (up to $150,000 for autos). Here are some pointers to consider:

  • Established ABN – Getting equipment loan is usually easier if you’ve been in business for a year or longer. Lenders want to see that you’ve been in business for a reasonable amount of time. When you’ve been trading for at least two years, you can get the best interest rates.
  • Have a clear credit file– A clean credit file shows to the bank that you are a low risk customer, which makes it easier for the bank to approve your equipment financing. If you’ve had a credit ‘problem,’ there are other options for financing.
  • Property ownership– Having an asset backing in the form of a home or other property equity will help you get approved quickly. There are other lenders who will finance equipment even if you don’t own property because not everyone dreams of owning a home.

Strategy Lender – Get Equipment loan fast

Strategy Lenders is the ideal partner for your business if you are looking for the finest financial partner for your new equipment or existing assets. It is not difficult to pick the proper equipment partner for your business today.

As you may be aware, finding the correct equipment financing partner is a difficult task; nevertheless, we strive to make it as simple as possible by providing the necessary equipment.

Why Strategy Lender in Chicago for Equipment

We started our journey from Chicago, which served as our starting point. We are running for a long time on this platform in order to grasp the true needs of business owners. Our passion is offering finance services, and throughout the course of our 20-year adventure, we have earned the trust of business owners from many industries by providing rapid and high-quality service in Chicago.

We offer equipment loans for a variety of reasons, including “you’re starting a business,” “want to enhance working capital,” “you’ve lost your personal credit,” and more. We can finance practically any type of equipment-related business.