When you’re starting a new business, it takes a lot of capital to get things up and running. While expenses like property price, insurance, taxes, and permits may be on your radar, the cost of equipment may be that one thing that is outside your budget. Fortunately, heavy equipment financing is a viable option for small businesses.
The Benefits of Heavy Equipment Financing
Whether you need to purchase a copier machine for your office or commercial size appliances for your restaurant, equipment is a necessary expense in order to start a small business. A heavy equipment loan helps you acquire the equipment you need quickly so that you can get right to work making a profit. Instead of having to save up and spend thousands of dollars outright to buy the equipment you need, you can instead make bite-size, manageable payments (with some interest) over a set period of time to a lender. Once you’ve paid off the loan, the equipment belongs to your business and can be used to generate income for years to come!
How Does Heavy Equipment Financing Work for a Small Business With a Low Credit Score?
As a small business owner, you may be concerned that your credit score is simply not robust enough to acquire heavy equipment financing. At Key Capital, however, you are more than a credit score. We work hard to build lasting relationships with lenders and borrowers alike so that we can provide those with A+ and challenged credit scores with feasible financing options.