Business Equipment Loans & Financing
Fora Financial offers access to Business Equipment Loans, which can help you ensure that you have high quality, functional equipment you need equipment to run your business. Find out why pursuing equipment loans can benefit your business.
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What Are Business Equipment Loans?
Business equipment loans help businesses purchase necessary equipment, such as machinery, vehicles, medical equipment, office equipment, restaurant equipment, agricultural equipment, and more. All of these materials help businesses operate at their best capacity. If you’re searching for equipment loans for your small business, we have funded over $4 billion to more than 55,000 businesses like yours.
How Equipment Loans & Financing Work
Equipment lending is different from leasing when it comes to business equipment. Loans are best if you have at least 20% to put down on a piece of equipment. They work by giving businesses funds to replace old or broken equipment, buy new equipment for the purpose of expansion, or add more items of the same kind to your equipment inventory.
Use Cases
How To Use a Business Equipment Loan
A loan for equipment can only be used for that purpose. These types of loans are not intended to alleviate cash flow problems, but to instead ensure that your equipment is always in working order.
Learn Why Us-
Repairs
Equipment repairs are crucial to keeping your business running smoothly–but they can be expensive. Check out How Much Should Heavy Equipment Repair Cost for an idea. A business loan for equipment can help you cover essential repairs and keep operations on track.
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Upgrade
When you're ready to give up outdated gadgets and upgrade, equipment business loans give you the funding you need.
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Lease
Equipment loans for small business will help you lease anything from copiers to manufacturing equipment.
Why Apply for an Equipment Loan?
Improve Your Business Operations
Business equipment loans give you the ability to help your business operation run more efficiently. It'll free up cash to be used in other areas of the company.
Ability to Repair Existing Equipment
Repairs are often more affordable than buying new. You can fund all of your repairs using equipment loans.
Purchase New Equipment
If the old isn't cutting it anymore, then a new piece of equipment is a must have. Small business equipment loans give you the opportunity to get something new.
How to Apply for Equipment Financing?
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1
Apply
Click the below and complete the quick online application, and a Capital Specialist will reach out within minutes to discuss your funding needs.
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2
Get a decision
We'll provide our funding recommendation within 4 hours.
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3
Receive your funds
You’ll receive a lump-sum payment within 24 to 24 hours, ready for you to use at your own pace as needed.
Pros & Cons of Equipment Financing & Loans
Pros
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Receive Money to Buy, Repair, or Lease Equipment
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Spread the Cost of Your Purchase
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No Need for Additional Collateral
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Increase Your Business's Future Sales
Cons
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Usage May Be Restricted to Equipment, Depending on Lender
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Higher Rates Than Traditional Loans, Depending on Lender
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You Own the Equipment and Are Responsible for Its Maintenance
What Industries Can Apply for Equipment Financing?
Fora Financial provides equipment financing for various industries, helping businesses acquire essential equipment quickly and affordably. Explore some of the industries below to learn more.
Eligibility Requirements for Equipment Financing
You may qualify for a business equipment loan if you meet the minimum requirements below. Contact us to apply.
| Time in Business | Minimum 6 Months |
|---|---|
| Business Annual Growth Revenue | $240K+ Annual Revenue |
| Business Checking Account | Yes |
| US Citizen/Based Company | Yes |
| FICO Score | 570+ |
| Other Financing | None |
| Bankruptcies | None open |
Better Your Business With Fora Financial
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Add To Your Existing Inventory
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Upgrade Out-of-Date Equipment
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Replace Old Equipment
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Lease Items You Need
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Spread the Cost of Your Purchase
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Increase Future Sales
Case Studies
Fast Capital for Fast Repair
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Funding Amount: $200,000
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Industry: Railroad Equipment Repair
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Use of Funds: Equipment
Learning Growth
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Funding Amount: $825,000
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Industry: Education
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Use of Funds: Inventory
Powering Growth in Electricity
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Funding Amount: $775,000
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Industry: Commercial & Residential Electric
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Use of Funds: Personnel and Equipment Upgrades
Featured Funding
Bridge Funding
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Funding Amount: $2,000,000
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Industry: Construction
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Use of Funds: Bridge funding
Technology and Data Services
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Funding Amount: $700,000
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Approval Amount: $1.1 Million
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Industry: Technology / Data Services
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Use of Funds: Cash Flow Liquidity
Communications Expansion
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Funding Amount: $1 Million
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Approval Amount: $1.2 Million
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Industry: Telecommunications
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Use of Funds: Expansion
Featured Funding
Stabilizing Growth
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Initial Funding Amount: $750,000
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Add-on Opportunity: $450,000
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Industry: Manufacturing
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Use of Funds: Financial Stability, Growth
Automation Growth
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Funding Amount: $300,000
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Approval Amount: $450,000
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Industry: Manufacturing / Automation
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Use of Funds: Working capital
Business Equipment Loans FAQ
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You'll need excellent credit to get equipment financing. Applying through your local bank or an online financing company like Fora Financial can help you discover what kinds of business equipment loans you can qualify for.
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It depends on how much money you need and your qualifications. Businesses with good credit that have a good history are more likely to get equipment loans. It's important to find out what lenders are looking for before you apply for a loan.
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You can get equipment financing in some cases even with a poor credit score. If the equipment is something that they could repossess in the event of a default, they are more likely to offer financing. It's best to work on getting a good business credit score to help improve your options when you need equipment loans.
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Some equipment loans have interest rates almost as high as 10%. Businesses with poor credit are more likely to get higher interest rate loans than those with good credit. Some interest rates are as low as 2.8% and businesses with great credit and a good business history are more likely to get that rate.
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You can finance equipment from two to seven years. The lender will determine if the used equipment you want to purchase is eligible for a longer or shorter term loan.
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Yes, you can use the Section 179 tax deduction for equipment financing for your business. This write-off allows you to deduct the entire purchase price of the equipment you purchased in the qualifying year. A good accountant will ensure that all your expense are accounted for and deducted correctly.
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Typical business equipment financing terms range from 1 to 7 years, depending on the equipment’s type and expected lifespan. Interest rates and payment structures vary by lender, but terms are usually designed to align payments with the equipment’s useful life.
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An Equipment Finance Agreement (EFA) is an arrangement where you receive funds to purchase equipment and own it from the start. You make regular payments, and the lender holds a security interest in the equipment until it’s fully paid off. This setup may allow for predictable payments and potential tax benefits.
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Equipment financing loans help preserve cash flow by eliminating the need for a large upfront payment. With this type of funding, you can purchase the equipment outright, avoiding the constraints of leasing or making payments to the seller. Fora Financial offers equipment financing for small businesses with fast approvals, prepayment discounts, and funding up to the $1.5 million with no usage restrictions.
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Lenders like Fora Financial typically focus more on the equipment’s value and business performance than credit scores. Look for a business equipment funding company like Fora Financial that does no hard credit pulls; Fora Financial does one soft inquiry when you apply.
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Almost any business equipment can be financed, including machinery, vehicles, technology, and tools. Financing options vary based on the equipment’s type and purpose.
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Most industries are eligible for equipment financing, from healthcare and construction to retail and manufacturing.
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Fora Financial offers prepayment discounts. If you want to pay us back yearly, great!
Related Resources on Equipment Financing & Loans
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