Business Equipment Loans & Financing
You need equipment to run your business; find out why pursuing equipment loans can benefit your business.
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Since 2008, we've grown with the companies we support.
What is an Equipment Loan?
An equipment loan is a type of loan intended to help businesses purchase necessary equipment for their business. Business equipment loans are used for any equipment needed to produce, manufacture or process products. They can be used for computers and technology supplies, special machinery, industrial equipment, and more. All of these materials help businesses operate at their best capacity.
How Equipment Loans Work
Loans are different than 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
Repairing equipment is vital to keep your business flowing smoothly. A business loan for equipment will allow you to make critical repairs so you can keep your business running.
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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When you're ready to give up outdated gadgets and upgrade, equipment business loans give you the funding you need.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.
Minimum Eligibility Requirements
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 | $180K+ Annual Revenue |
| Business Checking Account | Yes |
| US Citizen/Based Company | Yes |
| FICO Score | 500+ |
| Collateral | None |
| 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
What Fora Financial customers say
"We couldn't do it without the help of Fora Financial, and the people there are just tremendous. I highly recommend the financing program to anyone that needs it.”
John Bogonis, Owner / Carlisle Bakery, Carlisle, PA
“The integrity and relationship is extremely strong, really appreciated the way Fora Financial worked with us and it was such a positive experience for my company and for myself.”
Rodney Thomas, Owner / Thomas and Herbert Consulting
"I didn't have any capital or line of credit to start with, so I applied to Fora Financial for a loan. The team was easy to work with. Fora's products can help small businesses weather ripples in the economy that might otherwise be a serious problem."
Debra Heim, Very Best Little Hairhouse, Sharon, PA
“With Fora Financial, he was able to get an approval with minimal paperwork and the financing he needed within 3 business days.”
Juan Manuel Perez, Restaurant Owner / Pita Grill, New York, NY
“The process at Fora Financial was quite transparent, you know what you were getting into, quite honest, actually very easy and as I grew and took more advances, the terms got better.”
Dickson Shreffler, Owner / Sleepy Poet Antique Mall, Charlotte, NC
“There's no such thing as cut and dry any more, it doesn't work that way and Fora Financial was able to do that and they are still able to do that today. I hope we can continue this relationship for years to come.”
Russell Bobo, Owner / Bobo Engineering Incorporated
“True to their word, Fora Financial provided substantial funds that allowed us to get some very nice jobs.”
Ed Campany, Owner / Campany Roof Maintenance, West Palm Beach, FL
“Fora Financial provides better banking in general.”
Ismael Lopez, Owner / PR Wraps, Miami, FL
“When Fora Financial offered the opportunity to provide us with capital, we jumped right on it. We thought it was a win-win situation. It makes sense.”
Joseph Pou, Owner / J&J Pool and Beach Services
“If it wasn't for Fora Financial I don't know if we would have made it through the summer.”
Carl Busset, Owner / The 19th Hole at the Saints, Port St Lucie, FL
"Thanks to the working capital I received from Fora Financial, I was able to retain my employees during a challenging time. Applying was easy and the turnaround time was great!"
Denise Barron, Proprietor / Growing Patch Learning Center, Pittsburgh, PA
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 bad 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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