Equipment Loans
Equipment can be the most important asset for a small business. Without the proper machinery or tools, your business may grind to a halt. An equipment loan can be used to buy new or even used equipment. The right equipment can usually pay for itself in a matter of months. Quality equipment can lead to increased productivity and a better production process. It’s next to impossible to maintain a small business without the right tools.
With pros there are always cons, and buying and financing equipment is no exception. Obtaining the equipment needed for your daily business operations can present some unique challenges. While supplies and materials may be easily purchased, other high-cost items can often be difficult for a small business to afford without a loan. While it may be difficult to acquire the funds needed to buy equipment, there are financing options out there which may work well for your situation.
Equipment Loan Options
Borrowing money is often the only option when you need access to capital to make larger business purchases. While traditional lending sources may be available, businesses often look for alternative sources of financing. Many business cannot wait, or might not qualify with their local bank, and may need to look to alternative lenders to financing their equipment purchases. Honeybee’s underwriting and funding is much faster than traditional lending, allowing new equipment to be purchased quickly with very little interruption to production.
High-cost items can make it challenging for many small businesses due to the up-front costs before your business even starts to make a profit. Many businesses seek to circumvent this up-front cost by purchasing low-quality, used equipment with the cash they have available. This often causes many problems down the road, as equipment failure stops productivity. An equipment loan may allow your business to afford better quality tools to work more efficiently and effectively.
Capital for Replacement Assets
A malfunctioning fork lift or a broken 3D printer can be the death of a young business in certain industries, so it is critical to replace these assets as quickly as possible. Equipment loans offer a unique opportunity to acquire the capital necessary to finance the cost of replacing high-cost equipment.
Equipment loans are often combined with working capital loans (link to Line of Credit) or expansion loans (link to startup and expansion loans). Honeybee will take a holistic approach and work hard to get you set up for success.
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