Equipment leasing will preserve your working capital.
Are you starting a small business or have you been in business less than 2 years? As you may know, finding equipment leasing for a small business start up can be difficult.
Not anymore.
Our equipment leasing program for startup / new businesses is designed with you in mind! We don’t require any time in business so you can be a day 1 start up and we can still get your business equipment leasing!
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There is no doubt that small businesses play a big role in the growth and development of a nation’s economy. The government is well aware of this fact. And with this in mind, the government has put up the Small Business Administration or the SBA to support small businesses in the United States. This agency was founded in 1953 in accordance with the Small Business Act.
It is important to understand however, that the SBA does not directly provide financial loans or business loans. The SBA was designed to assist smaller businesses whose loan applications were declined by banks or private lenders. If you’ve tried applying for a business loan before and your application was rejected, you can contact the SBA for help. In turn, the SBA will be the one to assist you in finding the right lender who would be willing to grant you the loan you need.
There are 5 business loan programs available through the SBA. These are the Loan Guarantee Program for start-up and growing businesses; the 504 Fixed Asset Financing Program for business construction projects and land purchases; the MicroLoan Program which amounts up to $35,000; the Economic Development Program which provides free counseling and low-cost training; and the 8(a)-Business Development Program for those who are considered as socially and economically disadvantaged small business owners.
SBA Loan Restrictions
The approval of your loan depends on four basic elements- the type of your business, the size of your business, the purpose of your loan, and special circumstances.
To be approved, the applicant must be the owner or must have made a reasonable investment in the business. It should be a small business, meaning it should be independently owned and dominant in size. The business loan must be use for purchasing business equipment, stocks, real estate, for renovation, or as a working capital. Special Circumstances applies to business franchises, clubs, farms, fishing boats, schools, etc. The SBA has set special rules and regulations if a business falls to qualify under this category.
An SBA loan cannot be used to pay off existing debts or delinquent taxes. In some cases however, a business can be approved if it can present that refinancing would be beneficial for the company and that these debts were not a result of uncontrolled spending or financial mismanagement.
Who else are not qualified for an SBA loan? Certain business types are disqualified and these are businesses with questionable foundation or illegal activities. Examples are gambling businesses, pyramid schemes, lending activities, real estate investments, and the like. Non-profit and religious organizations are also not acceptable.
In summary, remember that:
to get approved, a business must be able to pass the SBA requirements and guidelines for small business.
Irish Taylor is a bussiness loan consultant with Startup Business Loans and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA loans and Unsecured loans.
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Startup Business Loans
Being a newcomer in the business industry can be tough. For one, an entrepreneur needs a stable source of financing not only for establishing the business or getting started but also in keeping the business alive.
True, a sufficient funding is one of the keys to a successful business. With this said however, most new business owners start up with only a limited budget. Experiences show that many of them have been successful in their respective endeavors. How were they able to survive?
Business start up Loans For Newbies
Aspiring entrepreneurs are not alone with their struggles. It is good to know that there are a number of start-up financing options available for new business owners. Regardless of the type of business you’re in, surely you can find a business start-up loan that’s right for you. Let’s consider some of your choices:
Bank Loans
Bank loans are traditional funding resources that can provide a significant financial assistance for a business. Nevertheless, a few may hesitate to seek a bank loan because the process can be more complicated and lengthy compared to other business financing options.
Generally, banks require a business to submit a well-defined business plan that clearly presents the nature of the business, the type of business proposed, the business’s target market, the business’s owner/s, its financial capacity, and other important information. Aside from this, a business needs to submit proofs that it has been approved by the government and that it has completed all licensing and registration procedures required by the State. Banks also check credit reports to determine one’s credit worthiness.
Despite the strict regulations, bank loans are ideal because a business can obtain a bigger amount of funding. Typically, bank loans can be paid for a longer repayment period which gives a business more leeway as it tries to establish itself in the market. Preparing the required documentations, having the right business plan and an excellent credit report should make the process easier for those who would like to apply for a bank loan.
Business Equipment Loan
A business equipment loan provides financing assistance specifically on the production aspect of the business. Purchasing equipment can be very expensive and can eat up a large portion of the business’s budget. With a business equipment loan, an entrepreneur can borrow a sum of money to purchase equipment or machineries needed for the business. This type of business loan is secured using the equipment purchased as collateral. Throughout the loan’s term, the owner can pay off the money he borrowed for the purchase of equipment in easy installment payment.
Business Equipment Leasing
Another ideal start-up financing resource is business equipment leasing. Instead of buying new equipment, a business may choose to lease or rent equipment from a leasing company. This eliminates the need for purchasing brand new equipment or devices which are obviously more expensive.
Leasing enables a business to start its operations immediately even with a limited budget. Just like an equipment loan, an equipment lease can also be paid in installments. However, with an equipment lease, a business has a choice of owning the equipment or returning the equipment to the leasing company after the lease term.
Irish Taylor is a bussiness loan consultant with Startup Business Loans and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA loans and Unsecured loans.
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Startup Business Loans
The Small Business Administration (SBA) is an independent agency of the Federal Government, established by Congress to advise and help the Nation’s small businesses.
Even if you have been turned down by your local bank, a SBA lender may be able to help you. Many SBA lenders will give special consideration to minority and/or women owned businesses. You will still need to meet the credit criteria. These are loans not grants.
SBA loans can be used to provide financing for the following uses:
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Startup Business Loans
Are your businesses most valuable asset frozen? This program is for businesses that already have clientele. We provi
de working capital to your business by utilizing your accounts receivable. We can provide your company with the following program to help you to improve your cashflow.
Factoring
Factoring is using your accounts receivable to generate working capital. We will advance up to 95% of the value of your A/R 24 hours after we set up your account.
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Startup Business Loans
The Small Business Administration (SBA) is an independent agency of the Federal Government, established by Congress to advise and help the Nation’s small businesses.
SBA Programs
Even if you have been turned down by your local bank, a SBA lender may be able to help you. Many SBA lenders will give special consideration to minority and/or women owned businesses. You will still need to meet the credit criteria. These are loans not grants.
SBA loans can be used to provide financing for the following uses:
Resources for
Are your businesses most valuable asset frozen? This program is for businesses that already have clientele. We provide working capital to your business by utilizing your accounts receivable. We can provide your company with the following program to help you to improve your cashflow.
Factoring
Factoring is using your accounts receivable to generate working capital. We will advance up to 95% of the value of your A/R 24 hours after we set up your account.
Resources for
Equipment leasing will preserve your working capital.
Are you starting a small business or have you been in business less than 2 years? As you may know, finding equipment leasing for a small business start up can be difficult.
Not anymore.
Our equipment leasing program for startup / new businesses is designed with you in mind! We don’t require any time in business so you can be a day 1 start up and we can still get your business equipment leasing!
Resources for
Startup Business LoansLoans are not just limited to that of personal loans and bad credit loans. There are financial companies that specialize in providing loans to large and small businesses. If you’re a business owner, here is information that you should know about the ins and outs of business loans. Let’s discuss the basic points about business loans.
Just like a personal loan, business loans need to be repaid within a specified period of time. The money that you get from your business loan can be used to finance new or additional equipment, buying inventory and raw materials, hiring and training new workers, etc.
As with any loan, you as a borrower must always remember that you will have the obligation to pay back the amount he loaned. It is easy for a business owner to make the mistake of applying for a very large amount without considering the consequences. Don’t forget that you can have a difficult time with your repayments especially if your loan comes with a high rate of interest. Therefore, it is wise for a business owner to write out a business plan that includes a detailed breakdown of the funds needed, and how they are to be used. This is to avoid unnecessary spending or borrowing an amount that is really beyond what you needed.
For instance, think about where you plan to spend the money you will get with your loan. Have you just started up with your business or will you use it in expanding your company? Have you looked at all the alternative modes of financing before taking out this loan?
Furthermore, don’t forget the risks involved in running the business. If you take out such an enormous sum of money in the form of a business loan right away, what will happen if the business doesn’t go as you expected it? What if you do not make enough profit as you planned? Hope for the best but plan for the worst is what I tell my clients.
Other Factors to Consider
Aside from the traditional banking institutions and loan companies, you can also consider taking out a loan from government business loan programs. Although the process may take a little longer, you can expect to be granted a loan with a low interest rate and easier payment terms. Visit the U.S. Small Business Administration’s (www.sba.gov) website for more information on how you can apply for this type of business loan.
Regardless of the source of your loan, keep in mind that the Federal State Laws protect businesses from lenders that charge very high interest rates on business loans. Therefore, do your research well when it comes to the rates and costs that are associated with your business loans and choose the lender whose program not only fits your needs today, but maybe able to help grow your business in the future.
Irish Taylor is a bussiness loan consultant with Startup Business Loans and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA loans and Unsecured loans.
From Startup Business Loans Articles
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A government grant is an option to obtain start up financing for a business. However, not everyone is qualified to get a business grant. Usually, grants are given only for specific groups or specific industries of business. In addition, government grants make use of specific guidelines before providing business funds.
If you are in need of financial help for your business, then perhaps you can consider a government grant as one of your options. However, keep in mind that there are some conditions you have to meet in order to qualify for a grant. Also, applying for a government grant can be a lengthy process so if you need the money immediately, perhaps it would be better to try other business financing resources. Nevertheless, if you can afford to wait, you have to be willing to go through the whole process of applying for a grant.
Where can you find small business grants? One place to start your search is through the Catalog of Federal Domestic Assistance (CFDA). Here you can find a list of grants from different government agencies at no charge. Remember that grants may come in different packages such as for business development, for rural businesses, equipment lease financing and others. Find a business grant program that is best suited for your type of business.
Once you’ve found the right grant program for your business, be prepared to go through the procedures that required for you to get an approval. Let’s talk about some points you must remember to help you win that small business grant you’re aiming for.
Prepare a good business plan. To convince the grant officer that you deserve to be granted funding assistance, you have to be able to present a good business plan. What makes a good business plan? It needs to show the history of the business, the nature of the business, the efforts that has already been done to establish the business, the goals of the business and other important details that are relevant to the business. Don’t forget to show how the business can benefit from additional funding and how it can support that specific government agency providing the grant program.
Pay careful attention to the information you provide. When filling up your grant application, see to it that you’ll be providing correct and accurate answers. Take the time to review the application several times before submitting it to ensure that you’re not missing anything or provided any wrong detail.
Seek professional assistance. It is recommended to ask assistance from a financial consultant or a certified accountant with regards to the processes involved in obtaining a grant program. Submitting documents that have been certified by a professional will certainly add credibility to your application.
Be visible. As we’ve said, getting a grant approval can take some time. While waiting for an approval, let your grant officer know that you are deeply interested in winning his approval by keeping in touch in a professional way.
Irish Taylor is a bussiness loan consultant with Startup Business Loans and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA loans and Unsecured loans.
From Startup Business Loans Article
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Startup Business Loans
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