Equipment financing in Fresno, CA can give you the working capital or funds necessary to buy machines and other items needed to run the company. There are many options available, but newer companies may not be able to get these traditional loans and may want to consider other alternatives. You can receive smaller amounts, but most people prefer to get a large amount, at least, $500,000, so they can buy all the items needed at once.
Considerations
Before applying to lenders, you need to make sure that they offer this type of finance option for your particular industry. Many lenders have stopped giving loans for machines and the like because they say it is too risky. Therefore, you need to visit websites of lenders or call them to determine if they offer what you need.
Credit Requirements
While some companies may not worry as much about your creditworthiness, most of them will require you to have some proof that you will repay the loan with the terms offered. Qualification for credit requirements will be different, depending on your lender, but some things are relative, no matter who you choose. Of course, those businesses that are established and have decent credit histories will find it easier to get these loans than others, but that shouldn’t discourage you if you’re a new business or have poor credit. Another thing is that most lenders require you to have been in business, at least, two years, or more.
How To Find
The first thing you should do is know what you need and then find a lender that can help. Once you’ve found someone that offers finance options, you should ensure that your company is represented well. To do that, you can write a letter stating that you need to borrow the money and for what reasons. Every lender will require a business plan, so go ahead and draft that soon. This plan should explain to the lender why you need the loan and how it will improve your company and help you meet your goals. You can also include future growth and expansion products, projected revenues and financial plans.
Next, you’ll want to gather all the financial documents you’ll need, such as profit/loss statements, tax returns, balance sheets and others. You can then contact the company and send the information for them to look over.
Equipment financing in Fresno, CA doesn’t have to be difficult if you know what to do and where to find them. Visit Biz4Loans today to learn more or call us at (888) 943-1497!
