Businesses that need equipment have several equipment financing methods to choose from, including equipment loans and equipment leases, Small Business Administration (SBA)-backed loans, unsecured term loans, and lines of credit. We analyzed more than 20 providers and to create our list of the top six equipment financing companies. Top 6 Equipment Financing Companies 2019 How…
About the Author
Robert Newcomer-Dyer
Robert is a staff writer at FitSmallBusiness, where he covers small business financing. Robert has over 15 years of experience in sales leadership, finance, and business development. He recently spent six years leading a team of small business financing professionals, facilitating the deployment of critical capital to over 9,000 small businesses across the U.S.
When Robert isn’t writing he enjoys spending time with his wife, two children, and an assortment of pets, camping and hiking throughout the beautiful Pacific Northwest.
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Succession Planning Template & 5 Steps to Write a Succession Plan
A business succession plan includes step-by-step instructions that establish procedures in the event a business owner or key employee leaves the business. Our succession planning template helps business owners as they answer questions like who will take over the business, how long will it take, and what standard operating procedures need to be passed on….
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Equipment Loans – How They Work & Where to Find One
Equipment loans help businesses finance equipment such as vehicles and heavy machinery and are secured by the asset being financed. Equipment loans are available from a variety of providers, including traditional banks and alternative lenders. Rates typically range from 6% to 9%, depending on qualifications, and lenders generally charge origination fees between 1% and 3%….
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How to Get a Loan to Buy a Business in 2019
Most people need a loan to buy a business. Borrowers should expect a down payment starting at 10%, interest between 5% and 10%, and terms between three and 25 years. Most loans have underwriting or closing costs, and borrowers should expect to pay on average 2% to 3% of the total loan amount at closing….
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Apple Business Financing: How it Works & Compares to Other Lenders
Apple business financing is an equipment lease that lasts 12 to 36 months and is available to businesses on transactions starting at $4,000. Two lease types are available—fair market value (FMV) and $1 buyout—based on whether you intend to keep the equipment or trade it in at the end of the lease. Apple Business Financing…
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Business Succession Planning: 5 Ways to Transfer Ownership Of Your Business
Business succession planning is a series of logistical and financial decisions about who will take over your business upon retirement, death, or disability. To write a succession plan, the first step is to identify the ideal successor to take over the business, then determine the best selling arrangement. This usually involves a buy-sell agreement, secured…
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How to Get Food Truck Loans in 8 Steps
Food truck loans allow businesses to borrow needed funds for the purchase of a new or used food truck. The loan is secured by the asset being financed. Because the vehicle is a specialty vehicle and has been built to serve, store, and potentially prepare food, the cost of the vehicle will typically be higher…
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How to Get Semi Truck Financing
Semi truck financing is a type of loan or lease where the vehicle acts as collateral to secure financing. About 80% of all goods in the U.S. are transported by semi truck, and roughly 350,000 trucks are driven by owner-operators. Semi truck loans allow those owner-operators and small businesses access to mission-critical lending. Smarter Finance…
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6 Best Companies Offering Equipment Financing for Bad Credit
Equipment financing for bad credit is challenging; however, it allows businesses to access needed equipment that can’t be purchased outright. Borrowers can work with a co-signer, or make a larger down payment on an equipment lease or loan in order to improve their chances of being approved for funding. We recommend Smarter Finance USA because…
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6 Best Business Loan Brokers 2019
A business loan broker acts as an intermediary between borrowers and a network of lenders to present several lending options with one application. Small business loan brokers offer borrowers access to multiple lenders with the goal of finding the best type of financing at the lowest rates, typically at no cost to the borrower. Top…
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6 Best Equipment Leasing Companies 2019
Equipment leasing is a type of financing where business owners make regular payments to equipment leasing companies and in return are granted access to machinery, tools, or equipment that they don’t yet own. We evaluated over 15 leading providers and narrowed it down to the six best equipment leasing companies nationwide. Top 6 Equipment Leasing…
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Pitney Bowes GFS President Christopher Johnson Talks About Challenges of Borrowing in SMB Market
We recently sat down with Christopher Johnson, who serves as senior vice president of Pitney Bowes Global Financial Services (GFS), to share his perspective on the difficulties of borrowing as a small business, and how Wheeler Financial, a new lending subsidiary of Pitney Bowes, is extending capital to underserved businesses. Wheeler Financial was founded in…
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