Getting an equipment loan can provide the boost you need to run your business.
At some point in your business, you'll need to upgrade, improve upon or replace various pieces of equipment. An equipment loan can provide the working capital that means the difference between succeeding or struggling.
An equipment loan offers access to a line of credit. A line of credit gives you the security of knowing you are prepared for any equipment purchases or updates needed.
A line of credit also provides businesses with flexibility to cover any expenses that arise, as funds can be accessed on an ongoing basis. In addition to flexibility, a line of credit also offers peace of mind knowing your small business will be ready to face any financial situation.
Rather than spending money from your revenues to pay for high-ticket items, equipment loans can be used to cover the costs associated with running your business on a day-to-day basis. Additional ways you can use an equipment loan include:
When trying to get a loan through a bank, you may find the time it takes to apply for the loan, process the application and wait for a decision challenging as you try to meet your short-term needs. Most small business owners need working capital on the spot to purchase, repair or update equipment.
One way to speed up the process is to consider applying for an online loan with a lender like Kabbage. Kabbage looks at real-time business data to provide you with approval and supply your equipment loan on the spot. That means you can have the additional working capital you need faster, so you can purchase or replace the equipment you need.
Qualify for a line up to $250,000
Accessing small business funding shouldn't be complicated or time-consuming, so Kabbage developed a simple way to get up to $250,000.2.