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What is an equipment loan?
An equipment loan is, well, exactly what is sounds like — a loan specifically for equipment. In most cases, the word “equipment” here is referring to large purchases. These are things that are crucial for a business: a walk-in freezer for a restaurant, an x-ray machine for a dentist’s office, or a hydraulic lift for an auto mechanic. These are things that help you get work done, increase capabilities, or make work more efficient. If you’ve ever thought, “if only our business had one of these, then we could really grow,” then you might want to look into an equipment loan.
Alternative Financing for Equipment
Need new equipment fast? Alternative financing — the kind you can find through SnapCap — is the way to go. Alternative financing solutions are often faster than traditional financing options, and anything that reduces the time between applying and actually purchasing your new equipment is a good thing.
Some businesses pick up lower quality equipment while they wait on financing. Imagine if you could get exactly what you need from the start!
Capital for Replacement Assets
Remember, equipment loans aren’t just for new businesses. They can be a great way for an established business to replace aging equipment, or level-up their capabilities. Business-critical equipment often pays for itself over time, while broken business-critical equipment can mean the end of business altogether. If you need capital to replace broken or old equipment, apply for an equipment loan today.