With technology ever changing, keeping your business up to date with the newest equipment has become extremely expensive. Most small business owners just do not have the cash flow available to make these upgrades. As a result, many of them have turned to alternative sources, such as equipment financing & leasing companies, to find the financing their business needs while minimally impacting their daily operations.
Equipment financing is a type of small business loan that can be used to purchase virtually any piece of business equipment. Just like an auto loan (where the car is used as collateral), the equipment serves as collateral for the loan, allowing the borrower to not have to put up any additional collateral. Most equipment loans have fixed interest rates, and they usually offer a fixed term length, so that the monthly accruing payments are always the same for the small business.
Bizfi is the leading online lending marketplace, connecting small business owners to traditional and alternative lenders faster than ever before. By answering a few simple questions, small business owners can see real financing offers online, in real time. If your business is looking for equipment financing, learn how Bizfi can help.