An Equipment Loan is a great option for a business looking for a fast, streamlined way to access the funds needed to purchase any type of equipment in order to grow the business, instead of paying the cash upfront.
With equipment financing, the equipment itself acts as collateral. This way, business owners are likely to get approved for equipment financing without having to offer separate collateral, as you would with other types of loans.
Because the loan is secured by the equipment, there’s a lot less risk on the lender’s part in working with you. If you can’t make your loan repayments, technically, the lender can seize the equipment to recoup their losses.