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Businesses operating in certain high-risk industries often face barriers to securing traditional financing—with hospitality services, construction, and food often left bearing the brunt of strict regulations. At Greenbox Capital, we don’t make such distinctions. Our clients span various diverse industries, including:

  • Accounting Firms

  • Lawyers

  • Auto Dealers

  • Auto Repair Shops

  • Beauty Salons

  • Cleaning Companies

  • Construction Companies

  • Convenience Stores

  • Daycares

  • Dental Practices

  • Veterinarians

  • Dry Cleaners

  • Gas Stations

  • Home Health

  • Manufacturing

  • Medical Practices

  • Pharmacies

  • Pool Construction

  • Restaurants

  • Retail Stores

  • Security Services

  • Staffing Services

Equipment financing refers generally to a business loan or financing product used for the goal of purchasing equipment to operate your business. Many business loans or products can be used to finance equipment, including equipment loans, which are a specific type of business loan structure used to purchase business equipment. It is typically secured by the assets you purchase with the funds. Equipment loans are generally paid off within a few years.

What’s considered equipment can be fairly broad and is not limited to heavy equipment or machinery. It can also include office tools, furniture, commercial vehicles, or other equipment needed. Whereas purchasing equipment outright can impact your cash flow, equipment financing may help with purchasing or upgrading needed equipment while making payments in more manageable monthly installments.

Funds can be used to buy new or used equipment. Depending on the loan structure, the purchased equipment can act as collateral for the loan. Financing may be available for up to 100% of the equipment cost, depending on the lender. Terms vary from lender to lender, but may fall anywhere from 6 months to 10 years.

Some lenders may ask for a personal guarantee in addition to placing a lien on the equipment. A personal guarantee gives the lender permission to seize a business owner’s personal assets in the event of a default. This reduces the financial risk to lenders and is a common practice for equipment loans.

Underwriting requirements and credit score requirements vary by lender. Business credit scores range from 0 to 100, and the higher the credit score, the better your financial position. As for personal credit, which could also be relevant, a “good” personal credit score starts at 670 with most agencies. A “good” or “excellent” score typically makes a stronger case for approval. Credit is just one of the criteria a lender evaluates.

 

Business loan brokers don’t actually lend you money; they find you the best lender and help coordinate the business loan application process. Business lenders, on the other hand, are institutions that loan out money directly from their own accounts to business owners.

 Provides Funding?Compare loan options from other lenders?Good for low to no credit borrowers?Will speed up rate shopping?
BrokerNoYesYesYes
LenderYesNoSometimesNo

While you can find and apply for business loans on your own without the help of a broker, small business loan brokers offer a number of benefits that are worth considering. They can be especially helpful if you:

  • Are too busy to research financing options. A broker already has relationships established with lenders and can help you identify the best deal in less time than it would take on your own.

  • Need the money right away. A broker will likely know how to push your application through faster, enabling you to get access to cash sooner.

  • Are a new business owner or have never applied for a loan before. The expert guidance of a broker can assist you not only in understanding your funding options but also in finding lenders (or funding solutions) you couldn’t have found on your own.

  • Have a poor credit score. A broker can often help you find lenders who are willing to work with someone of your credit profile.

  1. Fill in the application form.

  2. Provide a complete set of required documents.

  3. Receive funds.