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Equipment Financing

Equipment financing is a loan specifically used to purchase or lease equipment needed for your business. The equipment itself serves as collateral for the loan, making it easier to get approved, and you repay the loan over a set period of time.

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What is Equipment Financing?

Equipment financing is a specific type of loan designed for small businesses to purchase or lease essential machinery, vehicles, and other physical assets. Instead of paying a large sum of cash upfront, the business can make manageable, predictable payments over time. A key feature of this type of financing is that the equipment itself serves as collateral for the loan, which can make it easier to get approved and may result in lower interest rates.

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Interior of a café with wooden tables and chairs, a display case with baked goods, a chandelier hanging from the ceiling, and art portraits on the wall.
A small, vintage white ice cream truck with a sign that reads 'The Little Cafe' parked on a sidewalk near a hedge and a building.
Comparison table listing features of three types of funding: 24HourFunding, Bank, and Direct Lenders. It includes categories for paperwork, application process, number of lenders, service level, approval process, speed to funding, collateral requirements, business profitability, credit score, and credit check.

10 Reasons Why 24HourFunding Offers
the Best Small Business Financing

What You Need To Get Started

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Minimum Qualifications

No Minimum Credit Score

At Least 6 Months in Business

$25,000 in Monthly Revenue

What You Need To Apply

Basic information about your business

6 months of business bank statements