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Getting a Business Loan: Financing Your Main Street Business by Ty Kiisel

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Asset-Based Lending

Need a Piece of New Equipment?

When you’re applying for a loan, it helps to be specific. If the reason for the loan is to purchase machinery or tools (work vehicles, manufacturing tools, computer hardware/software, and so on) needed to conduct business, there are lenders willing to use the purchased equipment as collateral. Many lenders like these asset-based loans and will finance 100% of them.

You can also acquire loans against equipment your business already owns.

What Qualifies for an Equipment Loan?

For the purpose of an equipment loan, any tangible asset that is essential to a company’s operations, and even equipment ...

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