How to Get Equipment Financing That’s Quick, Convenient, and Secure

Getting funds to purchase your equipment shouldn't be hard. Watch the video to see how easy you can apply for equipment financing at Beacon Funding in six simple steps:

We get it – your business needed equipment yesterday. Getting the funds to afford expensive purchases isn’t always easy. Sure, there are lenders in the market today that can provide equipment financing, but what if you’re just starting out? Some options aren’t available to every Average Joe. But with Beacon Funding, you’ve got an equipment financing partner you can count on regardless of your business situation. Exploring the benefits and options of flexible equipment financing for small and medium-sized businesses with this video. 

Financing Your Equipment (6 Simple Steps)

With traditional lenders, the first step of applying can be a hassle itself and take too long. That’s not the case with Beacon Funding. Our quality service can get you the capital to get equipment that grows your business in six simple steps:

Step 1: Quick and Easy Application

To start the process, you will fill out a quick and easy application. The application process is estimated to take less than 10 minutes to complete.

Beacon’s application is as simple as applying over the phone, online at beaconfunding.com/apply, or via our mobile app (download at Apple’s App Store or on Google Play). Our application process allows you to authorize your bank to send Beacon Funding your business’s past 90 days' electronic bank statements. Providing us with your recent electronic bank statements just takes a few clicks, is secure, and ensures you earn the most competitive equipment financing approval possible.

For businesses with less than 2 years in business:

• We request you answer a start-up business questionnaire.
  • The 17-question form allows you the opportunity to provide us insight into your plan to help you grow your new business. Our start-up business questionnaire is estimated to take less than 15 minutes.

We also ask applicants to complete our COVID-19 Business and Continuity Plan designed to provide insight into how you plan to keep your business running during the pandemic.

Step 2: Discussing Your Business Goals

Your success is our priority – that’s why you can expect a call from one of Beacon Funding’s dedicated financing consultants. This short phone call will provide you with a friendly contact at Beacon Funding who you can turn to with all your questions.

We want to ensure you get the best financing that fits your business needs, so we take the time to discuss your goals and equipment financing expectations. During the conversation, your financing consultant will discuss with you:

• How much money are you looking to put down on the transaction?
• How much would you be comfortable paying each month?

We aim to set you up for success and provide just the right financing.

Step 3: Submitting Your Credit Package for Approval

After discussing your business goals, your dedicated financing consultant will submit your credit package for approval.

Here are some criteria Beacon Funding considers when approving an equipment financing transaction:

1. Time in business
2. Corporate pay history
3. Personal pay history
4. Business cash flow (i.e. bank statements)
5. The type and quality of the equipment being financed

Keep in mind: Your application doesn’t need to be perfect. However, the more strengths you have in each area, your credit package will likely qualify for approval. Make sure to know what you should disclose to get the best approval. 

Step 4: Approval Letter

With each equipment financing credit approval, Beacon Funding will send an applicant a formal credit approval. The goal of our approval will be to clearly and transparently outline all the key requirements, costs, and obligations related to your equipment financing transaction. Some of the items outlined on your approval include the following:

• The amount financed
• Your initial cash requirement
• Your monthly payment amount
• The number of months you will make a monthly payment
• Any end-of-lease purchase option
• Any and all fees associated with the transaction
• Insurance requirements

Getting approved for equipment financing with Beacon Funding is free and carries with it no obligations.

Step 5: Quick and Easy Documentation

Once you are comfortable with your equipment financing approval, Beacon Funding will send you your formal equipment financing documentation. The entire documentation process can be conducted online via DocuSign, allowing even the busiest of business owners to complete their documentation signing from any mobile device… even while on the go.

Upon receipt of your signed documentation, initial cash, and evidence of insurance, Beacon Funding will issue a purchase order to the equipment seller. Typically, a purchase order is what the equipment seller will need to arrange pick-up or delivery of your equipment.

Step 6: Accepting and Using Your Equipment

Once your documentation is complete, you can inform Beacon Funding when you anticipate the pickup/delivery of your new equipment. On that day, we will contact you to get your feedback on whether you have possession of the equipment and that it meets your expectations. Beacon will not pay the equipment seller until you provide us with your verbal acceptance of the equipment over the phone. Once you do, we will pay the equipment seller and you can begin making profits with your new equipment!

Like the tens of thousands of other customers before you, Beacon’s goal is to provide your business with a top-quality equipment financing experience. We are here to support you and your business goals and we want to hear from you, so please take a few minutes to complete your post-funding survey. Your feedback will go a long way in helping us improve our equipment financing process.

Start Your Equipment Financing Journey – Apply Today!

As a business owner, we understand your time is valuable. That’s why we make it easy to apply for financing to get the equipment to grow your business. Your success is our priority, so we make it quick, convenient, and secure to get you the financing you need to purchase equipment.

Get started today by applying online at beaconfunding.com/apply.