Launching a new business is an exciting journey and the first step towards achieving your dreams. But getting needed equipment to start your journey is a challenge.
The most common problem we encounter with new businesses is lack of funding. When it comes to getting equipment into your business, it can be tough at first without enough cash. At the same time, demonstrating your creditworthiness to a bank is difficult when you don’t have enough years in business. Most traditional lenders won’t approve you for an equipment finance loan until you have minimum years in business.
The good news is Beacon Funding helps start-ups and young businesses with our flexible financing. In this article, you will learn how Beacon Funding helps startups get approved for equipment financing, our fast and easy application, and the criteria we consider to qualify.
In this article…
- Three Factors Beacon Funding Considers for Start-up Equipment Financing
- Ways to Strengthen Your Application
- The Equipment We Finance
- Get Started with Beacon Funding's Start-up Financing Today
As a young business in its early years, every choice matters. When you decide to add business equipment, start strong by partnering with a niche lender like Beacon Funding who’s proven track record demonstrates approving startups for equipment financing.
Three Factors Beacon Funding Considers for Start-up Equipment Financing
At Beacon Funding, we don’t just look at your credit score or flat criteria – we also consider your background, industry experience, and the asset you want to finance.
Check out the details for these criteria below:
1. Your Background
Unlike traditional lenders that often require a minimum time in business, Beacon Funding understands every successful enterprise begins with a single step. Our flexible approach means even young organizations with less than 2 years in business can get approved for financing. While traditional banks require more documentation for startups, we only need your bank statements for the past three months.
Do you have experience running other businesses? Beacon Funding also takes this into consideration. For example, a towing operator may already own “Chicago Towing” and want to finance a truck to open a new business, “Milwaukee Towing”. This background also strengths a start-ups chance for approval.
Our financing consultants get to know who you are and your business
When you call us, our financing consultants like to hear the stories behind the owners of the startups. These one-on-one consultations ensure your plan is built around your business’s unique needs and goals.
TALK WITH US TODAY
Personal Pay History
Beacon Funding recognizes the significance of your personal pay history.
Rather than looking at your credit score, we focus on the content of your personal pay history which allows us to provide competitive financing options for you, challenged credit or not.
Business Cash Flow
We look at your business’s overall financial health including your business cash flow.
We understand that a single number doesn’t tell your full financial story. With our wide credit window, we approve and offer opportunities to businesses that might otherwise be overlooked by traditional lenders.
- We focus on the quality of your pay history, not is score.
- 7/10 applications approved because of our wide credit window.
- We help your business establish its own creditworthiness and future borrowing capacity.
Our goal isn’t just to extend credit – we want to see your business succeed and help pave the way for your financial stability.
2. Your Industry Experience
We get excited when we can work with startups to make their dreams come true.
For example, we recently had a customer apply with Beacon Funding. He had been working as a driver at a towing company for three years. When he called, he said he was looking to start a towing business after getting familiar with the ins and outs of the industry.
After talking with him and understanding his experience in the towing industry, Beacon Funding was able to approve our customer to finance a used tow truck. We were able to help his startup out because of his years of towing experience.
3. The Equipment You Choose to Finance
At Beacon Funding, we finance specific niche market equipment that we are experts on. For customers looking for vocational trucks, landscaping/hardscaping equipment, or decorated apparel equipment, we are your equipment financing experts.
Beacon Funding understands the equipment you plan on adding will generate a profit and increase your cash flow. There are no age restrictions on equipment as long as it is in good condition.
Ways to Strengthen Your Application
By focusing on your background, industry experience, and the asset you want to finance, we’ve made our approval process more flexible for those seeking funding.
To increase your chances of getting approved, we recommend:
- Putting additional cash down or collateral.
- Adding a co-signer or guarantor.
- Submitting a start-up business plan. Tell us how your business will be successful.
Questions? Talk to a Financing Expert
When a Beacon Funding representative talks to a start-up for the first time, we try to understand their background. Why do you want to start your business? We want to understand your specific needs and goals to make them come true.
If you have any questions about getting approved for startup equipment financing, you can easily schedule an appointment to talk with one of Beacon Funding’s dedicated financing experts.
SCHEDULE A CALL
During the call, feel free to ask a financing consultant about additional ways to strength your application. We’re happy to work with you.
The Equipment We Finance
Beacon Funding provides financing for equipment in various sectors, including:
Get Started with Beacon Funding’s Start-up Financing Today
Ready to start growing your business with specialized flexible financing? Applying for equipment financing at Beacon Funding is quick and easy. Get started by filling out a quick form and start growing your business today.
The short form takes less than five minutes to complete, and you can expect to hear from us between 24-48 hours.
GET STARTED NOW
Even if your business is young or new, Beacon Funding can help you get approved as there is no minimum time in business required.