How to Qualify for a Screen Printing Equipment Loan

Discover the key steps to securing a loan and unleash the potential of your screen printing business

By Beacon Funding| May 16, 2023| 4531 Views
3 MIN
How to Qualify for a Screen Printing Equipment Loan

In most situations, financing is a much better option than buying. Besides, financing involves added convenience, tax breaks, cash flow maximization, and much more. Even if you can afford to purchase screen-printing equipment outright, you should take some time to compare the pros and cons of buying against leasing it.

The good news is that you don’t have to spend years looking to finance screen-printing equipment. Today, there are many financial institutions that can help you finance screen-printing equipment. You’d be surprised at how fast you can get screen-printing equipment financing.

In this article…

  1. Financing Over Buying Equipment
  2. Growing Equipment Financing Space
  3. Benefits of Screen-Printing Equipment Financing
  4. Get Approved with Beacon Funding

Financing Over Buying Equipment

Whether you want to grow your current business or set up a new shop, financing is the answer. If you’re looking to find out how to qualify for and get a screen-printing equipment loan, then make sure to lean toward the best financing solutions in the equipment finance landscape.

In a collaborative age, you can also work side-by-side with screen-printing equipment financing experts who can personalize a solution that meets your specific business needs. Now, if you are serious about getting a screen-printing equipment loan, then focus on your credit history and competitive terms rather than dwell on elements that are not part of the financing.

Growing Equipment Financing Space

The fact of the matter is that more businesses continue to spend on equipment financing, like screen-printing. It would be fair to state that the equipment financing industry is having a moment, and you want to make the most out of it.

What’s interesting is that finance and business firms are collaborating, which makes it all the more important for you to be part of it. In 2023, equipment is one of the vital components of any business. However, if you want to update or scale up equipment, it takes a lot of money. And this is where screen print equipment financing comes into play.

In fact, a dedicated company like Beacon Funding has made it easier for eligible businesses to get their hands on screen-printing equipment financing and achieve short-term and long-term goals. Whether you decide to opt for an equipment financing solution or proactively work with an equipment financing company, your first step should be to determine whether or not you’re eligible for potential financing.

In the case of a screen-printing entity, you’re most likely eligible to get a screen-printing equipment loan. However, there are a few elements that will need to take into account:

A Good Credit History

If you want to successfully apply for a screen-printing equipment loan, make sure you have a good credit history. With an all-around solid history of credit, you can show that your business has good risk credit. When the time comes to get a screen-printing equipment loan, understand that late payments can render a negative impact.

In layman’s terms, don’t forget that defaulting on a screen-printing equipment loan is bound to be detrimental to your business. So, make sure your credit history is good, clean, and without any reporting errors.

What happens if you don’t have a good credit history?

For starters, don’t panic. And that’s because you’ll still find several equipment financing agencies that figure out how to work with less and help you get a screen-printing equipment loan. In hindsight, understand that credit history is one of the deciding factors on whether or not you’ll get screen-printing equipment financing.

Cash Flow Statements

One of the eligibility considerations for getting screen-printing equipment financing is to show that you’ve got a stable cash flow. In fact, solid cash flow statements show that your business is in a good position and earning sizable profit margins.

This is the best way to garner the attention of lenders and get in their good graces altogether. With stable cash flow statements, the review process becomes easier, which helps you get the screen-printing equipment loan faster.

Ideally, you should still reach out to a certified and experienced accountant to make sure your cash flow statement is without errors and translates into a stable business position. You can also count on your accountant to help you organize and structure your finances and make sure your financial records are well-maintained.

Determine the Amount of Financing

You may need to account for additional factors to qualify for the screen-printing equipment loan. In fact, you need to do more than just gather essential financial documents. Right off the bat, figure out how much financing you need so that you can avoid confusion or misunderstanding later on.

So, before you decide to apply for a screen-printing equipment loan, create a list of options with estimated and actual costs and how much financing you exactly need. Consider that you may need to finance more funds than the average cost of the screen-printing equipment.

For instance, consider other expenses that you’ll need to cover, like:

  • Shipping
  • Installation
  • Maintenance
  • Training

A Robust and Effective Business Plan

One of the things you need to qualify for a screen-printing equipment loan is a well-thought-out, effective, and comprehensive business plan. In fact, think of your business plan as a tool to communicate and convince lenders that you are serious about getting screen-printing equipment financing and have a robust financial position.

Your business plan should paint a clear picture of finances. It should have detailed information about your current and forecasted cash flow to make a good impression in front of lenders. If you want to make a good case to lenders, highlight your financial plan for the next 3-5 years.

Remember, financing firms want to check out whether or not you’ll be able to cover your loan in a specific period. You should also add information about your target audience and market that would allow lenders to form a clear perspective about your business and how you operate in your industry.

Industry Experience in Screen-Printing

One of the best ways to determine whether or not you’re eligible to get a screen-printing equipment loan is to reach out to a financing expert. For many businesses, this is usually the first step, and communicating with a Certified Lease and Finance Professional will help you clarify a lot of elements.

SCHEDULE A MEETING NOW

Instead of generalizing the qualifying elements to get a screen-printing equipment loan, focus on “your” criteria and what steps you can take to be eligible and get approval on financing. Fortunately, the process to check eligibility, apply, and get screen-printing equipment financing is easier than most businesses realize.

On the surface, the process of screen-printing equipment financing may come across as daunting and intimidating. But as long as you follow the best practices and standards, you should be able to qualify, apply, and get your screen-printing equipment loan. Once you opt for an equipment financing company like Beacon Funding, the entire equipment financing process becomes easier, simpler, and more manageable.

Benefits of Screen-Printing Equipment Financing

First

You get a chance to get your screen-printing equipment faster than usual and drive business growth at the same time. The financing option helps you get a larger sum without having to pay upfront costs.

Second

When you get screen-printing equipment financing, it does not take a toll on your cash flow and allows you to cover the cost of materials and salaries easily.

Third

Financing screen-printing equipment comes with advantageous tax laws that allow you to write off 100% of your equipment financing costs.

Factors to Consider When Applying for Equipment Financing

Applying for and getting financing for screen-printing equipment is one of the best ways to grow an existing business or start a new one. But before you dive into the eligibility of equipment financing, make sure to understand a wide range of loans and their availability.

Chances are you’ll need to consider more than a few factors to make a good case in front of the lender and positively influence equipment financing decisions. Working with the right financing company can make a huge difference – help you transform your business and achieve your long-term goals.

Enter: Beacon Funding, Meet Your Equipment Financing Partner

If you want to get screen-printing equipment financing, take into account ownership, finance, and operational costs beforehand. If you have a solid credit track record and a stable financial position, then it’s a matter of filling out an application and working side-by-side with a financing company.

If all things check out, you can hear from Beacon Funding within 24 hours. One of the main reasons and benefits of working with Beacon Funding is that it makes your financing process flexible, straightforward, and fast. No matter what type and size of business you run, this standard applies to all.

START NOW

In retrospect, if you want to get your hands on screen-printing equipment, consider financing rather than buying, which requires significant upfront costs. With Beacon Funding, you’ll find it easier to navigate the equipment financing landscape and take advantage of the best equipment financing terms and conditions.

Beacon Funding
Beacon Funding

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Since 1990, small businesses nationwide have been able to grow with fast affordable equipment financing from Beacon Funding.



08/07/2023