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Equipment financing in Pennsylvania
Starting a new business in Pennsylvania can be an exhilarating and demanding venture, particularly when it concerns obtaining the necessary equipment to ensure the smooth operation of your business activities. However, startups may need help to purchase equipment outright due to the significant financial strain it imposes. This is where Customers Bank’s equipment financing options come into play.
Equipment financing is a funding solution that enables businesses to acquire the required equipment without full payment upfront. We specialize in industry-specific solutions and offer flexible business loan options designed to support your business’s growth.
As a highly-regarded community bank with assets exceeding $22 billion, Customers Bank provides consumer and commercial banking services across Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas. We are a leading provider of machinery and equipment financing, catering to businesses of all sizes. In general, these loans can be utilized to purchase new equipment or acquire used equipment.
Outlined below are some popular choices for equipment financing:
- SBA 7(a) loans: Geared towards new ventures and existing small businesses, these SBA loans can be short- or long-term and typically come with low interest rates. The program offers various loan options, so consult with a Customers Bank SBA loan specialist to determine the most suitable loan for your business.
- Equipment loans: If a vendor is unwilling to provide financing for your equipment or if you believe that better terms may be available elsewhere, Customers Bank’s equipment loans are the solution. They usually have fixed interest rates and repayment periods ranging from three to seven years. Depending on your creditworthiness, loan amounts can range from $25,000 to $5 million.
- Equipment leasing: Leasing allows businesses to utilize equipment for a specific duration by making regular payments. Unlike equipment loans, leasing does not grant ownership rights at the end of the term. However, it can be advantageous for startups requiring frequent equipment upgrades or having temporary needs.
- Equipment rental: Renting equipment presents a flexible option, particularly for startups that only require equipment for short durations or specific projects. Renting provides access to equipment without committing to long-term loans.
What kind of machinery and equipment can be financed?
Customers Bank offers financing for a wide variety of machinery and equipment, including:
- Construction equipment
- Manufacturing equipment
- Farm equipment
- Office equipment
- Transportation equipment
- Medical equipment
How to qualify for equipment financing
When it comes to equipment financing, there are certain eligibility requirements that businesses need to meet to qualify for the financing. First, businesses must have a good credit history and a solid financial standing. A good credit score is evidence that you know how to manage your finances responsibly. Lenders will also examine your business financial statements, such as income statements and balance sheets, to determine your ability to repay the loan.
Using loans for equipment financing in Pennsylvania is common. It’s not something reserved for startups or struggling businesses. Many profitable businesses with healthy cash flows still choose commercial equipment loans to meet their growth needs. One of Customers Bank’s experienced equipment financing experts would be delighted to help you find the right solution for your business needs.