An equipment loan allows you to borrow money for expensive equipment for your business. You will pay down the loan over time, plus interest. At the end of the loan, you will fully own your piece of equipment.
Equipment loans are self-collateralized, meaning you are borrowing against the piece of equipment itself. If you default on your loan, the lender can seize the piece of equipment, but nothing else.
For an equipment lease, the lender purchases the equipment and leases it to you at a predetermined amount every month. At the end of the month, the lender still owns the equipment. With a business equipment loan, you, as the business owner, purchase the equipment through a loan and pay it down every month with interest. At the end of the loan, you fully own the piece of equipment.
Any equipment that your business needs and wouldn’t be able to pay for upfront. This could be anything like kitchen equipment, like stoves and dishwashers, to office equipment, like desks and chairs, or HVAC systems.
*Otherwise a $7 monthly service fee will apply
1. Each time an account is opened for a covered Legal Entity, the Bank Secrecy Act requires us to ask you for identifying information (name, address, date of birth, tax identification number), as well as identification documentation for each individual that has 25 percent or more Beneficial Ownership in the Legal Entity; and, one individual that has Significant Managerial Control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide name, date of birth, Tax Identification Number, and address. For foreign owners, you also will be asked to provide a copy of the owner’s passport, and certify that all information is true and accurate to the best of your knowledge. You may access a form to be completed before account opening at the following link: CERTIFICATION OF BENEFICIAL OWNERS OF LEGAL ENTITIES