By NAN Business Editor
News Americas, NEW YORK, NY, Fri. Dec. 14, 2018: Most businesses need some sort of equipment to function. If you’ve ever had a car loan, you’ve essentially had an equipment loan.
The equipment you are purchasing – anything from computers to heavy machinery – is the collateral and you’ll pay back the loan at a fixed monthly rate for a fixed amount of time. Interest rates on equipment loans generally vary from 8 percent. Here’s the minimum criteria to qualify.
Minimum Criteria to Receive an Equipment Loan
| Years in Business Required | 1+ |
| Credit Score | 600+ |
| Annual Gross Revenue | $75,000+ |
| Profitability required? | No. |
| Bankruptcy allowed? | Yes, you could qualify for an equipment loan no less than 2 years after filing bankruptcy. |
| Credit Card volume a factor? | No |
| Accounts Receivable a factor? | No |
| Second position allowed? | In some cases |
Caribbean-Americans seeking short-term loans or other expansion capital have many difference options available including Start-Up Loans as well as Medium-Term Loans, A Line Of Credit, Invoice Financing or a Merchant Cash Advance.
Ask for more information on how you can access any of these finance options and start the New Year right.
