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+|
|Annual Gross Revenue||$75,000+|
|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.