How do I get equipment financing for my small business?

equipment financing

If you’re thinking of investing in new machinery or equipment for your small business, equipment financing is the perfect loan option for you.

What is equipment financing?

Equipment financing, also known as machinery loans in India, help small businesses purchase machinery for their operations. Equipment financing is a great way to invest in new machinery or upgrade/finance repairs to the equipment you already use. This form of business financing helps small businesses scale operations while keeping their profit margins and business capital steady.

Learn more about Business Machinery Loans.

What can I use equipment financing for?

Equipment manufacturers are constantly innovating to make their products more capable, resource-efficient, and user-friendly.

You can use a business machinery loan to invest in state-of-the-art tech to upgrade your manufacturing. If, however, you simply want to make repairs to the machinery you already own or upgrade them, you can also use equipment financing to fund that.

Investing in the latest machinery increases your output and earnings. Such an investment can also increase the valuation of your company if you’re looking to sell or find new investors for the business. So, a machinery loan is a secure way to invest in new machinery and increase your profit margins over time.

Finally, introducing new machinery to your business also gets your business some tax exemptions. You are allowed to deduct the interest paid towards the machinery loan from your gross income when calculating your business tax liability. As this deduction reduces your profit by the amount of the interest component of your loan, it lowers your taxes.

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Can I apply for equipment financing with CreditEnable?

Equipment financing is the ideal option to scale your operations, and many CreditEnable lender partners offer our SME customers this form of business funding at interest rates starting at 11%.

While the interest rates and loan terms lenders offer you depend on your credit history, business finances, and credit score, providing the lender with some collateral will make the loan terms more favourable. Some lenders even accept the machinery or equipment you purchase using this loan as the collateral for the loan. So, you may not need to provide the lender with any other collateral when getting a machinery loan for your business.

CreditEnable’s process is 100% digital and transparent. SME financing can be tricky, but it shouldn’t be. We believe all small businesses should have access to affordable business finance without any trouble. So, we are dedicated to helping you find the right business loan for your needs from the lender whose credit policies you fulfil.

Applying for equipment financing using our technology platform has zero impact on your credit score, and if you’re not eligible for the loan right now, we’ll tell you why and what you can do to improve your creditworthiness.

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