Tips For Fast Equipment Lease Approval

Start-up businesses usually deal with financial constraints that derail them from becoming fully operational. Most of the time, generating enough funds can take a disappointingly long time and a lot of profit opportunities are lost. In some cases, the working capital gets consumed really quickly because there are just too many financial concerns to take care of in launching the business. Without the working capital, a new business will sink even before it reaches the surface.

Financing a new business does not need to be too complicated or difficult; you just need to be savvy because there are provisions available out there. One of the programs that can help a business stay afloat financially is an equipment lease. This program is a cost-effective solution for businesses to obtain the equipment they need for operations without touching their working capital which should course directly to business aspects like inventory and payroll.
Leasing equipment using a trustworthy financing company provides the great benefit of converting a large cash sale price into a low, affordable, and tax-deductible monthly payment –this will provide businesses a better way of managing operation overhead costs. But perhaps the better advantage is how there are financing programs that are doing away with the usual extremely stringent requirements — like a hefty deposit and faultless credit history, to cite a few. In fact, they prefer a simplified process so their clients can “get working” and earn.
Leasing companies just require a number of documents which include the application, personal financial statement, two years of personal tax returns, a one- or two-page executive summary, and invoice or details concerning equipment. As for credit requirement, an applicant would just have to present an established credit history (for those without credit of their own, they can use a co-signer). 
For quick approval of the application, these companies advise applicants to refrain from making multiple lease requests to various leasing companies; most of them do not provide equipment leasing for businesses that have not even been operational for two years, and every time a request is submitted to a leasing company, they pull the credit and lower the applicant’s credit score. Secondly, submit relevant information about the business along with the application, for while doing so is not required, additional information can support the application. Thirdly, be sure to submit all financial information. The fourth tip is to inform the company if there are credit problems; provide a letter of explanation and establish that the credit is already in the past or is currently being taken care of – submit this along with the application.
Taking note of all these considerations and applying the tips can cut the processing time in half and the financing a business requires to become fully operational can be granted sooner than expected.

Author: Sarah Miller is a business consultant by profession and a content creator, writer and blogger by passion. Having been exposed to the different aspects and faces of businesses, she frequently does research on useful information regarding the different methods and techniques to further improve business marketing, sales, performance and shares her passion of business management through blog/content writing. is one of her resources.


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