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  1. #1
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    Equipment Loans for Starter Business

    Anyone have a source for equipment loans for startups? I frequently get online leads with decent credit and down payment looking for loans on commercial equipment like semi trucks, construction equipment or commercial kitchen equipment.

    Thanks!

  2. #2
    TimePayment, BSB Leasing, Pawnee will all do startup equipment financing. Startup restaurants notoriously difficult but can still be done if they have prior restaurant experience.

  3. #3
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    Yesssir
    Joe Nicolosi
    Direct: 585-455-2197
    Joe@Starcadecapital.com

    www.Starcadecapital.com

  4. #4
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    Quote Originally Posted by FCF Fund View Post
    Anyone have a source for equipment loans for startups? I frequently get online leads with decent credit and down payment looking for loans on commercial equipment like semi trucks, construction equipment or commercial kitchen equipment.

    Thanks!
    What is your description of "decent credit" - I may have a solution for commercial equipment
    Last edited by Yankeeman07; 10-19-2020 at 11:59 AM.
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  5. #5
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    Quote Originally Posted by Yankeeman07 View Post
    What is your description of "decent credit" - I may a solution for commercial equipment

    650 or better

  6. #6
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    Lightbulb

    Quote Originally Posted by FCF Fund View Post
    650 or better
    Need 680 closer to 700 for my resources
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111

  7. #7
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    Pawnee

  8. #8
    Member Reputation points: 419 JParr's Avatar
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    Startup trucking is going to be tough, you will need to find a lender that specializes in the industry.

    Startup restaurants have always been known to be tough, even more so now with COVID. FinPac never funded them, Pawnee has always capped startup restaurants at $15,000 but now I believe restaurants are restricted as a whole.

    Construction has been performing well, as have many other industries.

    We will consider startups in most industries. Reach out to chat about our programs.
    Joshua Parrish | SLIM Capital
    (415) 938-4977 | josh@slimcapital.com
    www.slimcapital.com

  9. #9
    Quote Originally Posted by JParr View Post
    Startup restaurants have always been known to be tough, even more so now with COVID. FinPac never funded them, Pawnee has always capped startup restaurants at $15,000 but now I believe restaurants are restricted as a whole.
    BSB used to cap at $35K and would do another $15K through Pawnee in syndication, unless their internal guidelines changed. What are your industry limits on startup equipment?

  10. #10
    Member Reputation points: 419 JParr's Avatar
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    Startup restaurants are going to be very cautionary for us right now but we do not have a set funding limit. Down payment and/or additional collateral will very likely be required.

    We'd be much more interested in expansion opportunities. For instance an established restaurant pivoting to also have a food truck, etc.

    Startups in general also don't have a set funding limit with us. Credit, collateral, use of funds, etc. is in most cases what will limit the amount of funding the borrower will be eligible for.

    Last year we funded $2MM for MRI, mammography, etc. equipment for a startup medical imaging center. We offered 100% financing, no additional collateral requirement, 48 month term, and 6 months of skip payments as they ramped up. Applicants of course had strong credit, all PHDs, invested a large amount of their own capital, already had LOI from hospital group to use their services, etc.

    All in all, if we like a deal we'll find a way fund it.
    Last edited by JParr; 10-19-2020 at 02:13 PM.
    Joshua Parrish | SLIM Capital
    (415) 938-4977 | josh@slimcapital.com
    www.slimcapital.com

  11. #11
    I have an excellent source for equipment financing. 650 credit score and 3 months bank statements required

  12. #12
    Senior Member Reputation points: 4983 DiamondBL's Avatar
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    Quote Originally Posted by JParr View Post
    Startup restaurants are going to be very cautionary for us right now but we do not have a set funding limit. Down payment and/or additional collateral will very likely be required.

    We'd be much more interested in expansion opportunities. For instance an established restaurant pivoting to also have a food truck, etc.

    Startups in general also don't have a set funding limit with us. Credit, collateral, use of funds, etc. is in most cases what will limit the amount of funding the borrower will be eligible for.

    Last year we funded $2MM for MRI, mammography, etc. equipment for a startup medical imaging center. We offered 100% financing, no additional collateral requirement, 48 month term, and 6 months of skip payments as they ramped up. Applicants of course had strong credit, all PHDs, invested a large amount of their own capital, already had LOI from hospital group to use their services, etc.

    All in all, if we like a deal we'll find a way fund it.
    SLIM is a good lender to have for EQ.
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  13. #13
    Hi,

    We would be interested in funding some start ups depending on the equipment, industry and credit. I have included the details of a recent internal approval here in IL.

    -Start up (Been driving for 9 months)
    - Rents home, no comparable business credit
    - 2020 Semi Tractor
    - $155K Capitalized Cost
    - 25% down
    - 10% Security Deposit applied to the residual
    - Rate in the high teens
    - 48 month term

    We gladly welcome broker business. Please reach out with any transactions. CalFalkenhyan@elgallc.com
    Cal Falkenhayn | Senior Account Executive
    Equipment Leasing Group of America
    211 Waukegan Road, Suite 100 |Northfield, IL 60093
    O: 847-784-0011 | F: 847-784-0066 | M: 847-922-2729
    calfalkenhayn@elgallc.com | www.elgallc.com

  14. #14
    Member Reputation points: 419 JParr's Avatar
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    Quote Originally Posted by DiamondBL View Post
    SLIM is a good lender to have for EQ.
    Thanks for the recommendation Jon!


    Those that are new to equipment finance or the industry in general, keep in mind that we also operate the Commercial Finance Academy. It's a 5 day program designed to teach you the ins and outs of a variety of products including startup funding. At the end of the course you will be onboarded with at least a dozen lenders, including SLIM Capital, so you can start making money day one.

    We are now accepting applications for the November class. www.commercialfinanceacademy.com
    Joshua Parrish | SLIM Capital
    (415) 938-4977 | josh@slimcapital.com
    www.slimcapital.com

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