As a small business, chances are you don’t have the funds needed in order to pay for all of your business expenses. When running a business, there’s no shortage of expenses. From payroll to rent, to marketing, to managing your inventory, there’s always something that needs to be purchased.

One of the most important expenses that you’ll face as a new business owner is that of equipment costs. IT companies need computers, servers, and other tech equipment. An upcoming construction company will need ladders, bulldozers, and work trucks to get to job sites. Without steady business income, it can be impossible to pay for these expenses.

Thankfully, you can apply for a small business startup loan that can be used to finance business equipment. With a business loan, you’ll have access to the funds you need to get your company up and running. What’s even better is that you won’t be strapped for cash.

Keep reading to learn how you can apply for a business equipment loan.

1. Know How Much You Need to Borrow

Before applying for a business equipment loan, take the time to figure out exactly how much money you need to borrow. Total the cost of the business equipment that you need to purchase so that you know how large of a loan you’ll need.

Once you have this number, determine if you can afford to make payments on the loan amount. Borrowing tens of thousands of dollars with a very minimal business income can set you up for failure, especially if you’re unable to make payments and default on the loan.

To figure out what you can afford, use an equipment loans calculator. This tool allows you to calculate the monthly payments you can expect to pay before applying for a small business loan. By calculating payments upfront, you can get a good idea of how much you can afford each month without draining your business earnings.

Never borrow more than you can afford to pay; otherwise, you’re opening the door for all sorts of financial problems. It’s also important to not borrow less than what you absolutely need, as this doesn’t solve the original problem.

2. Check Your Credit (and Improve It if Needed!)

Most lenders are looking for borrowers that have a high credit score and a solid credit history. The better your credit, the more favorable terms you can expect from a lender, but you’ll find that some lenders offer bad credit business loans for business owners who need to borrow but don’t have a pristine credit standing.

When applying for equipment financing with poor credit, be aware that you’ll likely be approved for a higher interest rate. This is to offset the risk that a lender takes when providing you with a business loan.

If you can wait a little while to purchase business equipment, make some effort to improve your credit score. To give your score a boost:

  • Reduce your debt load.
  • Continue to make payments on time.
  • Pay more than the minimum.
  • Avoid opening new accounts or applying for other loans.

By improving your credit, you’re much more likely to be approved for small business equipment loans that offer favorable terms.

3. Find the Right Lender

Not all lenders are made equal, and you don’t want to get a personal equipment loan from the first lender you come across. Take the time to research your options and compare each lender so that you can find the best fit for your company.

One factor to consider when shopping for a business equipment loan is the lender’s specialty. If you’re looking for heavy equipment financing, you may want to find a lender that specializes in loans for construction and manufacturing equipment. Or, if you’re looking to purchase property, you’ll want to find a lender that offers owner-occupied hard money loans.


By finding the right lender, you can ensure you’ve made a good financial decision for your company. Most business owners choose to borrow from a lender with which they’ve worked in the past, as they’ve already built a reputation with the bank.

Choose Equity Wave Lender for Your Equipment Loan Needs

There’s no shortage of lenders that offer small business loans, but, if you’re looking for a lender that is in business to help your business succeed, look no further than Equity Wave Lending. We’re a top option for small business owners that need money but have been turned down by other banks. We offer a variety of personal equipment loans and even offer equipment loans for bad credit.

Get the money you need today! Contact us to learn more about our small business loans and how we can help you get the equipment you need to get your business on the road.