Five questions owners search for, answered with worked examples. Funding partners make every decision, and the examples use invented figures.
Can You Get a Business Loan from a Credit Union? An Example With Tire Machines
Yes. A credit union can make business loans to its members, and membership rules and products differ from one credit union to the next. Sageway Lending is not a credit union; a request sent here goes to independent funding partners instead.
A repair shop pricing a tire changer and balancer can ask both: its credit union, and a partner through this site. The two offers compare cleanly on the total paid over the term, fees included, rather than on the payment alone. A contractor or a dental office comparing two equipment offers can line them up the same way.
Where to Apply for a Small Business Loan? An Example With Mowers and Enclosed Trailers
There are several doors: the bank or credit union that holds the business accounts, the dealer selling the equipment, an online lender, or a request through a site like this one, which passes it to funding partners. For a landscaping mower and enclosed trailer, the dealer's financing is one quote and a partner offer is another.
Whichever door is used, it helps to have bank statements, the quote and a list of what the business already owes ready to share. Starting here means one call to (336) 505-7297 or the short request form, and a partner that takes the request up asks for the rest.
Is Equipment Financing Debt? Freezer Cases, a Second Store and the Answer for Grocers
An equipment loan is debt: the business owes the balance, and the freezer cases it buys secure it. A lease is a rental agreement with payments owed for its term. How either one appears in the books of a grocer opening a second store is a question for the business's accountant, not for this page.
What matters for the next request is that the payments count. A partner reviewing a later request for the second store's stock sees the freezer-case payment among what the business already owes.
Is Equipment Financing a Loan? An Example With a Pizza Oven
Yes when it is written as a loan: the item stands as security and the business owns it from delivery. An equipment lease is not a loan, because the lessor keeps title during the term. Both are called equipment financing, which is why the question comes up.
Illustration only, invented figures: a pizza oven priced at $16,900 on an equipment loan with no down payment, at an annual rate of 9.5% over 48 months, costs $424.58 a month and $20,379.84 across the term; the restaurant owns the oven throughout. The equipment financing page works a lease against a loan with full totals.
Is Merchant Cash Advance Good? Start With a Gas Station's Card Receipts
It can be a fit for a business with steady daily card sales and a purchase that earns back within months. It is not a loan: a provider buys part of future card receipts, and the price is a factor set once. Illustration only, invented figures: a station with $2,400 in average daily card sales takes $14,000 at a factor of 1.26. At a 10% holdback, $240 is collected each business day, and the $17,640 total is met in about 74 business days.
The same money from a line of credit can cost less when the line is already open. Both are set against each other, with totals, on the merchant cash advance page.
By Sageway Lending ยท Updated