If you’ve ever financed a vehicle purchase or lease, taken out a home mortgage, made payments on a television or even helped your children pay for college with an education loan, then understanding how equipment financing works will be a piece of cake.

For business owners, equipment financing works very similarly to other types of financing—you specifically use the funds to obtain essential business equipment, you agree to terms with your lender and at the end of term you own or return the equipment based on whether you chose to financing an equipment lease or purchase.

What Equipment Financing Can Look Like in the Real World

Here’s a generic scenario… You’re starting or expanding your business. Whether it’s a restaurant, a printing company or a healthcare business, you’ve estimated the equipment you’ll need at $100,000. Rather than dig into your personal or business savings for the money to buy the equipment outright, you decide to finance it, which leaves your cash reserves as a cushion for emergencies and daily operations, hiring, marketing and other expenses. Ideally, the profit your business generates from having the essential business equipment you need to compete successfully in your marketplace is more than enough to cover the monthly payments on your equipment purchase or lease loan. In other words, the equipment more than pays for itself each month.

Are Equipment Leasing and Equipment Financing the Same Thing?

No. In a nutshell, equipment financing and equipment are only the same in that you make monthly payments.

Qualifying for Equipment Financing

Of course, it is easier to qualify for equipment financing with a high FICO score and a long history of running a successful business. However, those with credit blemishes and/or startup companies are not shut out of equipment financing if they choose the right lending partner.

Traditional lenders typically draw a hard line in the credit score sand at 650, meaning a credit score of 649 is an automatic equipment financing rejection. Their scoring models offer no wiggle room, nor do they take other factors into consideration, such as:

• Your company’s cashflow
• Number of years in business
• The type of equipment being financed
• The reason(s) your credit is blemished

LEARN MORE: Can I Finance Equipment with a 640 Credit Score?

Finding the Right Equipment Leasing Partner

Global Financing & Leasing Services (GFLS) approves equipment financing at no hard cap on the amount for a wide range of companies and a wide range of credits with no minimum FICO score requirement. Our team evaluates your credit history to find value and create an equipment financing solution that will work for you. See the possibilities by filling out an online application.

Having worked with medical professionals across the country to finance essential medical equipment, our team knows all too well the implications new equipment can have on growing a practice. It supports you in providing the best patient care possible. It retains patients in your practice versus referring them to other doctors. It improves patient satisfaction via better diagnosis accuracy and treatment plans. It can even increase the number of patients you can see due to improved efficiencies. And, if the medical equipment you want is the latest technology with limited availability in your area, it makes you more competitive in your specialty. All or any combination of these can grow your practice.

Despite all the benefits and advantages of financing medical equipment, it’s not always easy for medical professionals to find a lender willing to work with their unique situation. That’s where the expertise of a lending partner, like Global Financial & Leasing Services (GFLS), comes into play. Our team works with all types of medical professionals, such as those who open their own practice or a new location, have recently graduated medical school, are adding additional services to their practice or want to invest in new or upgraded medical equipment. And just as importantly, those who have less-than-perfect credit and aren’t likely to be approved for financing through traditional banks.

Given the high cost of medical equipment, financing makes sense for several reasons.

Financing medical equipment lets you keep cash reserves on hand. Though you have a medical practice, you know it operates as a business with many of the same expenses others businesses have. Between payroll, office space rent, utilities, malpractice and other insurance, software subscriptions, school loans and more, buying medical equipment outright is not feasible financially for many. Financing a medical equipment purchase or lease allows you to keep cash for other expenses or emergencies, and the monthly payment becomes a more affordable monthly expense.

Financing essential medical equipment results in better care and increased patient satisfaction. Having access to essential medical equipment allows you to better care for your patients, regardless of your specialty, and especially if you’re in a quickly evolving field. As medical equipment becomes more advanced, it becomes far easier to quickly diagnosis and begin a treatment plan, which can improve or even save patients’ lives. Medical equipment is critical to patient care, and financing shouldn’t keep you from providing the best. The better the outcomes, the more patient satisfaction scores improve, affecting your overall practice, reimbursements and referrals. New or upgraded medical equipment gives you the technology you need for more accurate diagnostics, and higher patient satisfaction rates.

Medical equipment financing brings new technology to your patients. Of course, this is an opportunity to improve patient care and outcomes, but also, it’s a way to be more competitive in your specialty. Given the choice between a practice with old technology versus the latest in the field, patients are likely to choose a practice offering state-of-the-art equipment. Keep in mind, medical technology can evolve quickly. Purchasing equipment outright typically means you’ll keep it longer for a better ROI. By financing an equipment lease, you can choose to end the lease and finance a better piece of equipment when your term is over or purchase and keep it.

LEARN MORE: With Inflation and Rising Interest Rates, Is Now a Good Time to Finance Equipment for Your Business?

Let GFLS Finance the Medical Equipment You Need

GFLS has been assisting small and medium-sized medical practices since 2009. We are a direct lender with connections to numerous banks and institutions, so we can access funds faster.

• 100% financing without additional fees from sales tax, delivery, warranties, or installation
• Solutions that save your lines of credit for emergencies and help you maintain your credit history while leasing equipment instead of purchasing with cash
• Direct communication with our vendors and clients
• Financing options that conserve working capital for more important uses, such as expansion or hiring more staff
• Personalized, co-branded programs
• Tax consideration on leased equipment as business operating expenses
• New and used equipment for lease, so you can use equipment before they become obsolete
• The option to purchase equipment after leasing

GFLS provides equipment financing solutions with no hard cap on the amount for a wide range of medical practices and credit tiers with no minimum FICO score requirement. If you want to finance medical equipment to grow your practice, partner with us. Ready to learn more? Let’s talk about the possibilities. Or, get started today by filling out an online application.

Can I Finance Equipment with a 640 Credit Score?

650 is a common make-or-break number in the equipment financing world. A credit score of 649—a mere one-point difference—can be a canyon wide enough to keep a business owner from being able to finance equipment. Think about that. Falling one point short of a set credit score can squash a dream, kill a great idea and keep a company from reaching its potential.

All business owners with more than a 20 percent equity position in a company typically guarantee a financing transaction. Therefore, personal credit scores play a large role in financing an equipment. Traditional big banks require a 700+ credit score to consider you eligible for financing. And, “B” lenders use the 650 mark as their cut-off point.

Can you finance equipment with a 640 credit score? 649? Basically, any score below 650? Yes, you can, if you work with a Direct Lender who specializes in lending to people in that credit range, like Global Financial & Leasing Services (GFLS). Unlike many other lenders, we work with all credit types and do not have a minimum FICO score to qualify for equipment financing. Nor do we have other disqualifying measures such as prior bankruptcies, tax liens, judgments, foreclosure or ridged industry restrictions.

Sound too good to be true? It’s not. Here are just two real-life testimonials from our clients.

“Global Financial & Leasing Services provided our company with financing resources when every other firm said no. Both Jim and Judi Jenks have been supportive beyond any experience I’ve had with other financing firms. Their professionalism and ‘going the extra mile’ for their client was the norm, not the exception. I highly recommend GFLS for your financing needs, as you will be dealing with people who truly practice what they preach.”

CFO & Treasurer, SerenaGroup, Inc.

 

“Global Financial & Leasing Services has allowed our business the growth we needed and given us an exceptional partner we can count on. Other leasing firms were merely interested in looking for certain numbers to meet in the short term. J.D. Jenks, GFLS’s CEO, understood our business model and why we needed what we needed.”

President, Wound Care Management Company

Is Equipment Leasing an Option for Your Business?

Equipment Leasing is a great option for business owners, especially those with bad credit. When you lease equipment, you make a monthly payment for an agreed-upon term. At the end of the lease, you may have the option to purchase the equipment. When compared to the possibility of not starting your business or trying to make do without essential equipment that could have a massive positive impact on your efficiency, profit and ability to compete, it’s the smart choice.

Build a partnership with a lender who makes credit decisions based on your business’s whole picture. While other lenders use an unyielding scoring model, GFLS looks at:

• Your business’s cashflow
• Your time in business
• The type of equipment for which you’d like to finance a lease
• The reason(s) your credit is blemished

Back in 2008, the Great Recession caused a great number of foreclosures, some just a matter of luck and timing. In 2009, GFLS was created to meet the equipment financing needs of small to mid-sized businesses all over the United States, who had been frozen out by the banks for any number of credit blemishes. GFLS’s team believes character is more than just a credit score.

LEARN MORE: Ways to Fund Equipment Purchases or Leases for Your Startup Business

GFLS provides equipment financing solutions with no hard cap on the amount for a wide range of companies and a wide range of credits with no minimum FICO score requirement. If you have been shut out of the credit market, let our team peel back the layers of your credit history to reveal value and create a structure that will work for you. Ready to learn more? Let’s talk about the possibilities. Or, get started today by filling out an online application.

For small or mid-sized business owners, is there anything as satisfying (and even a little daunting) as creating a growth plan and hitting set milestones along the way? Growing your business not only takes strategy, but also money to fund executing that strategy, which probably involves acquiring more business equipment.

Those funds can come in the form of reinvesting profit back into your business, taking on equity partners, depleting cash reserves and using financing to obtain essential business equipment. Reinvesting profit back in the business is a common way to support growth; however, this approach can take a lot of time. Raising equity can quickly infuse your business with cash, but cash gained means a loss of ownership. Spending cash reserves can leave your business vulnerable without a safety net should an opportunity arise or an emergency occurs. Equipment financing gives you the funds you need to take your business to the next level without waiting or giving up control.

LEARN MORE: Think Equipment Financing Before Dipping into Cash Reserves

Use Equipment Financing to Get a New Location Up and Running

If your business growth strategy includes opening additional locations, then those locations will need to be furnished with equipment. You will incur a lot of additional expenses when expanding your company’s footprint, but buying or leasing equipment out of pocket need not be one of them.

Financing your equipment purchase or lease allows you to equip your new location(s) and pay over time. Ideally, the additional revenue generated from the new business will more than cover the monthly financing payment.

Examples include:

• Restaurants that open new locations
• Medical offices that open satellite facilities

Use Equipment Financing to Expand Your Services or Product Offerings

Whether it’s to meet demand, fill a void in the marketplace or to keep up with your competitors’ offerings, financing an equipment purchase or lease can expand your services or product offerings.

Examples include:

• Medical practices that finance new technology to keep patients in office versus referring them to others for procedures and tests
• Construction companies that finance equipment that enables them to keep more projects in house rather than subbing to contractors

Use Financing to Replace Old Equipment or Upgrade to New Technology

Financing new or used equipment to replace old and outdated technology can give your business a competitive edge. Outdated equipment slows down a business and decreases efficiency, which impacts your ability to compete with other companies and your bottom line.

Examples include:

• Printing companies that finance faster, better, more advanced presses to offer clients more options
• Manufacturing companies that finance equipment to increase production speed, eliminate inefficiency or limit manual tasks

Choose an Equipment Financing Provider Who Understands Your Business and Industry

Global Financial & Leasing Services (GFLS) finances equipment leases and purchases for business owners in a variety of industries, including:

• Automotive
• Cannabis
• Construction
• Forestry/Logging
• Healthcare/Medical
• Machinery/Manufacturing
• Recycling/Waste
• Restaurant
• Titled Vehicles
• Transportation Equipment

We help business owners, like you, find a financing solution that works for you and your budget. Imperfect credit doesn’t mean an automation rejection; you tell us your story, and we listen. We are one of the few equipment financing companies who will advocate for you.

When you choose GFLS, you can:

• Typically get 100% financing with no down payment
• Maintain working capital for use in other areas of your business, such as expansion or hiring more employees
• Benefit from tax considerations associated with purchase financing
  • Refer to Section 179
• Include additional costs such as sales tax, delivery and installation
• Build your Business Credit profile

Let our team create a financing solution that can help take your business to the next level. Contact us today to get started!

From being in the startup phase to pushing through a growth stage or rising like a phoenix from the ashes of a downturn, there are times when you need to finance essential business equipment. Doing so isn’t cut and dry for many business owners, but rather presents a series of hurdles to overcome in order to obtain the equipment financing they need to start, grow or rebuild the company.

Here are some of the most common hurdles our team of Certified Lease and Finance Professionals (CLFP) see in the industry, and better yet, how you can overcome them.

You’re Trying to Finance Equipment for a Startup

Your startup needs financing to obtain the equipment required to get it off the ground. However, big banks want to see a long track record of growth before financing your equipment lease. Startups don’t have a track record yet.

Look to alternative equipment financing providers, like Global Financing & Leasing Services, LLC (GFLS), who work specifically with startups that don’t qualify for traditional financing. We’re a private company founded in 2009 to serve small- to mid-sized businesses and startups that aren’t attractive to traditional lenders for whatever reason. We look at more than what’s on or not on the application. We look at YOU and match equipment financing options to match your goals and budget.

Looking for used heavy equipment for sale? Check our inventory.

You’re Considering Using Personal Credit to Finance Business Equipment

There are very few times when this makes sense, and business advisors caution against mixing your personal credit with your business. Traditional lenders will often require a personal guarantee on an equipment loan if the business doesn’t have a credit history or any collateral to secure the loan. The problem arises if your business cannot make the payments on the loan. Creditors can seize your personal assets, causing you to lose both business and personal possessions. This can lead to declaring business and personal bankruptcies.

Protect your personal assets by keeping equipment financing in the business’s name. Again, work with a lender who doesn’t require personal guarantees, even if your business doesn’t meet traditional lenders’ typical requirements. They are out there because we are one them. While we look at your personal credit history, we take your entire story into consideration.

You Don’t Have a Spotless Credit History

If your credit history isn’t as impressive as you’d like it to be, take deliberate action to improve it. Of course, this doesn’t help you finance equipment in the short term, but it will benefit your business down the road.

For now, show positive aspects of your financial performance history, such as long periods of positive cash flow, how much your business sells each month, how quickly you were able to turn a profit, how well you have managed expenses, and testimonials from long-time, loyal customers, etc.

A direct lender, like Global Financial & Leasing Services, LLC, is willing to see you as more than numbers and considers character and integrity. If you have imperfect credit, we still strive to work with you on getting the essential business equipment you need to succeed. If your time in business or credit history is putting your business’s future on hold, work on improving your personal credit and talk to GFLS about your equipment leasing needs.

As of this writing, 48 states have legalized cannabis in some form, recreationally, medically or both. But, until cannabis is no longer a Schedule I controlled substance on the federal level, those seeking cannabis equipment financing will have a difficult time getting traditional bank funding. Big banks are prohibited from lending money to businesses that profit from controlled substance sales. Even though non-traditional and private lenders are stepping in to fund cannabis equipment financing, startups and those with credit blemishes have a hard time finding solutions.

Obtaining financing for cannabis equipment is more difficult to do than for equipment used in other types of industries, but it’s not impossible. Your lender, like Global Financing & Leasing Solutions, must understand and work within local, state and federal lending laws in the cannabis industry. Equally important, your lender should understand your business and goals in order to find equipment funding that works for your cannabis business.

Global Financial & Leasing Services is a veteran-owned company headquartered in Scottsdale, AZ. In 2009, we were founded to meet the equipment financing needs of small to mid-sized businesses all over the United States.  GFLS provides equipment financing solutions for a wide range of companies and a wide range of credits. For those who have great financials and credit history or those who have past blemishes or are start-ups, we are able to peel back the layers of an applicant’s credit history to uncover value and create a structure that will often work for them.

We are able to provide financing solutions for a wide variety of cannabis equipment, including:

• Testing equipment, such as mass spectrometers, gas chromatographs, liquid chromatography instruments (HPLC), inductively coupled plasma (ICP) & atomic absorption (AA) spectrophotometers, equipment, machines and microscopes
• Extraction equipment, such as C02 extractors, evaporators, supercritical systems, distillation systems and wax extractors
• Processing & packaging machines, including filling machines, packagers, labeling machines, cartoners, weigh/fill/ package machines
• Industrial trimmers
  
• Harvesters
  
• Heavy machinery

Equipment leasing is popular with cannabis businesses because the type of equipment needed is expensive to purchase. Cannabis equipment leasing can be a smart alternative to purchasing, since payments can be made over time and at the lease’s end, depending on your lease option, you can purchase the equipment or lease an upgraded version.

Why Those Seeking Cannabis Equipment Leasing Choose GFLS

• Process is simplified, fast, easy
• Ability to speak directly to decision maker(s)
• Flexible – not all deals are of the “cookie cutter” variety; we take the time to understand
• Credit blemishes — tell us the cause(s); we listen
• Constant communication – daily updates to both vendor/client
• Turnaround Time – 2 to 24 hours
• Clients are treated with respect and kindness

LEARN MORE: Taking the Mystery Out of Applying for Equipment Financing

How to Get Approved for Cannabis Equipment Leasing

Global Financial & Leasing Services, has been a leading provider in equipment financing since 2009 for small and medium-sized businesses that need financing for essential use equipment.

We are an established direct lender with the unique ability to finance almost any business seeking to acquire equipment. With our in-house funds and relationships with over 200 private label and public banks, we have the ability to help businesses who have been turned down by or aren’t an option for banks.

Apply NOW and speak with a certified lease and finance professional today.