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Industrial Equipment Financing Solutions

by Winston Spiller • 2020-03-10

Many business owners know the benefits of financing industrial equipment and heavy machinery. However, it is difficult for business owners and managers to take time out of their busy schedule to analyze all of the complex equipment financing tools and resources. This article provides business owners and managers with all the tools, resources, and information necessary to find the best industrial equipment financing solutions on the market.

Before you go any further, you may want to decide whether you should finance the industrial equipment being purchased, or lease the industrial equipment. While this article focuses primarily on industrial equipment financing, you can learn more about the pros and cons of financing vs leasing here.

Your company most likely has many options when it comes to financing industrial equipment. Abundant Funding is here to try and help you narrow down your options. If you are looking for an industrial equipment loan, then this is the article for you!

Benefits of Industrial Equipment Financing

Industrial Equipment Financing allows your company to maintain your cash balance while acquiring the industrial equipment you need to run your daily business operations. Upgrading your businesses industrial equipment or heavy machinery can help you improve existing safety standards, expand operations, and grow your business.

SBA 7(a) Industrial Equipment Financing

There are many industries that qualify to receive an SBA 7(a) loan for the purpose of financing industrial equipment and heavy machinery. Industrial equipment loans are very common so the sba has made many specific provisions for this exact purpose. These industries include construction, manufacturing, transportation, and more!

The sba allows financing for equipment such as lifts, tools, safety gear, cranes, hydraulic machines, overhead cranes, waterjet and laser cutters, fleet vehicles, forklifts, and other loaders and machines. You can read more about SBA equipment financing and equipment leasing here

The mining industry does not qualify for SBA 7(a) financing, however there are many other options when it comes to financing industrial mining equipment. You can visit viking equipment finance to learn more about financing heavy machinery and industrial equipment for mining purposes.

504 Loans - Equipment Financing

This type of loan must be used solely for fixed-asset projects such as purchasing capital machinery and equipment, assets with an expected long-term useful life. Financing from the 504 loan program cannot be used for working capital, inventory, consolidating or repaying debt, or refinancing debt. Despite the limitations of this loan program, it is definitely a good option to go about financing, purchasing, or leasing industrial equipment and heavy machinery.

There are many requirements and specifications for the 504 Loan, but luckily Abundant Fundings online lending platform has automated the funding process. You can visit our equipment financing page or apply online to receive instant industrial equipment financing offers.

Small Manufacturers

Small Manufacturers can obtain a loan for up to $4 million under the 504 loan program. This loan can be used for industrial equipment financing, heavy machinery purchases, construction projects, and more.

Other Equipment Loan SBA Programs

Some other industrial and heavy equipment financing loan programs provided by the SBA include but are not limited to the Community Express Program, Export Loan Programs, SBA Microloan Program, Export Working Capital Program, International Trade Loan Program, Rural Lender Advantage Program, CAPLine Seasonal Line, CAPLine Contract Line.

Helpful Resources

There are many useful articles on the Small Business Administration's website.

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