Business Equipment Loans & Financing

With Fora Financial, you can fund equipment through a small business loan or line of credit, so there is no separate equipment application.

Applying takes about five minutes online. You submit three months of business bank statements and a government-issued photo ID, and a Capital Specialist reviews your file and contacts you to discuss your options. Checking your options uses a soft credit pull, so it does not affect your credit score. You can receive an approval decision in as little as 4 hours, and if you accept an offer, funding can arrive in as little as 24 hours from offer acceptance.

It depends on the lender. Banks and SBA lenders typically look for 2+ years in business, a 680-700+ FICO score, full financial statements, and tax returns, which can make approval slow and difficult for many businesses.

Fora Financial looks at your business’s performance today. Your business generally needs at least 6 months in business, $240,000 or more in annual revenue, and a 570+ FICO score, and cash flow consistency and revenue trends are reviewed alongside those minimums. The application takes about five minutes, checking your options uses a soft credit pull, and an approval decision can come in as little as 4 hours.

Fora Financial works with businesses starting at a 570 FICO score, along with at least 6 months in business and $240,000 or more in annual revenue. Revenue and cash flow carry significant weight alongside credit, so a business with strong, consistent sales may qualify even with imperfect credit. Stronger profiles can qualify for higher amounts and better terms.

Checking your options uses a soft credit pull, so it does not affect your credit score.

The cost of equipment financing depends on the product you choose and your business profile, including revenue, time in business, and creditworthiness. Fora Financial uses factor-rate pricing on many products. A factor rate is a multiplier applied to the amount funded to determine total repayment. For example, a $100,000 loan at a 1.25 factor rate results in $125,000 in total repayment.

Your Capital Specialist will provide a full breakdown of total repayment cost before you accept any offer. When you compare equipment financing offers, compare total repayment and effective APR and not only the rate label.

The term depends on the product and the offer you receive. With Fora Financial, a Small Business Loan can run up to 18 months.

Yes, you can use the Section 179 tax deduction for equipment financing for your business. This write-off allows you to deduct the entire purchase price of the equipment you purchased in the qualifying year. A good accountant will ensure that all your expenses are accounted for and deducted correctly.

Typical business equipment financing terms range from 1 to 7 years, depending on the equipment’s type and expected lifespan. Interest rates and payment structures vary by lender, but terms are usually designed to align payments with the equipment’s useful life.

An Equipment Finance Agreement (EFA) is an arrangement where you receive funds to purchase equipment and own it from the start. You make regular payments, and the lender holds a security interest in the equipment until it’s fully paid off. This setup may allow for predictable payments and potential tax benefits.

Equipment financing loans help preserve cash flow by eliminating the need for a large upfront payment. With this type of funding, you can purchase the equipment outright, avoiding the constraints of leasing or making payments to the seller. Fora Financial offers equipment financing for small businesses with fast approvals, prepayment discounts, and funding up to $1.5 million with no usage restrictions.

Almost any business equipment can be financed, including machinery, vehicles, technology, and tools. Financing options vary based on the equipment’s type and purpose.

Most industries are eligible for equipment financing, from healthcare and construction to retail and manufacturing.

On Fora Financial’s Small Business Loan, paying early can reduce your total repayment, because Fora Financial offers prepayment discounts. This is not standard across factor-rate products. The Revenue Advance also includes early repayment discounts.

Confirm the prepayment terms for any offer in writing before you accept it. Your Capital Specialist can walk you through them.

Fora Financial provides small business loans from $5,000 up to $1,500,000, and lines of credit up to $100,000. The amount you qualify for depends on your revenue, time in business, and cash flow consistency, and not on the price of a single machine.

Think about it by purpose. Repairing or replacing a smaller piece of equipment may call for a smaller amount, while a major machinery or vehicle purchase may call for a larger one. A Capital Specialist can help you size the request to your revenue before you commit to anything.

It depends on how long you will use the equipment and what you want to own. Leasing usually means lower upfront costs and the option to upgrade at the end of the term, which can suit technology that becomes outdated quickly. Financing means you own the equipment, so it can build value for the business, and the cost may qualify for a Section 179 deduction. Consult your accountant about how that applies to your situation.

The financing options described on this page fund equipment you buy and own. Fora Financial’s guides cover the tradeoffs in more detail, so see the pros and cons of equipment loans and of equipment leasing before you decide.

Applying does not affect your personal credit score. Fora Financial uses a soft credit inquiry to check your initial options, with no cost to apply and no obligation to accept an offer. A hard inquiry may follow later in the process if you proceed to final approval. If a personal guarantee is required, missed payments could affect your personal credit, and timely payments can help build your business credit.