Equipment financing is not a particularly easy task thing to acquire for most small businesses but there is a way through.
Finance and equipment leasing market place LeaseQ announced a new partnership with OnDeck, a major financing company to help solve a major issue faced by many small businesses in the industry today, namely getting the working capital they need to grow and expand their operations.
Small businesses usually face challenges when it comes to looking for money to expand their businesses. Most businesses are confident that they can make a profit if they get things through the pipeline but lenders may not be as confident.
Studies indicate that locally owned businesses are a source of employment for many people. Consequently, they are believed to increase social capital, and median household incomes. Unfortunately, many businesses are losing market share and the number of start-ups has significantly fallen in the last twenty years. Insufficient capital is considered to be the root cause for small business failure.
According to a new analysis from the Institute for Local Self Reliance, since 2000, small businesses loan volume has dropped by 14% and micro business loans (less than $100, 000) has fallen by 33%. Start-ups and businesses with less than twenty employees are less likely to be approved for a loan.
LeaseQ And OnDeck Provide An Equipment Financing Solution
Financing companies such as OnDeck have made it possible for many small businesses to acquire loans of up to $250, 000. OnDeck provides small businesses with short term, flexible working capital to help take care of business expenses. Many businesses have become vulnerable to financial doom because they have been forced to rely on costly alternatives such as credit cards.
OnDeck has distributed more than $900 million worth of loans in all 50 states to over 725 industries. OnDeck evaluates businesses based on actual performance and not on personal credit. Banks and other traditional lenders mostly judge businesses based on the owner’s personal credit. If the owner has a successful history of borrowing, they can begin separating their personal credit from business credit.
OnDeck approves loans faster and more frequently than traditional lenders which give businesses the opportunity to focus their time on growing their business rather than looking for financing. OnDeck provides an easy lending experience to small businesses and this makes it easy for them to move at the speed of business.
On the other hand, through its one touch platform, LeaseQ will continue to supply equipment leasing and financing that small businesses need in order for them to stay up and running.
Since LeaseQ introduced its leasing and financing platform in late 2012, many businesses have been able to acquire the equipment they need to run their operations successfully.
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Most of these small businesses, however, need to acquire short term loans to enable them take care of other expenses as their operations continue to grow. The new partnership with OnDeck and LeaseQ is a welcome opportunity for many businesses to get the equipment they need as well as financing to cover capital investments.
This strategic partnership allows LeaseQ to cater to the needs of different businesses regardless of their size. Through a network of equipment dealers and manufacturers, LeaseQ will continue to work even more efficiently to serve mid-sized and small leasing markets. OnDeck will continue serving and providing loans to businesses in over 725 industries.
Vernon Tirey, CEO and co-founder of LeaseQ said “our partnership with OnDeck gives businesses the opportunity to acquire the equipment they need as well as quick loans in as little as one day. Businesses can acquire loans ranging from $5, 000 to $250, 000. We are more than thrilled because this partnership will help us serve our customers much more efficiently.”
LeaseQ is based in Woburn, MA and is one of the leading providers of equipment leasing and financing in North America. They help businesses acquire the equipment they need at rates and terms that suit their needs.You can visit the website as many times as possible until you find a solution that is suitable for you. You can consult with one of their financial experts who can help you come up with a suitable solution.
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