Equipment Financing Chicago, IL

Are you a business owner in Chicago, IL, looking to buy new equipment? Customers Bank offers equipment financing that could help grow your business. This type of financing has become more common, helping small and medium-sized businesses get the tools they need without breaking their budgets. 

Whether you operate in construction, manufacturing, transportation, agriculture, healthcare, packaging, utilities, or any other industry that requires specialized machinery, we have financing options to help you acquire the tools your business needs to do well.

About Customers Bank

Customers Bank, with over $22 billion assets, believes in dedicated personal service for the businesses, professionals, individuals, and families we work with.

How to Finance Equipment

Here are some popular ways to finance equipment:

• SBA 7(a) Loans: These loans from the Small Business Administration (SBA) are for new and existing small businesses. They can be short or long-term and often have low interest rates. There are different types, so it’s best to talk to someone from Customers Bank’s SBA loan team to find the right one for you.
• Equipment Loans: If a seller won’t finance your equipment or you think you can get better terms elsewhere, Customers Bank offers equipment loans. These loans usually have fixed interest rates, which you pay back over three to seven years. You can borrow from $25,000 to $50 million, depending on your credit.
• Equipment Line of Credit: Equipment lines of credit are revolving credit facilities that allow you to access funds for ongoing equipment needs. Similar to a business line of credit, an equipment line of credit provides you with a predetermined credit limit. You can borrow against this limit as needed and make payments only on the amount borrowed.
• Equipment Leasing: Leasing lets businesses use equipment for a set time by making regular payments. Unlike loans, you don’t own the equipment at the end. However, it can be good for new businesses that need to upgrade often or only need equipment for a short time.

Benefits of Equipment Financing

1. Buy equipment without depleting your working capital;

1. As technology advances and new equipment becomes available, you can stay up-to-date and remain competitive;

1. Spread out payments over time to comfortably manage your money.

Final Thoughts

Using loans for equipment financing in Chicago, IL, can be a wise choice. Many successful businesses with good cash flow still use commercial equipment loans to help them grow. One of Customers Bank’s equipment financing experts would happily help you find the right solution for your business.