Equipment financing in New Jersey

Just because your business has cash in the bank doesn’t mean you can afford to pay cash for a large purchase such as equipment. Customers Bank equipment financing solutions will help ensure your business has the funding it needs for growth and future success. We offer new and used equipment loans for businesses of all sizes.

As a super-community bank with over $20 billion in assets, we offer commercial and consumer banking services nationwide with locations in Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas. Our commercial products include cash management, commercial and industrial loans, small business loans, SBA government-guaranteed loans, equipment loans, and commercial and multi-family real estate loans.

What kind of equipment can be financed?

Customers Bank provides financing for a wide variety of machinery and equipment, including:

• Construction equipment (concrete equipment, cranes, excavators, scrapers, bulldozers, trenchers)
• Agricultural and farm equipment (combines, tractors, harvesters, trailers)
• Transportation equipment (commercial vehicles, semi-trailers, buses)
• Office equipment (computers, software, office furniture, copiers, shelving)
• Manufacturing equipment (CNC machines, milling machines, lathes, plasma cutters)
• Food and beverage equipment (stainless steel tables, ice makers, ovens, pizza ovens, ranges, mixers)
• Medical, dental, veterinary equipment
• Warehouse equipment (forklifts, material handling, pallet racking, printing, packaging)
• Marine equipment (tugs, barges, dredges)
• Power generation equipment (solar panels, windmills, aerial devices, cable handling equipment, fuel cell technology)

Advantages of equipment financing

1. Purchase equipment without draining cash reserves;
2. Keep up with the latest technology, improving efficiency and competitiveness;
3. Spread out payments over time to manage your cash flow more easily.

How to finance business equipment

Financing for business equipment can come in various forms.

Commercial loans

Equipment loans from a bank like Customers Bank are the way to go. We offer a full array of loans with fixed and floating rate options for transactions that range from $250K to $40MM with terms of 3 to 10 years. We have deep industry knowledge and decades of experience building solutions that work for you.

Small Business Administration (SBA)

Take advantage of Customers Bank’s SBA Preferred lender status and consider an SBA, government-guaranteed loan. We offer affordable rates and competitive terms, and you will also enjoy attentive, friendly service from start to finish.

• SBA 7(a) loans: This loan is an excellent option for startups and existing small businesses, as it can be used to purchase equipment with below-market fixed interest rates. The loan can be short- or long-term, and you can often borrow up to $5 million.
• CDC/SBA 504 loans: The SBA also offers these loans for equipment with a useful life of 10 or more years, requiring just 10% down at below-market fixed interest rates

Takeaways

Customers Bank is one of the top banks for equipment financing in New Jersey. We are committed to being a reliable partner for your small business. Contact our experienced equipment financing specialists today to learn more about our loan options.