Equipment Financing Philadelphia, PA

Are you an entrepreneur in Philadelphia, PA, seeking to invest in new machinery? Customers Bank offers equipment financing that could be the answer to expanding your business. Equipment financing has become more popular, enabling small and medium-sized enterprises to obtain essential equipment without straining their finances. Whether you operate in construction, manufacturing, transportation, agriculture, healthcare, packaging, utilities, or any other industry that requires specialized machinery, we have financing options to assist you in acquiring the tools necessary for your business to prosper.

As a super-community bank with over $22 billion in assets, Customers Bank offers commercial and consumer banking service nationwide. We are a leading provider of machinery and equipment financing, catering to businesses of all sizes. These loans can be utilized to purchase new equipment or acquire used equipment. We specialize in industry-specific solutions and offer flexible business loan options to support your business’s growth.

Equipment Loan Options

Outlined below are several popular options for equipment financing:

• SBA 7(a) Loans: Designed for both new ventures and existing small businesses, the Small Business Administration (SBA) loans can be short- or long-term and typically come with low interest rates. Various loan options are available, so it is recommended to consult with a specialist from Customers Bank’s SBA loan department to determine the most suitable loan for your business.
• Equipment Loans: If a vendor is unwilling to provide financing for your equipment or you believe that better terms may be available elsewhere, Customers Bank offers equipment loans that can be a suitable solution. These loans generally come with fixed interest rates and repayment periods ranging from three to seven years. Depending on your creditworthiness, loan amounts can vary from $25,000 to $5 million.
• Equipment Leasing: Leasing allows businesses to use equipment for a specific period by making regular payments. Unlike equipment loans, leasing does not grant ownership rights at the end of the lease term. However, it can be advantageous for startups that require frequent equipment upgrades or have temporary needs.
• Equipment Rental: Renting equipment provides a flexible option, particularly for startups that only require equipment for a short period. Renting allows businesses to access the necessary equipment without committing to long-term ownership or significant upfront costs.

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.

The Takeaway

Using loans for equipment financing in Philadelphia, PA, is common. Many profitable businesses with healthy cash flows continue to choose commercial equipment loans to meet their growth needs. One of Customers Bank’s experienced equipment financing experts would be delighted to help you find the right solution for your business needs.