Equipment Financing Tampa, FL

The right equipment is essential when growing your manufacturing, construction, food and beverage, packaging, or other business in Tampa, FL. However, purchasing new machinery outright can be a significant financial burden. This is where equipment financing comes in.

Customers Commercial Finance is a leading provider of machinery and equipment financing to businesses of all sizes. We offer a full array of choices for transaction sizes ranging from $250K to $50MM and terms of 3 to 10 years with fixed and floating rate options. The loans can generally be used to purchase new or used equipment. 

With over $22 billion in assets, Customers Bank offers commercial and consumer banking services across the nation. We provide clients with the best of both worlds: the industry knowledge, responsiveness, and service of a specialty finance company, along with the financial strength, stability, and low costs of a growing bank. Our team has exceptional  industry knowledge and decades of experience in building solutions that work for you.

Benefits of Equipment Financings

Equipment financing provides benefits that can help your business thrive.

• Preserve working capital. You can preserve your working capital and access the latest technology and machinery. Instead of paying a large upfront sum, you can break the cost into manageable monthly payments. This helps you maintain a healthy cash flow and allocate funds to other important business areas, such as marketing, hiring, and expansion.
• Access the most advanced tools. In today’s fast-paced business world, staying competitive means accessing the latest technology and machinery. Equipment financing allows you to acquire the necessary equipment without worrying about obsolescence. This ensures that your business remains at the forefront of innovation, giving you a competitive edge in the market.

Equipment Financing Options

There are several types of equipment financing options available to businesses. The most common include equipment loans, SBA loans, and equipment lines of credit. Each has its advantages and considerations, so it’s essential to understand the differences before deciding.

Equipment Loans

Equipment loans, also known as equipment financing loans or equipment term loans, provide funds in a lump sum to purchase the machinery you need. Unlike leasing, with a loan, you own the equipment from the start. The loan amount is typically based on the cost of the equipment, and you make regular payments, including interest, over a predetermined term.

These loans generally use the equipment as collateral, allowing lenders to reclaim the assets if payments stop. This security often leads to more favorable rates compared to unsecured options. Equipment financing suits businesses that plan to use the equipment for an extended period or prefer to own the equipment outright.

Equipment Lines of Credit

Equipment credit lines are flexible financing options that provide ongoing access to funds for equipment purchases. Like a standard business credit line, they offer a set borrowing limit. You can draw from this limit as needed and only pay interest on the amount used, making them ideal for recurring equipment needs.

Small Business Administration (SBA) Loans

The SBA (Small Business Administration) provides specialized loan options tailored for small to mid-size enterprises. These loans often feature better conditions and reduced interest compared to conventional financing. Businesses can utilize SBA loans to fund equipment acquisitions and address various operational requirements.

Ready to Equip Your Business?

Talk with the knowledgeable financing team at Customers Bank today to find the right equipment financing options for your business in Tampa, FL.