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Do you own a new business or a start-up business? If yes, are you considering to apply for an equipment lease to save your business budget? When searching the market, you may find that some lending companies only accept established businesses. As a start-up business owner, finding a lessor who will be willing to extend you a loan can prove to be a big challenge.
In this article, let’s talk about the steps you can do to increase your chance of getting approved for an equipment lease despite being a new or a start-up business:
Know the lessor’s qualifications. There are many leasing companies that offer various types of lease program. But not all of them cater to new or start-up businesses (any business less than two years old). Why waste your time evaluating leasing firms that will not offer you service?
Keep in mind that submitting a lease application to the wrong firm will only result to rejection. Before making any move, find out which leasing companies offer services to new businesses like you. Afterwards, you can make further evaluation of each potential leasing company on your list.
Prepare the necessary paperwork. The specific list of documents that needs to be submitted will also vary from one leasing firm to the next. As a new business owner, you are expected to submit an executive summary. The executive summary is typically a one or 2 page document that contains basic information about your business.
Read more: The New Business Owner’s Guide to Equipment Leasing
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