Financing Your Rental Biz

There are a lot of different ways to finance a new business. I'll be honest, although most people think of an SBC loan first, it's not always the best way to go...especially if you're purchasing a company that is already in business. However, there are several other options.

The best option is probably a home equity loan. If you have some equity in your home, this is a fast easy way to secure funds.

The next way would probably be a personal loan from the bank...assuming your credit is good (over 700).

Another popular way to finance a business is through loans from friends or family. But, make sure to do a loan correctly, with the proper paperwork and established payments.

Many people still want to go the SBA route...if you want more info, here is a FREE CD on getting an SBA Loan

Credit cards are another option and a lot of companies have been started with credit card financing alone. There are links at the bottom of this page to some of the best personal credit cards available...for all credit scores.

If you've been in business for 2 years or more, you can expand by using business credit cards or an equipment lease company.

Below is information on Business Credit Cards. You will generally need a personal fico score of 630 to qualify for a business card and you WILL have to sign a personal guarantee.

Equipment Leasing

We have a leasing company that we work with quite frequently. It's really easy to apply. Just clink on the link at the bottom of the page or go to http://www.pinnaclecap.com/repsites/perinirep.htm

If you have any questions you can also email our leasing agent Matt. His email address is mperini@pinnaclecap.com.


Questions about financing.

1) How much can we finance.

Financing can be done for any amount, although generally the lowest amount is around $3000.00 and can run up to around $50,000.00


2) Is it hard to get approved?

If you've been in business for a year or two, you can get approval in less than 24 hrs just by filling out an application online. If you're just starting up, it could take a few days longer and will require a financial statement.

3) Why would I use a leasing company instead of going to a bank?

It's much easier to get approval..and faster. You can get a flexible payment plan tailored to your business needs. You can free up your capital for your daily operating expenses.

4) Does my equipment have to be new?

No, you can lease new, OR used equipment.

5) What are the tax advantages.

Lease payments are normally fully deductible but check with your CPA to get all the advantages.

6) Wouldn't I be better with a line of credit?

Possibly, but with a lease, you're guaranteed a fixed interest amount.

7) What will my payments run?

It varies somewhat but...as an example...if you were to finance our Mechanical bull for $14000.00, your payments would be around $390.00 for 4 years and you could purchase your unit for $1.00 at the end of the lease.

8) I've already established my business, but I'm thinking of expanding. Will leasing work for me?

Leasing works best for those of you wanting to expand. If you've already established your business and have developed credit, you should be able to get approval in less than a day.

If you want to apply for a lease, just click on the link below. Remember, if you have questions, email... mperini@Pinnaclecap.com
Pinnacle Capital