From the Author
We often get this question with our new (and sometimes returning) clients. In the following article, we break down the process for getting an equipment financing approval and answer some common questions that come up about it.
Small and medium-sized businesses are vulnerable to surprises. And when a business owner wants to finance equipment to resume or improve operations, equipment financing comes in as a savior. How long should you expect to wait for the approval of funds when you’re in a rush? Can the process be expedited? How can I get the best result for my business? All of these questions are probably on your mind, and we’re here to help answer them in this article.
There’s no short answer to these questions because financing is a complex process. But when you have the direct assistance and support of professionals, you can get financing approval in no time. On average, the financing approval can occur anywhere from 2 hours to 3 days.
Key Reasons Approval Timeline Can Look Different
⦁ Your responsiveness
⦁ Completion of paperwork
⦁ The complexity of the deal
⦁ Uniqueness and structure of the financing deal
If the finance company wants to inquire about more information, the approval can take more time. But as mentioned earlier, business financing can be processed quickly. Nonetheless, it will still vary depending on your situation.
If you have a bad business credit rating, and no story to tell, you may face rejection. However, having a back story to go along with your credit situation can make all of the difference in a rejection and an approval. So long as you bring forward the needed documentation and have a truthful back story, you can expect to get financing for your business’ urgent or long-term needs quite promptly. Expect on average 1 – 3 days for a financing approval.
Blue Street Capital
Here at Blue Street Capital, we aim to provide you with the most up to date information on the financing industry so that you can become an educated buyer. Should you have any questions about this article, or any other information related to the equipment financing industry, please feel free to reach out to us using the contact form below. You may also give us a call at 714-316-1180.