Start-Up Or New Business

Start-Up Lease:

$5,000 -  $40,000 (Application Only)

• May require you to open a business bank account
• Must have established personal credit. (Examples: credit card, car loan, mortgage, etc.)
• Equipment must be used for business purposes

$40,000 - $100,000 (more with cross guarantee from a business or financial strong individual)

• Must open a business bank account
• Must have established personal credit. (Examples: credit card, car loan, mortgage, etc.)
• Equipment must be used for business purposes
• Amounts over $40,000 require the following:
  • Personal financial statement of "key" owner/s
  • One or more tax returns from applicant and/or guarantor/s

   

Click here to download our Start-Up Lease Application for new businesses $5,000 -$100,000

 

Startup Requirements For $40,001 or More

You must show the ability to make the payment now, with current income. We typically do not lend based on projected earnings. Contracts, cash equivalents may be used to offset weaker credit

How do you show it:

• Cross guarantee from another business

Or

• Personal tax return/s and personal financial statement/s of owner/s
• Cosigner with strong personal net worth and/or cross guarantee from another business
• Generally - income and personal net worth of guarantor must be at least three times the amount being borrowed

 

• If you don’t have the above;
  Can offset lack of income by collateral such as: CD’s, stock and other cash equivalents
• Contracts that show sufficient income to cover the payment can help you qualify

 

General Requirements For Newer Businesses 

$40,001 - $5,000,000

Businesses Are Dated By One Or More Of The Following:

1. Business Bank Account
2. Business License
3. Tax Return or Schedule C
4. Trade References

Business Under Two Years Old:

• Under $40,000 (Application only)

 

• Amount $40,001 to $100,000:
• Show average daily bank balance above $1,000 (business and/or savings, etc.)
• Requires last years personal tax return of "key" owners/s
• Personal financial statement of "key" owner/s
• Completed Lease Application

Amounts Over $100,000:

• Requires last two years personal tax return of "key" owner/s
• Personal financial statement of "key" owner/s
• Completed Lease Application
• Must show ability to make the payment with current income and/or net worth and/or cross guarantee from another business

Note:

• If you you have filed tax returns as a proprietor for over two years - you are not considered a start up business.
• Adding a partner or another owner does not necessarily mean you are a start-up.
• Opening up a new location or buying out a partner does not mean you are a start-up.
• A business who uses a personal checking account for business purposes may be OK