Hey @4.0gpa44, thanks for asking your question! Typically speaking, the amount a business can get approved for is based off their comparable business debt. Most programs require a minimum of 50% comp borrowing history under the business. That means if you are trying to borrow $200,000 for your business, you will need to have borrowed $100,000 under the business and show timely payments. We aren't necessarily looking for that trade line to be paid off. Rather, that your business could handle the payments and stay current. Regarding the $1 million in financing, we can divide it into smaller transactions based on what equipment you are purchasing. This approach can simplify the approval process. If you don't have the 50% comparable business debt for that total amount, it may be easier to secure the financing you need. If we can't get you approved for the total amount all at once, we can assess your business's capacity to handle increasing debt and manage it efficiently. These transactions will be reported publicly, reflecting your ability to take on more financial responsibilities over time. www.beaconfunding.com/blog/article/category/business-planning/establishing-understanding-the-importance-of-business-credit#how-do-you-establish-business-credit When discussing significant financing amounts, it's crucial to consider your overall credit exposure. Underwriters will assess your outstanding debts and your business's revenue. Business borrowing capacity is generally higher than personal debt, but underwriters ensure that your business doesn't take on more than it can manage effectively. If you’ve got more questions or need assistance with any specific scenario, don’t hesitate to reach out at www.beaconfunding.com/talkwithus

​​@@BeaconfundingThanks for your detailed reply. Much of the equipment is around 100-200k per piece of equipment that I'm considering getting at some point. It is a wood chipper, chipper truck, aerial lift, dump truck, etc. Would getting approved for each piece of equipment be tricky with limited borrowing history if processed separately? I'm just trying to plan out my business growth.

@4.0gpa44 No. In fact, with a limited borrowing history, it might be the only way to get approved. Lenders will be more hesitant to go "all in" without that comparable payment history mentioned in the previous message. If your business credit is limited, underwriters would rather gradually add capital material to make sure the business can handle the additional monthly payments without it being a burden. Ideally, you would have additional revenue as you add more equipment -- this will help show a healthy growing business. The situation you described is why a business would benefit from partnering with an equipment financing company. Our goal is to help you grow with multiple pieces of equipment and scale your business. Whether you are buying that equipment today, or planning on making these purchases next year, I encourage you to speak with a Business Development Consultant about your specific situation. Schedule your meeting today at beaconfunding.com/talkwithus

Hi @clayguinard3651, yes we are indeed in equipment financing! At Beacon Funding, we have a rich history of helping businesses with their equipment financing needs since 1990. Our commitment to providing small-ticket equipment financing services to U.S. businesses has made us a leader in the industry. When you choose Beacon Funding, you can expect: - Competitive payment programs to suit your financial situation. - Extensive resources to help you make informed financing decisions. - Dedication to ensuring a positive and seamless customer experience. - A track record of sound business practices that you can rely on. We are here to help your business grow by getting the equipment it needs to succeed! You can count on us to provide the expertise and support you need. If you have any questions or need further information, feel free to reach out at www.beaconfunding.com/talkwithus

Hey @RoadhouseTexas, thanks for asking your question! We're here to help make financing a repo-style truck a smooth process. When it comes to financing with Beacon Funding, we've got your back, and we don't just rely on a credit score to get you the loan you need. We take a closer look at various factors like collateral values, your payment history, and your trade references. This way, we can tailor a financing solution that suits your specific situation. So, you can start your year off right and enjoy all the perks of new equipment without stressing over the financial side of things. For well-qualified buyers, we offer the option to finance your equipment without making a payment for a generous 90 days*. That means you can save your upfront cash and even start generating revenue with your new equipment before you have to make a payment. To explore this limited offer, check out www.beaconfunding.com/no-payments-for-90-days And if you've got more questions or need any assistance, don't hesitate to reach out.

You're welcome!

That's a great question, Juan! If you finance your boom truck, we provide a FREE breakeven calculator to help you find out how many jobs your business needs to fulfill to break even on your equipment investment. This way, you can learn how much to price your services to make a solid profit each month. Learn more about our breakeven calculator, here: www.beaconfunding.com/about-us/mobile-app

That's great to hear Nithin! We hope you enjoyed the video. If you want to learn some safe driving tips, visit: www.beaconfunding.com/blog/article/category/news-events/slow-down-move-over-2022#tips-on-safe-driving

I agree. Good work

Glad you enjoyed it Kurt!

Thanks Olivia! If you want videos like this delivered to you directly, be sure to subscribe to our email newsletter: www.beaconfunding.com/company/stay-connected/subscribe#custom-form-4675

We wouldn’t say that is a true or false statement. Rather, it will depend on what business credit you have established, how much cash your business currently generates, and how much debt your business is paying. For example, if your business is getting multiple pieces of equipment, has well-established business credit, and has the cash flow to handle the corresponding monthly payment, then it might make the most sense to do all that equipment under the same lease. It will be easier and as long as the amount you are financing is within the program's overall parameters, it might be the approval you qualify for. On the contrary, if we take that same business in a different scenario: They have a significant amount of debt in comparison to their cash flow, meaning most of the gross revenue they are taking in every month is being used to keep up with its monthly payments on current lease agreements, then it might not make sense to add a significant amount of additional debt all at once. Rather, it would behoove the customer and the finance company to take on 1 new piece of equipment at a time. This is just one hypothetical. Every business is different. The best thing you can do is speak with a business development consultant to see what makes the most sense for your situation. We hope this answers your question! If you want to discuss more, visit beaconfunding.com or schedule a chat with us at beaconfunding.com/businessgoals

You're very welcome, Debra! Reach out to us if you have any questions!

At Beacon Funding, we evaluate each application on a variety of criteria that extends beyond just personal or business credit. If you’d like to discuss our policy or your individual situation in further detail, please visit our website at www.beaconfuding.com and contact our team by team by phone, email, or web chat. We are committed to providing a quality customer experience and will do our best to review each situation in detail.

Why can’t you? Just curious I thought they were very lenient on things

@@jeff2370 No they changed u need good credit or a co-signer

@@Soprano1013 good to know! Thanks

I run a fleet of about 14 trucks now and we average around 125-200 calls a week. We are also not on police rotation either.

Nice Going