When a new business is considering an equipment loan, more often than not they do understand what that entails. What credit requirements you will have to meet, or how they can bring value to the loan. What credit requirements you will have to meet? When you are a new business or don’t have a lot of business credit then there has to be a review of your personal credit to go off of. To see how this can affect your business chances on getting approved please check out our previous blog on Anatomy of Credit . Ways to bring Value to a Project:  • Industry experience
Most customers need to have relative industry experience to receive financing for their new business. If you worked in IT but wanted to start a trucking company, or if you wanted to open a restaurant but never worked in food service, this be a reason for a decline on the financing you need. You have a better chance of getting approved with relative industry experience, this shows lending intuitions that you are familiar with the kind of work that goes into that specific industry.  • Be Prepared
It is always best to be prepared to answer questions when you are talking to your account rep for the first time. Your account rep is there to help you get approved, therefore the more information you can tell them about your business, business plan, credit report, and industry experience will help them. Once your Account Rep. has this information they can then provide an overview of the job to the credit manager.  • Other ways to bring value
There are ways to bring value to your project that may help you receive an approval. 
• Do you own another business? If so a cross-corporate guarantee is something we can entertain.
• Do you have cash you would like to put down on the equipment?
• Do you have collateral you can put against the loan? While none of that is required to get approved it may help you if you have some credit struggles or are needing a large amount to borrow for your new business. If you are interested in finding out more or are ready to start the process of obtaining equipment for your business please contact us today at 866-590-2220 or Click Here to Apply Now Please let us know below in the comments section what you think about this blog topic. Also we would love to hear if you have any blog topics you would like to see in the future.