Getting industrial equipment financing with MicroCapital is very easy. It works similarly to a fixed-term loan. You’ll need to repay the borrowed amount, ranging from $5,000 to $300,000, in predetermined regular payments until the full repayment of the loan and interest.
What are the eligibility criteria?
Here are the eligibility criteria to qualify for a fixed term business loan:
Annual income: 100 000$
The company has been operating for at least 6 months
No active bankruptcy
The company operates in Canada
Who can lend money to companies to finance industrial equipment?
In Canada, there are several ways to finance the purchase of industrial equipment for your business. Here are some common options:
Bank and private loans: You can apply for a bank or private loan to cover the cost of the industrial equipment.
Government grants: Grant programs are available to help businesses finance their investments in industrial equipment.
Leasing: You can choose to lease the industrial equipment with the option to purchase it at the end of the lease contract.
Getting a loan to finance your industrial equipment is a simple process. Simply click the “Get Started” button to fill out an online form and receive a quick pre-approval. If you meet the required criteria, one of our representatives will contact you to finalize the process.
To do this, you will need to provide additional information about your business, such as recent financial statements, cash flow information, guarantees, and a description of the equipment you wish to finance.
What are the eligibility criteria?
To be eligible for heavy equipment financing with us and our partners, you must meet the following criteria: a personal credit score of at least 550, a business credit score of at least 1300, be a Canadian business, have an annual revenue of at least $100,000, have been operating in Canada for at least 6 months, and not be in active bankruptcy.
What is the interest rate for a business term loan for financing industrial equipment?
The interest rates for fixed-term business loans range from 8% to 29% depending on the financial situation of your business and its owner.
What industries are not accepted?
Although we offer loans to over 700 industries, we and our partners cannot provide funding for some industries considered to be high-risk: firearms suppliers, government entities, astrology/divination, adult entertainment, public administration, nonprofit organizations, religious organizations, money service businesses, and all activities related to lotteries/casinos/gambling.
Example of a fixed term loan repayment
In the example of a $130,000 term loan at a 10% interest rate repayable over 24 months, the monthly repayment payments will be $5,522.59. The total amount repaid will be $132,534.96 with a total interest cost of $2,534.96.
You can use the following loan calculator offered by calculator.net to reproduce and view other business loan repayment examples.
What type of industrial equipment can you finance?
Here’s a non-exhaustive list of industrial equipment that we might finance: – Machine tools – Production equipment – Industrial vehicles – Quality control systems – Computer and electronic equipment – Lifting and handling equipment – Welding equipment – Cooling and air conditioning equipment – Transportation and distribution equipment – Testing and measuring equipment.
Note: This list is for reference only and availability of financing for a specific equipment will depend on our partners and our current loan policies.
Our 100% Canadian company was created to provide reliable, flexible, and fast financing solutions to Canadian small and medium-sized businesses.
99.2% satisfaction rate
We finance small and medium-sized businesses in over 700 different industries.
At MicroCapital, we are committed to helping Quebec-based SMEs secure the funding they need to succeed in over 700 different industries. We understand that every business has unique financing needs, which is why we offer a variety of financial products to meet those needs. Whether you’re looking to purchase new equipment, fund an expansion, or reorganize your cash flow, we have a solution tailored to your specific situation.
Our team works closely with you to understand your needs and provide the most suitable solutions. We’re proud to assist Quebec businesses in realizing their projects and reaching their full potential.
Don’t wait any longer, click the button below to get started.