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5/6/2019

When to Explore Funding for Your Small Business

Nearly every small business owner has been here. 

You want to purchase new equipment or technology, and you need a lender you can trust to provide funding quickly and easily. Where do you start?

Assess your business landscape

First examine where you stand relevant to your business goals. Are you progressing in the right direction? Is there equipment or technology that could help you get there?

If you’re falling behind your competitors or losing momentum in the pursuit of your goals, start exploring the kinds of financing available to you.

Decide if you need a loan or lease

It’s time to choose the type of financing that fits your business need. When seeking a loan, think about the:

  • Loan size you’ll need
  • Term lengths and rates offered
  • Funding speed the lender promises

At CIT, our working capital loans can be funded as quickly as the same day you’re approved. Plus, our online application process only takes as little as three minutes to complete. 

If you plan to lease, ask about your options for the end of the financing agreement. A $1 buyout typically makes sense for long-lasting equipment, while a fair market value lease gives you more flexibility to buy, continue leasing or give the equipment back.

Do your research

This crucial step is often the hardest part: finding the right lender. Remember that trust and experience are the keys to building a positive business relationship. 

The lender you choose should have experience in your specific industry and a track record of success. Ensure that your lender’s goals and mission align with yours.

Knowing when and how to start the financing process can help reduce your stress around it. But most important of all is working with a seasoned team that can help you meet your small business goals.

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