Our Loans for Heavy Equipment Are Designed for Texas Businesses
May 17, 2024
Construction is happening all around us in the Southeast Texas Gulf Coast region. Companies involved in construction have ample opportunities to win new projects and gain more clients. If your business hopes to capitalize, you may need to invest in heavy equipment.
The large price tag for heavy equipment makes it difficult for many businesses to cover the cost upfront, which is why financing equipment is often a more cost-effective option.
Explore the different types of small business loans for heavy equipment financing available through Texas Gulf Bank. Also, learn how we support local businesses by offering a streamlined loan application process to support your business needs.
You Have Options: Loans for Heavy Equipment Financing
Before your business can add or replace heavy equipment, you need to first determine the best possible way to cover the cost.
By pursuing equipment financing, your business may be able to borrow what you need for equipment and make manageable monthly payments instead of paying all at once, hurting cash flow.
Your business can choose from reliable equipment financing options, including:
- Heavy Equipment Loans
- SBA Financing
Heavy Equipment Loan
A heavy equipment loan allows your business to purchase heavy equipment or major machinery and repay the loan amount over time. The value of the equipment serves as collateral for securing the loan.
While every loan is unique, the loan amount borrowed is primarily based on the price of equipment being purchased less any downpayment percentage required by the bank’s underwriting criteria. Your business may use approved funds to purchase either new or used heavy equipment, depending on your business needs.
With a heavy equipment loan, your business can secure big-ticket equipment and machinery such as:
- Excavators
- Backhoes
- Bulldozers
- Cranes
- Loaders
- Graders
- Lifts
- Transportation vehicles
The funding from a heavy construction loan may allow your business to fuel long-term growth by providing the equipment needed for more lucrative projects and bigger clients.
SBA Loans
If you’re a small business that needs a range of heavy equipment and machinery – plus the financing to cover the cost – an SBA (Small Business Administration) loan through Texas Gulf Bank may be the ideal financing solution.
The SBA is a federal agency that supports small business growth by providing a loan guarantee on a portion of the loan and is intended to help spur economic growth by providing financing access to established small business owners.
A great option for small businesses is an SBA 504 loan, which is designed to help companies replace or upgrade equipment with a usage life of 10 years or more to grow their business.
SBA 504 loans are uniquely designed to help businesses make large-scale investments in major assets such as heavy equipment and machinery. Borrowers may be approved for up to $5 million in SBA funding and have a variety of repayment terms from which to choose.
Enjoy A Seamless Lending Process at Texas Gulf Bank
At Texas Gulf Bank, we strive to ensure your company experiences a streamlined, simple loan application process from start to finish, coupled with our exceptional customer service.
When you partner with us for construction equipment financing, we take the time to build a relationship and understand your goals so we can provide effective lending options that meet your unique needs.
Our equipment loan application process begins with an initial consultation with a dedicated lender to discuss your business goals, heavy machinery needs, and financial position. During that meeting, we will review general loan options and the required documentation to start analyzing a loan request.
The general application requirements include but are not limited to the following:
- A completed loan application
- Three most current years of filed business tax returns
- Three most current years of filed tax returns for the owners of 20% or more (including spousal or direct family ownership)
- Three years of business financial statements
- Three most current months of personal bank statements from loan guarantor(s)
- Business history and business plan
- Heavy equipment details, including price, specs, and planned usage
- Current financial projections
Our local, in-house review team will review your application to determine approval. If approved, loan funds are disbursed so your business can access the funds needed to complete the process of acquiring heavy equipment.
Texas Gulf Bank: Offering Loans That Support Texas Businesses
Our bank has proudly served businesses throughout the Southeast Texas Gulf Coast for over 110 years. We offer strategic, reliable financing options that are designed to fuel long-term growth for businesses in our community.
When you choose Texas Gulf Bank for your heavy equipment financing needs, you can expect:
- A strong partnership with our knowledgeable, friendly lending staff
- In-depth expertise on regional market trends and economic developments
- Streamlined loan application review process
- Effective communication and integrity throughout the application process
If you want to see your Texas business reach new heights, contact Texas Gulf Bank today to speak with a lender about loans for heavy equipment needs.
You can also use our contact form to reach one of our local loan officers or visit one of our many local banking centers to schedule an appointment. We look forward to supporting your business growth.
All loans subject to credit approval.