When You’re Ready to Finance Equipment, Texas Gulf Bank Has You Covered
August 19, 2022
Texas boasts a diverse collection of industries that require heavy-duty equipment and machinery to support daily operations. But, not every business has the ability to immediately purchase new equipment when the need arises. Equipment financing solutions help solve this dilemma by allowing your company to obtain financing for an equipment purchase.
Learn why your business should finance equipment purchases, which industries benefit from this type of financing solution, and how to apply for equipment loans through Texas Gulf Bank.
Why Choose Equipment Financing?
After two years of unexpected economic challenges, companies in Texas are rebounding and experiencing new growth and success. However, some businesses are finding it difficult to keep up with new orders or satisfy increasing customer demand because they’re having to rely on outdated, inefficient, or malfunctioning equipment. It’s time to regain control.
Taking advantage of equipment loans will allow your business to expand and meet higher customer demands without jeopardizing financial stability. Your company can pursue financing solutions for all types of machinery and equipment, whether you’re a small business owner or a large-scale manufacturer.
Financing equipment allows your company to preserve working capital and focus on increasing growth and achieving operational goals. With reasonable monthly payments spread over time and favorable interest rates, equipment loans are a smart choice for business owners who want to reach greater heights without depleting their savings or disrupting cash flow.
Industries That Benefit Most From Equipment Financing
Business loans for equipment and specialized machinery benefit a wide range of companies and industries, including:
- Manufacturing
- Agriculture
- Construction
- Healthcare
- Aviation
- Fabricators
- Distributors
Equipment loans may be used to finance general-purpose machinery, heavy-duty equipment, large-scale technology, and even aircraft purchases to ensure your company can meet production goals, fulfill new customer orders, and expand your client base.
Equipment financing options can be used for investments such as:
- Service vehicles
- Delivery vans
- Corporate jets
- Turboprops
- Bulldozers
- Excavators
- Forklifts
- Loaders
- Restaurant appliances
- Technology systems
- Medical equipment
- Automated equipment
Your company can scale production and expand efficiently by financing equipment and machinery purchases. Instead of waiting for equipment to fail or break down over time, your business can pursue growth by proactively investing in the latest machinery and equipment. You’ll potentially be able to accomplish your growth goals while achieving a faster return on investment (ROI).
Additionally, you can use the machinery or equipment as collateral on an equipment loan. This type of financing option places less emphasis on company credit scores and focuses more on the value of the equipment itself to secure the loan, along with your ability to repay the loan.
Starting the Loan Application Process
At Texas Gulf Bank, we offer a streamlined loan approval process. The process of applying for an equipment loan for your business begins with two key parts: a general interview between you and one of our expert loan officers and submitting key financial documentation.
In the initial interview, our loan officer will learn about your business, discuss the specific equipment needs of your business, understand the planned usage for equipment or machinery, and determine how the purchase will impact cash flow and projected revenue. Applicants should be prepared to answer the following questions in the first meeting:
- Why is the equipment needed?
- What will it be used for?
- Is this an addition or replacement equipment?
- Are you financing new or used equipment?
- What is the timeline for the loan?
- How will this purchase impact cash flow?
- How will this equipment generate new revenue?
This information will be used in conjunction with your financial documentation to determine the viability of loan approval. Applicants will need to provide the following financial documentation as part of the loan review process including, but not limited to:
- 3 years of business tax returns
- 3 most recent years of year-end business financial statements
- YTD balance sheets
- YTD income statements
- 2 years of guarantor(s) personal financial statements
- Details on equipment usage
- Equipment invoices or purchase orders
Our typical loan review process takes an average of three weeks once your business has conducted the initial interview and submitted a completed application and all relevant documentation. We’ll stay in touch with you throughout the review process so that you stay informed about the progress of your loan application.
Obtain an Equipment Loan with Texas Gulf Bank
Texas Gulf Bank proudly offers equipment financing solutions for various industries that require new equipment and machinery for daily operations. We are a local bank with deep ties to the business community along the Texas Gulf Coast. We are strongly committed to building long-lasting relationships with each of our clients.
The combination of our expedited loan application process and our in-house review means your business can gain a competitive advantage by having faster access to funds to complete an equipment purchase. Now is the time to grow your buying power.
In order to finance equipment and achieve greater success, you need a strong and trustworthy banking partner you can depend on. Texas Gulf Bank is ready to help your company obtain the necessary equipment and machinery for business operations.
Contact our expert lending team today to discuss our equipment financing options. You can stop by one of our convenient banking locations or give us a call to get started. We look forward to helping you grow.
All Loans Subject to Credit Approval