What is an Equipment Financing?

For small companies, term loans provide a simple, affordable lending option. If anyone thinks, in the general sense, of a business loan, they’ll usually think of a conventional term loan. A conventional company term loan is a lump amount of money that, at a fixed interest rate, you pay back with daily repayments. The fixed period of repayment would usually be one to five years long.

The proceeds of term loans are used by most company owners to fund a particular, one-time project for their small business. In comparison, conventional term loans are flexible, and firms often use them to suit a range of needs.

Equipment Financing is Ideal for:

  • Businesses looking to grow without the hassle of a drawn-out application process at a traditional lender like a bank
  • Businesses investing in new marketing strategies to fuel growth and drive revenue
  • Businesses planning an expansion or hoping to capitalize on a new opportunity
  • Businesses requiring new or additional inventory for an upcoming promotion, the holiday season, or other large volume advance purchases
  • Businesses needing fast capital in 24 hours

Who Can Benefit from Equipment Financing?

EFs can help businesses in most EFs including:

  • car

    Automotive Businesses

    Car dealers, auto repair shops, car parts stores, accessory manufacturers & more.

  • crane

    Construction Companies

    Contractors, electricians, plumbers, specialty tradespeople, & more.

  • healthcare

    Medical Practices

    Surgeons, psychiatrists, dermatologists, veterinarians, and all specialties.

  • shopping-cart

    Retailers

    Convenience stores, salons & spas, clothing stores, specialty stores, & more.

  • conveyor

    Manufacturers

    Metal manufacturing & machinery, food production, electronics, & more.

  • customer-service

    Business Services

    Advertising, maintenance, equipment rental, computer programming, & more.

Will Your Business Qualify?

Approval for business funding from Thor Capital Group isn’t based on your credit score alone. Instead, we focus on the overall health of your business. Here are some factors we consider:

  • Business revenue
  • Cash flow
  • Vendor payment history
  • Years in business
  • Public records

Why Get Funded by Thor Capital Group?

Opportunities to expand or take on new projects come and go quickly, but applying for funding from a traditional lender can take months with no guarantee of approval. With Thor Capital Group faster, streamlined application process, we can approve your construction company loan in as little as 24 hours.

Our application requirements are lower than traditional lenders, but we always have your best interest at heart. We are proud to provide responsible construction company funding—we’ll never over-leverage your business by giving you more capital than you can manage, and our Funding Advisors will be beside you every step of the way.

Business Funding Q&A

Q: What type of business qualifies for a merchant cash advance?

A: Any business that accepts credit and debit card payments may benefit from a merchant cash advance, regardless of industry. Our team of knowledgeable Funding Advisors will work with you to assess your eligibility.

Q: What is the interest rate on a merchant cash advance?

A: A merchant cash advance does not have an interest rate because it is not technically a loan. An MCA is an advance against future sales. The cost of the advance is called a “factor rate”, and it varies based on each business.

Q: How do I qualify for a merchant cash advance?

A: Every business is unique. It’s always best to speak with one of our Funding Advisors to review your circumstances and assess your eligibility. In general, we look for consistent revenue with minimum monthly receipts of $7,500 or more, and 6+ months in business. We know that credit scores don’t tell the whole story, so we also consider the overall growth potential of your business.

Why should I consider an alternative lender for my business?

A: Most traditional banks consider construction companies high-risk and will not fund them. As an alternative lender, we have different approval requirements, and can approve funding for “high risk” industries. We can provide you with the funds you need to cover project expenses, labor, materials and more, often in less than 24 hours.