Farmers, ranchers, and agriculture businesses need working equipment to grow crops and care for livestock.
Physicians, dentists, and veterinarians need the latest medical technology to give their patients the best treatment. Small business owners need computers and software to increase efficiency and focus on their core competencies. What do these different types of commercial entities have in common? They can keep their businesses running smoothly with business equipment financing. BTC Bank offers machinery loans and equipment financing to help you afford the latest technology and equipment in your field.
How do commercial equipment loans work?
Commercial equipment loans are a type of secured financing in which the machinery you buy with the loan serves as collateral. You’ll generally need at least a year’s worth of business and financial history, good credit, and a certain amount of annual revenue. Here are some other important things to know about commercial equipment loans:
- They aren’t the only way to finance new business equipment. If you’re in the process of opening a business, you may need to use small business loans or private investments to help you buy the machines and technology you need.
- A business credit card could also be used for equipment purchases. The advantage of using a business equipment loan is that you can generally expect a lower interest rate when a loan is secured with collateral. For example, think of the difference in interest rates between a credit card and an auto loan.
- Repayment of the loan. Make the payment work for your budget with flexible loan terms.
Choose a Community Minded Commercial Equipment Lender
When you partner with BTC Bank for business equipment financing, our local decision-making ensures you’ll receive a quick answer to your application. We know you can’t afford to waste time when you’re ready to upgrade or replace your medical, office, or agriculture equipment.
BTC Bank has been providing personal service and sound banking practices to farmers and other business owners since 1919. Our business loans are more than a financial product–they are an investment in the communities we serve. Learn more about commercial equipment loans and the competitive rates and terms we offer.
Contact us today
or visit your nearest BTC Bank location
in Missouri (Bethany, Gallatin, Albany, Pattonsburg, Chillicothe, Carrollton, Boonville, Beaman, Trenton, Maysville and Osborn) or Lamoni, Iowa.