When starting a new business, it is common to need a copying machine loan. This loan will help you get a copying machine for your office. While there aren’t any loans specifically for the purpose of a copying machine, there are many different ways to get funding for a business that you can use to purchase a copying machine.
Since a copying machine doesn’t have to be an expensive purchase, you could use a credit card receipt advance, a microloan, or even a personal loan to get the funds you need. For example, a microloan is backed by the SBA and is available through a local agency. The microloan will lend up to $35,000, is an option for those with no or bad credit, and will cover anything but the consolidation/repayment of debt or purchase of real estate. If financing is hard to find, you may want to consider getting a used or an older model copying machine to suit the needs of the business until the appropriate funding can be secured.
Depending on the merchant you choose to use for the copying machine purchase, there may be an in store credit card option that will allow you to open an account for all business supply purchases. This will be based on business or personal credit and therefore may not be an option for all business owners. If the appropriate copying machine cannot be secured for the business, using another service and writing off the expense of the copies may be a viable option as the business builds credit and income.
Some important items to know to finance your are:
- How much money do you really need?
- Do you know your exact FICO scores?
- How do you plan to repay the loan?
- Who is going to borrow the money? You personally or another legal entity?
- What assets can you pledge to secure your loan?
Make sure you know you are pre-qualified before you apply. Our free business capital search engine will allow you to see the funding programs and lenders that are available to you and then you choose those you wish to apply for.