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An ice making loan makes available funds in order for the business to purchase required ice making equipment in order to make ice. An ice making loan is a type of a special purpose loan used specifically for the purpose of purchasing ice making equipment.
Ice Making Loan Lenders
Banks, private lenders and even the federal government via the U.S. Small Business Administration (SBA) can make available funds for the purchase of ice making equipment. The SBA provides general loans under its 7(a) program that can be used for the purchase of ice making equipment. A private lender or bank will specifically tailor the terms of the loan in order to permit the business to purchase ice making equipment.
Terms and Conditions of an Ice Making Loan
The terms of an ice making loan is designed to specifically permit the financing needs of the business purchasing ice making equipment. The length of the loan can be either short-term (under 12 months) or long-term (25 to 30 years) depending on the need of the business. The terms set forth in the loan agreement can also be custom tailored to meet the funding needs of the ice making business. The loan agreement represents the legal arrangement between the borrower and the lender for an ice making loan.
Seeking a Co-signer or Guarantor
A business that has a poor credit rating may consider using a co-signer or providing collateral as security for their ice making loan. This gives the lender assurances that in the event that the business defaults on the loan, the loan can still be paid off through the secondary guarantee.
Credit is the lifeblood of your business, especially for small or new startup companies. BusinessFinance.com assists entrepreneurs to get started purchasing equipment, building your inventory and expanding your business.
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?