Some business grow from a small one person endeavor like those we talked about who market on Edsy while others begin because someone leaves an established company because they believe they can do it better. Being a startup business, no matter how you begin, has many challenges and one of the biggest can be equipment leasing or financing. Today we’d like to share two success stories about our ability to approve equipment leasing for two new businesses.
Formerly a Trucker, Now an Owner-Operator
For those of you not familiar with the trucking industry, there are generally two types of truckers; those who are assigned routes and use company trucks (and are generally paid less because they are using company equipment) and owner-operators who own their own rig and haul the trailers for businesses. A gentleman from outside Atlanta, GA contacted ELEASE about leasing a used freightliner he found for $22,500. He had obtained his commercial license about five years ago and had been a truck driver for about that long. When looking at his equipment leasing application for this freightliner, we took several things into consideration. First, we looked at his personal credit score which was 620. Then we looked at his driving record and saw that it was very good. Lastly, we took into consideration that although he was “starting a business,” the business he was starting wasn’t something new to him. He has a strong track record of work and the only change was that he was going to be making more money with his own rig. We were able to approve his start-up venture and beginning January 1, 2015 he’ll be working for himself and once the lease is up, he can choose the buyout option on his lease and own the freightliner.
Working While Starting A New Venture
Another start-up we funded recently was an equipment lease for a new restaurant venture. Often restaurants are viewed as high risk to fund any sort of loan for because of their high failure rate and high start-up costs. However, in this case we were able to help this Bronx, NY restaurant with equipment leasing for new freezers. The space that they are renting is mostly complete with the exception of working freezers so the risk to ELEASE was considerably less than if they needed all new equipment. The new owner came to ELEASE looking for $11,000 and he had a credit score of 650. Because we’re a personalized leasing company and not a big bank, we were able to question this owner further and upon learning that he is going to continue working his full time job while the restaurant is established, we were able to approve his equipment lease.
Our hope is that even if you are a start-up that you will consider ELEASE if you need equipment leasing. We spend time with each client to work to approve their application. We consider each lease separately; there are no one size fits all rules at our company, that’s why we’re able to approve leases for new owner-operators, new restaurateurs and other new ventures. Contact us today even if you’ve been turned down but another leasing company. We’d love to consider your individual circumstance and needs. One of our team members can be reached at 800-499-2577.