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Equipment Loans

Bank of Old Monroe has offered equipment and machinery financing to manufacturers, distributors, and contractors across Missouri since 1906. We work with many industries and thoroughly understand market behaviors, asset values, and growth strategies. Our industry knowledge enables us to provide customized solutions for your business growth.

Let us tailor a solution for you based on your individual business needs. Contact us today!

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Business Equipment Loans Defined

Businesses of all sizes rely on equipment, machinery, and vehicles to fulfill their core operations. However, purchasing costly equipment requires a significant upfront expense and can impact working capital necessary to maintain business as usual. Equipment loans, therefore, are an ideal option for companies needing to upgrade, replace, or purchase new equipment to fuel growth.

For instance, construction businesses can leverage an equipment loan to fund the purchase of heavy machinery. Further, farmers can purchase tilling equipment with a loan and free up capital for other necessary expenses. Overall, equipment loans can be a viable tool for growing businesses.

How Equipment Loans Work

Like many loans, the amount borrowed for business-related equipment covers most of the purchase. Therefore, qualified borrowers must present a down payment. The new equipment then serves as collateral for the length of the loan and companies can begin utilizing it for business functions immediately.

Approved borrowers are responsible for periodic payments of principal and interest throughout the length of their loan. The terms vary from a few months to several years, depending on the equipment value, interest rate, and a company’s ability to repay. Once a borrower repays the total amount, the business owns the asset.

How to Get an Equipment Loan

You must meet specific requirements to qualify for an equipment loan, such as:

  • A personal credit score. As a business owner, be prepared to show your personal credit history and validate your ability to repay the loan.
  • A solid business plan. Your business plan is a written guide to your future success. It outlines your current cash flow, sets realistic goals for growth, and identifies your target market and how your products or services meet their needs.
  • Positive cash flow statements. Running a business is all about ensuring more money comes in and less goes out. Accurate, ethical, and healthy financial statements are beneficial in demonstrating your repayment ability.
  • Available down payment funds. Down payments differ according to equipment value, loan terms, and interest rates. A Bank of Old Monroe lending team member will review your financials to determine loan specifics. 

Benefits of Equipment Financing

Equipment financing offers many advantages for businesses, including:

  • More money on hand. Rather than spending a large outlay of cash on heavy machinery outright, equipment loans allow you to repay the cost over time and provide an opportunity to grow your business checking account to cover payroll, rent, and other expenses.
  • Purchase up-to-date equipment. Financing allows you to upgrade or replace your existing equipment in a budget-friendly manner.
  • Business growth. Whether you’re adding a product or expanding your service offerings, affordable equipment financing allows you to fuel business growth.

Bank of Old Monroe is Your Business Equipment Financing Team

Equipment financing from the Bank of Old Monroe allows you to take the cost of the equipment and spread it out in equal payments so you can use your hard-earned cash in other areas of your business. Let Bank of Old Monroe help you finance the equipment your business needs to thrive! Use an equipment loan to purchase business-related equipment such as construction, farm, industrial vehicles, and other general-purpose machines. Growing your business with an equipment loan can assist with various business expenses.

Contact Our Equipment Loans Team

Our team works with you to design the best equipment financing solution based on your business needs and your accounting, tax, and financial objectives. To determine the rate, down payment, and loan length, please call or visit one of the Bank of Old Monroe loan specialists. We look forward to helping you grow your business!

Matthew Bals
Moscow Mills

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Matt Daniels
Wentzville/Old Monroe

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Matt Arnold
Troy

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Dave Vandeven
O’Fallon/Old Monroe

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Contact Bank of Old Monroe

Your business can’t move forward if you don’t have the right equipment in place! Bank of Old Monroe is committed to helping our customers capitalize on their opportunities. To apply for an equipment loan, visit one of our five branch locations in Old Monroe, Moscow Mills, Wentzville, O’Fallon, or Troy.

Required documents may be dependent upon the business structure (i.e. LLC, corporation, partnership, etc.). Please contact your branch location for details.

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