u/romeogriffin1213

credit score is 545. had some personal issues a few years back that tanked it

the business itself is solid. 3 years in, $28k a month in revenue, no missed payments to vendors or suppliers

I need to finance a commercial espresso machine and grinder setup, about $18k total. the equipment is the collateral so I don't understand why my personal credit score matters so much for something that's secured

applied to two places and got declined both times. one of them didn't even look at my bank statements, just ran the credit and said no

is there anyone who actually does equipment financing based on the business performance rather than the personal score

need to finance a CNC lathe, around $85k

I've gotten quotes from 3 places. my bank wants 20% down and 7 weeks to close. an equipment financing company quoted me 9.8% over 60 months with 10% down. a vendor financing program through the manufacturer is offering 0% for 18 months then jumps to 14.9%

I know the 0% sounds good but I've heard there are catches with vendor financing, like you can't negotiate the equipment price and there are penalties if you pay it off before the rate jumps

what do people in manufacturing actually use for equipment financing and what should I be asking about that I'm probably not thinking of

need $75k to buy out a piece of equipment and cover a gap in working capital while we ramp up a new contract.

started the SBA process 6 weeks ago. still waiting. my accountant says it could be another 6 to 8 weeks minimum.

the contract starts in 3 weeks and i can't wait that long.

been looking at CDFI lenders, online term loans, and equipment financing separately for the equipment piece. rates are higher but at least there's a timeline.

what did people use when they needed something faster than SBA and didn't want to go the MCA route? specifically looking for something with monthly payments and a rate under 20%.

Been factoring invoices for about a year through a company i picked somewhat randomly when i was desperate for cash flow. The service is fine but i'm starting to wonder if i'm leaving money on the table or dealing with terms that aren't competitive. The things that matter to me: advance rate (mine is 85%), factoring fee (i'm paying 2.5% per 30 days), recourse vs non-recourse, and whether they notify my clients or let me handle it. What are people using and what does your fee structure actually look like? i'm in B2B services, invoices are mostly $5k-$20k, clients pay in 30-45 days.

applied through Reliant Funding a few weeks ago just to see what they'd offer.

never got a loan. did get 11 calls in 4 days from different numbers.

looked them up after and apparently this is a known thing. 91 BBB complaints, most of them about aggressive telemarketing. their BBB rating is a C- which is pretty bad for a lending company.

the actual loan terms they quoted weren't terrible but i can't get past the feeling that a company with that many spam complaints isn't one i want pulling from my bank account every day.

found this site called merchantcashandcapital . website looks like it was made in 2010. offering 'instant approval' for up to $500k.

this screams scam to me but i'm curious if anyone has actually used them. the 'instant approval for $500k' claim is a massive red flag. has anyone verified if this is even a real company?

I sell outdoor gear online and inventory financing is my biggest challenge. Kickfurther has an interesting model where they essentially crowdfund your inventory purchase.

It sounds creative but also complicated. Has anyone actually used Kickfurther? What's the real cost compared to a traditional inventory loan? And what happens if your products don't sell as fast as projected?

my startup banked with SVB before the collapse. ended up at first citizens through the acquisition. the experience has been okay but i'm now looking for a business line of credit and i'm not sure if first citizens is the right fit for a tech startup.

anyone gotten a business line of credit from them post-acquisition? are they startup-friendly or more traditional? i don't want to waste time applying if they're going to want 2 years of profitability.

I run a home-based catering business and most lenders won't touch me because I don't have a commercial address. Finova Capital was mentioned as someone who works with non-traditional businesses.

Has anyone gotten funded by them in a similar situation? What documents did they need? I'm trying to buy a commercial kitchen rental membership and some new equipment, about $15k total.