Do you need a term equipment loan to finance your growing business?
At Jefferson Bank, we offer competitive rates and terms on our equipment loans. We’re experts in lending to St. Louis small- to medium-sized businesses. Whether you need an equipment loan to finance your business expansion or a loan to replace worn-out machinery, we’ll work with you to get your business on the right track to growth.
Unlike most other St. Louis banks, our primary focus is on growing local prosperity. We do most of our lending to St. Louis area businesses with revenues ranging from $1 to $50 million per year. Our equipment loan officers have substantial experience evaluating loan applications. We provide industry-leading response times for all equipment loan applications, so you’ll get an approval or a rejection quickly without being left in the dark.
Preparing to Apply for an Equipment Loan
For loan borrowers with an already-existing business relationship with Jefferson Bank, the process for gaining approval on a term or equipment loan is much simpler – because we already know a lot about your business.
For new customers, it helps to provide plans, business records, and projections for how the equipment loan is going to help your business to grow. Our loan officers can also help you to gather requirements for what you are going to need to succeed with your equipment loan application.
It also helps to have established business credit to increase your chances of successful equipment loan approval. The easiest way to build business credit is to use business credit cards along with other business loans and then to repay loans promptly and stay current on all payments.
By building business credit separate from your personal credit, you can make it easier for your business to borrow a term or equipment loan when it needs one to expand.
Obtain an Equipment Loan Without Established Business Credit
If you don’t have established business credit, your business can still qualify for an equipment loan. Either your business can secure the loan with its existing assets or you can guarantee the loan with your personal assets. By securing the equipment loan with additional assets, you reduce the risk that the bank will have to take.
You can also use such a secured equipment loan to build your business credit more quickly so that you can gain access to a future loan on better terms.
Apply for Term & Equipment Loans in St. Louis
To contact our bank in St. Louis and apply for a term loan or to learn more about our business loans, call us at 314-621-0100 or come by one of our St. Louis area banks today. We look forward to hearing from you!