A home equity loan is an excellent option for people who are looking to be their own source of financing. Home equity is the difference between your home value and the amount you currently owe.
For example, if your home is valued at $300,000 and you owe $200,000, this would qualify you for a loan amount up to $100,000.
Taking a loan against your retirement is a great option for people who have contributed over an extended period of time and want to self finance their new business opportunity.
The money in your retirement account is your own money that you put away into a special savings account. With the potential for an unlimited rate of return, starting your own business is the ultimate investment in your future.
A credit union is generally available to civil servants or employees of a specific organization. These institutions are owned by their members and have slightly different rules than large chain banks.
This option is ideal for somebody who is looking to stay with their current employment and supplement their income.
A firefighter would be a great example of this. Typically, they are on call for 24 hours, then off for 72 hours. Having the opportunity to operate their Dustless Blasting business in their off time gives far greater flexibility and allows them to supplement their income.
All Dustless Blasting mobile machines come with a title. This is highly attractive for a credit union as they are often willing to lend provided there is legitimate collateral. Credit unions will often have more favorable rates than banks because they are non-profit organizations.
The SBA uses state and local economic resources to help entrepreneurs start and finance a new (or grow an existing) business.
www.SBA.gov is an extensive resource to learning more about a start-up loan from the SBA organization. This will be a very thorough process that will reflect a counselor like experience. A full business plan and your active participation with a counselor will be required.
This is different than a car lease. Terms range from 24-60 months and at the end of the term you will own the equipment.
Start-up equipment leasing is available for up to $49,500
A lease is a wonderful option if you are looking to put very little money down and has a credit score of 680+. A lease will not impact your borrowing power and will provide you with a fixed monthly payment. Down payment will gernally be 2 payments and a $250 document fee.
100% of your payment will be tax deductbile under tax code section 179. There is no "interest rate" with a equipment lease, however, the lease will always be the sum of all payments.
Dustless Blasting has partnered with Alliance Leasing & Financial to provide a equipment leasing option for your purchase. Alliance Leasing & Financial can provide you with affordable monthly payments that meet your needs. Approval processes are typically within 24 hours.
This is a great option for a tool purchase. Many promotional periods on credit cards last for 12-24 months and offer a 0% interest reate. This is a very economical way to purchase one of our stand alone machines. The amount you can borrow on the card will be 100% credit and income based.
You can learn more and CreditKarma.com/creditcards