Business equipment finance or equipment loans refer to a loan used to purchase business-related equipment and can be of any type for various kinds of businesses. These are usually small business loans required to fund the purchase of different types of equipment specific to various kinds of purposes that companies may come across.
Such loans are often required on an urgent basis where the owner or the business might be needs funding in emergency. Business equipment finance in Australia is provided by various lenders, like banks, traditional lenders and alternative financing agencies like Hubbe, etc.
Business loans to buy equipment are often a necessity for restaurant owners to purchase various types of business equipment, like refrigerators, ovens and other items to enhance the kitchen. Such loans often require collateral, possibly business equipment itself, or a business or personal asset, at time of availing from banks and traditional lenders.
Also Read: Why Alternative Lenders are the wisest choice for Business Equipment Loans
Banks seldom provide equipment loans as unsecured business loans and impose a lien on additional business and personal assets. Alternative financing platforms,, on the other hand, provide easy business loans that can serve as equipment loans as well.
Often, equipment financing is needed on an urgent basis. Hubbe is a reliable and effective alternative financing medium in such situations. They provide fast business loans for the purchase of business equipment. These are often unsecured business loans and are convenient and effective for the requirements of various businesses.
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Instances when Hubbe proved vital for borrowers
Hubbe has helped several small businesses, startups and entrepreneurs with business equipment finance. One of the most notable instances of such a business loan was the case of Mr. Charles Smith.
Mr. Smith, aged 40, had planned to open a restaurant in his locality. This venture required funding and a lot of time and Endeavour.
While Mr. Smith had a savings amount of almost $75,000 for the venture, after completing the calculation of expenses, he realised he would need another $25,000 within 6 months of time.
He had already invested $75,000 into the business and was able to cover the charges for staff wages, buying goods and other utilities, but still fell short of capital that was required on an urgent basis to buy a refrigerator, an oven and a few other kitchen instruments. Without this, he would lose his venture and his invested amount.
After being rejected by several banks and traditional lenders due to a lack of collaterals, he opted to apply with Hubbe for an unsecured business loan to suit his needs. Hubbe provided him with options of ideal and fast business loans to meet his requirement. This helped him continue his business and now his establishment is successfully running with an annual turnover of over $100k.
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With the appropriate and ideal funding assistance, from Hubbe, many restaurant owners, like Mr. Smith has been able to acquire easy business loans for various purposes. The requirement span across equipment purchase, development, merchant cash advance, etc, Thus, Hubbe is one of the most popular and reliable alternative finance agencies in Australia.
Also Read: How Alternative Finance helped a Restaurant Business Owner in Australia?