9 Best Equipment Financing Companies for Startups in 2024

Obtaining the funding you need to finance equipment purchases for your businesses can seem like a tall order starting out. Fortunately, there are services that provide access to equipment funding in as little as 24 hours. 

If you’re looking for equipment loans to get your startup moving, you’re in the right place. We’ve rounded up the top equipment financing companies for startups ranked by loan terms, interest rates, and more important considerations. 

If you need equipment for your startup without large upfront costs, equipment financing may be able to provide you with the capital you need when you need it. To find the right lender for your startup, this guide can provide you with the top equipment loan options available to startups. 

9 Best Equipment Financing Options 2024:

1. Uplyft Capital – Best for Bad Credit
2. Nav — Best Lending Marketplace
3. Lendio – Best Variety of Lenders
4. Balboa Capital – Best for Fast Funding 
5. National Funding  – Best for Small Equipment Purchases
6. SBA  – Best for Small Businesses 
7. Currency  – Best for Vehicle Financing 
8. Funding Circle – Best for Multiple Lending Options 
9. OnDeck  – Best for Quick Repayment

1. Uplyft Capital

• Loan Amount: $5,000-$500,000
• Term: 2–12 Months 
• Minimum Credit Score: 500
• Estimated APR: Starts at 1.24%

Rather than providing business loans like most competitors, Uplyft Capital offers merchant cash advances which essentially means the money you’re borrowing against future sales. The benefit of this is that rather than paying a standard loan interest rate, you are instead paying a fixed factor rate charged by Uplyft Capital, which has a lower starting rate than many loan interest rates. 

While Uplyft Capital has a low requirement for the time your startup has been in business – a minimum of six months – their revenue requirements are a bit higher than some competitors at $12,000 per month. 

Pros

• Low estimated APR 
• Access to funding within 1–2 business days
• Bad credit business loans offered 
• Low time in business requirements 

Cons

• Pricing and information is difficult to access on the website
• High revenue requirements

Learn more by reading our Uplyft Capital review.

2. Nav

• Loan Amount: $20,000-$5 million 
• Minimum Credit Score: Unlisted
• Term: 2-6 years
• Fees: 1%-1.5% per month

Nav makes finding equipment financing simple. Their lending marketplace allows users to filter their search results by type of financing, credit score, amount of funding, and more to easily find funding options that suit their business needs. 

The platform offers funding from over 25 trusted lenders with loan amounts ranging from $5,000 to $10 million depending on qualifications and type of funding. For equipment financing, Nav has one loan currently available through Kapitus with funding amounts ranging from $20,000 to $5 million and 1-1.5% interest per month. 

Repayment terms for this loan vary depending on a few factors with businesses over three years old and more than $250,000 in annual revenue gaining more favorable repayment terms. 

Pros

• Extensive number of lenders and loans available 
• Other business services available on the platform 
• Various types of funding to choose from 
• Filter settings help to sift through financing options with ease 

Cons

• Fewer lenders featured than some competing marketplaces

3. Lendio

• Loan Amount: $5,000–$5 Million
• Term: 1–10 Years
• Minimum Credit Score: 520
• Estimated APR: Starts at 7.5%

Lendio offers equipment financing for a wide range of needs such as farming, medical, trucking, construction, and restaurant equipment, just to name a few. In just 24 hours, businesses can obtain much-needed financing for equipment, software, and other business necessities from one of Lendio’s list of over 75 lenders. 

Lendio is especially great for startups that don’t have much revenue coming in, as their $50,000 minimum revenue requirement is lower than some competitors. 

Pros

• Fast application process 
• Access to capital is as little as 24 hours 
• Low annual revenue requirement
• Low time in business requirement (0–12 months) 

Cons

• Limited repayment schedule options
• Application is quick, but additional documentation may be required

Learn more by reading our full Lendio review.

4. Balboa Capital

• Loan Amount: $3,000–$500,000
• Term: 12–60 Months
• Minimum Credit Score: 620
• Estimated APR: Starts at 5%

With Balboa Capital, qualified applicants can receive fast capital with longer repayment terms than many competitors. Due to their application-only approval process for some loans, Balboa is able to offer super-fast funding for startups that qualify without the need for extensive documentation. 

To receive equipment financing for a business through Balboa Capital, you are required to have been in business for at least one year and have over $100,000 in annual revenue, which are stricter requirements than some of their competitors. However, you can easily get a free quote on the website to determine if you qualify. 

Pros

• Long repayment terms available 
• Same-day funding available upon application approval
• No down payment required

Cons

• Higher annual revenue requirements than some competitors 
• Lower loan amounts available than some competitors

5. National Funding

• Maximum Loan Amount: $150,000
• Term: 5 Years 
• Minimum Credit Score: 600
• Estimated APR: Starts at 5.99%

National Funding offers small business funding for qualified applicants in as little as 24 hours. The service offers capital in over 25 industries, from accounting firms to retail. This funding option is best for businesses that need only a small amount of capital to finance their equipment, as National Funding offers a lower maximum loan amount than competitors. 

To receive funding, you need to meet the six-month time in business requirement, have a credit score of at least 600, and provide an equipment quote from a vendor. 

Pros

• Quick funding access
• Repayment can be done monthly, quarterly, semi-annually, or annually

Cons

• Annual revenue requirements are high comparatively 
• Low loan maximums

6. SBA

• Maximum Loan Amount: $500,000–$5 Million
• Term: Maximum 10 Years
• Minimum Credit Score: 650–680
• Estimated APR: Starts at 11.50%/2.60%

The US Small Business Administration (SBA) offers two types of equipment financing options: their 7(a) loan and CDC/504 loan. The former has a lower credit requirement and a higher interest rate, while the latter offers a lower interest rate and a higher credit requirement. 

These loans also involve some additional eligibility requirements, such as SBA business size requirements that aren’t applicable to many startups. Loans by the SBA are partially guaranteed by the organization itself, with the rest of the loan being provided by their network of lenders. 

Pros

• Longer-term repayment options 
• Two loan options available 
• Higher loan amounts available compared to some competitors

Cons

• High interest rates on the 7(a) loan
• Strict requirements 

7. Currency

• Loan Amount: $5,000–$500,000
• Term: Up to 6 Years 
• Minimum Credit Score: 625
• Estimated APR: Starts at 6%

Currency offers financing for heavy equipment, trucks, and aircraft, making them our top choice for business vehicle financing. While Currency does offer some funding within 24 hours, customers have reported the process can sometimes take closer to a week or more. 

To be eligible for financing through Currency, however, your time in business must be a minimum of two years, making this less accessible for early-stage startups. 

Pros

• Long repayment terms compared to competitors 
• Same-day financing available 
• No down payments

Cons

• Higher interest rates than some competitors
• Limited information available on the website

8. Funding Circle

• Loan Amount: $75,000–$5 Million
• Term: Up to 10 years
• Minimum Credit Score: 660
• Estimated APR: Starts at 2.75%/15%

Funding Circle offers a few different types of funding options: 7(a) loans, business term loans, and business lines of credit. You can apply to see if you qualify for all three using only one application. 

While Funding Circle doesn’t disperse funds as quickly as some of its competitors, the lender does offer lengthy repayment terms and won’t penalize you for prepayments. However, the biggest benefit of using this service is the variety of lending options available. 

Pros

• Variety of funding options 
• No minimum revenue requirements 
• Long repayment terms compared to some competitors

Cons

• Minimum of two years in business to qualify
• Higher credit score requirement than some competitors

9. OnDeck

• Loan Amount: $5,000–$250,000
• Term: 2 Years
• Minimum Credit Score: 625
• Estimated APR: Starts at 35.4%

OnDeck is a fast, easy business lending service offering both loans and business lines of credit. With only a 10-minute application, entrepreneurs can determine their eligibility for capital through OnDeck and possibly even receive funding that same day. 

OnDeck is best for startups that need a small amount of financing fast. Due to the service’s short repayment requirements (maximum two years), startups opting to use OnDeck should be prepared for weekly or daily repayment terms. 

Pros

• Lower credit score requirement than some competitors
• Business lines of credit available in addition to loans 
• Same-day funding access 

Cons

• Not available in Nevada, North Dakota, or South Dakota 
• Repayment is shorter and more frequent than competitors 
• High interest rates

Review Methodology

With many lenders available to choose from to fund your equipment purchase, you want to make sure you’ve chosen the right one for your startup. When we are reviewing these companies, we take into consideration all of the details that may impact startups and their founders, such as: 

Interest Rates

Interest rates vary by lender and can make a major impact on your budget and ability to take on loans. Preferred lenders on this list offer a reasonable interest rate and repayment terms to make paying back your loan more attainable for startup founders. 

Minimum Business Requirements

For early-stage startups, minimum requirements for revenue and time in business can be restrictive when you’re trying to obtain valuable funding. Our top choices for equipment financing for startups include services and lenders that have low or moderate revenue and time in business requirements. 

Credit Score Requirements

The credit health of entrepreneurs can vary greatly. If you don’t have the most stellar credit score as you’re launching your business, don’t worry. We have included several options for lenders that offer financing to entrepreneurs with bad or fair credit. 

Approval and Dispense Times

If you need money to buy or lease equipment fast, the turnaround time for receiving your funds is important. We prioritize credible lenders that can give you access to cash fast, which is why many of the lenders on this list provide funds within 24 hours of approval. 

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