Small businesses are the driver of the US economy. They continually undertake new projects, seize on opportunities quickly, and develop creative solutions to solve unique problems. Accomplishing all this can be a challenge, especially when access to capital is introduced into the equation. McKinley Capital Finance is a powerful resource and very useful to business owners who require capital for equipment acquisitions to accomplish their goals.
Application, Approval, and Closing Made Easy
Regardless of the size of your business or the industry you compete in, time is valuable. A long process of providing paperwork, only to be asked for more, is not only frustrating but can cause missed opportunities for the growth and health of your business.
For applications under $350,000 we typically provide credit decisions within hours, as well as quick documentation and funding promptly to your vendor(s) upon delivery and acceptance of the equipment.
What’s likely to get approved?
Unlike banks, we are un-regulated, allowing more flexible terms, conditions, and minimal documentation. If you have been in business three or more years, maintain a good payment record with creditors and have no material suits or judgments you are a great candidate. Pretty simple.
All you need to do is complete our on-line credit application or contact one of our financing professionals who can walk you through the application. Attach the equipment detail and you are on your way to fast approval.
What terms are available?
You know your business better than anyone. Managing liquidity, cash flow and return on investment are key considerations in determining the right product and terms. Some businesses may have seasonal ups and downs of getting a project up and running may take some time before receivables turn to cash.
We are pleased to address the special needs of your business. McKinley Capital Finance offers competitively priced capital leases, operating leases and term loans to a broad base of industries. Repayment terms are typically fixed for 36-72 months. Under capital lease and loan structures, all depreciation and tax benefits are retained by our customers.
Can I finance soft costs such as sales tax and delivery?
When included on your vendor’s invoice(s), soft costs can be included in your financing with us. Other costs such as software related to the equipment acquired, and installation may also be paid for over the term you selected.
How does McKinley Capital Finance compete with large Banks?
Hopefully, your business has a great relationship with a local, regional or nationwide bank. They have provided loans and other business services and you feel valued as a customer. All banks have exposure limitations whether internally imposed or set in the regulatory environment as a legal lending limit. You may have more than adequate availability under these limits for an upcoming equipment lease or loan but might consider reserving that for other working capital needs.
We don’t file liens on assets (other than the specific equipment financed), require financial covenants or charge excessive fees. As a singularly focused provider of equipment financing, we aren’t invested in hundreds of other services, multiple layers of management, or brick buildings on every corner. Our conservative expense structure reduces our cost of funds which allows us to be price competitive with even the largest financial institutions.
What if our borrowing need is more than $350,000?
For over 35 years, McKinley’s management team has been a relationship-driven provider of equipment financing to small, midsized and large businesses throughout the US and in Canada. Our average size equipment finance transaction is approximately $1.6 million. Several large customer relationships have resulted in our providing over $50 million in aggregate to a single entity.
For requests over $350,000 we typically require your last three (3) year-end financial statements, latest interim financial statements with comparatives to the prior year, and equipment detail. All of the same products, terms and competitive pricing mentioned above are applicable. Generally, preliminary approvals are provided within 1-2 business days, formal approval within a week and closing promptly thereafter.