And Not the Big Banks
You, Google, Apple, Hewlett Packard, and Microsoft have something in common. No matter what your business or industry, you are a startup, just like they were. They had a disruptive idea, and you have an idea on which you can build an empire – even if your idea of an empire is to create a sustainable, profitable business in your community.
Big banks love Google, Apple, Hewlett Packard, and Microsoft. However, they aren’t fond of startups for various reasons. Link to blog above. For example, Steve Jobs and Steve Wozniak didn’t finance equipment for their new startup, Apple. A bank turned them down for a mere $15,000 loan. A computer parts store turned down an equity stake in Apple in exchange for the $15,000. The two men ended up working out purchase order financing.
We love startups because we believe they turn into small businesses that drive the American economy. More people are employed by small businesses that began as startups than global corporations employ. As a startup owner, you have ability to produce jobs in your community, which is good for everyone.
To give startups alternative equipment financing options is the reason why Global Financing & Leasing Services was founded in 2009 after the Great Recession and big banks tightened their lending to startups even more.
Rather than evaluating potential based on paperwork and applications, we go about it differently in five important ways.
- We look at what you DO, not just the numbers and risk behind it.
- We assess your equipment financing application as a whole, including you, your financial plan, reserved funds, etc. instead of denying financing based on one single aspect.
- We offer competitive rates for startups.
- We’re a small business helping other small businesses, lending $25,000 – $500,000, which is the typical range of equipment financing.
- We approve equipment financing faster because we are a direct funder without all the red tape that many other financial institutions have.
More importantly, we know our clients as more than a file number. You speak to decision makers and talk about your needs, which simply isn’t possible with big bank financing applications.
Apple was valued at $5,309 in 1977. In December of 1980 it went public for $1.79 billion, and the rest is history. Jobs and Wozniak would fail miserably today because big banks won’t lend to a startup on a purchase order alone. Big banks want two or three years of business history and documentation. And even if they did finance equipment for a startup, it would never happen in less than 90 days. Jobs and Wozniak would’ve lost their contract for their first order by then.
Maybe your startup is the next Apple in the world or your community. Maybe we’re the company who can finance the equipment to make that happen. Contact us to see what’s possible.