Without perfect credit, finding a lender who’ll work with you on equipment financing can be an uphill battle, but it doesn’t have to be a losing one. At Global Financial & Leasing Services (GFLS), we take a more empathetic approach to evaluating your credit and approving applications for equipment financing.
We understand that your credit history doesn’t tell your whole story. Through a comprehensive and compassionate evaluation process, we look at various aspects of your business’s operations and financials to uncover the real story behind the numbers. GFLS, considered an alternative lender, is changing the game in equipment financing, ensuring that business owners of all credit backgrounds have access to the funding they need to grow their companies.
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Traditional Credit Scoring Has Shortcomings
Credit scores have traditionally been the go-to metric for financial reliability. However, they can be rigid and unforgiving, not considering the unique challenges and circumstances business owners face. GFLS’s team recognizes that a credit score is a single chapter in your larger story.
A Holistic Approach to Understanding Your Business
At GFLS, we consider various factors to ensure a fair and accurate representation of your financial health and creditworthiness. Here’s how we do it:
- Analyzing Cash Flow: Your cash flow tells a story of resilience and management savvy. We analyze your cash flow trends, knowing that stability and consistency can sometimes speak louder than a credit score.
- Valuing Industry Expertise: Longevity and experience in your industry signify stability and expertise. We take stock of the years you’ve dedicated to honing your craft, acknowledging that your industry acumen is a vital component of your creditworthiness. On the other hand, we also work with startup business owners to fund their equipment purchases or leases. We believe being new to one business doesn’t mean you’re new to business ownership or managing financial responsibility.
- Comprehensive Financial Review: We go below the surface, analyzing your business’s complete financial picture. From income and expenses to profitability, we assess facets of your financial performance to gain a true understanding of your fiscal health rather than make credit decisions based on a single number—a credit score.
- Considering Collateral and Assets: Assets and collateral provide an additional layer of security and trust. We evaluate the resources at your disposal, since your assets play a crucial role in securing your equipment financing.
- Assessing Customer Feedback and Reputation: Your interactions with customers paint a picture of your business’s integrity and quality. We might skim customer reviews and testimonials, understanding that a stellar reputation is a testament to your reliability and excellence in service. We note trends. No one can please all the people all the time. And one or a few bad reviews are expected business practice. In fact, GFLS received a bad review from a client who had us confused with another company with the same/close name.
- Leveraging Personal and Business References: References offer a unique perspective on your business operations and reliability. We might consider both personal and business references as integral components of our holistic credit assessment.
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The GFLS Advantage: Your Future Business Success Doesn’t Have to Hinge on Your Past
At GFLS, we are committed to breaking down barriers, providing equipment financing solutions tailored to your unique business story. Our approach to credit assessment ensures that you are not defined by your credit score, but rather by the potential and resilience of your business.
Your access to equipment financing should not be hindered by the constraints of traditional credit scoring. Explore the possibilities with GFLS, and partner with a financing provider that sees beyond the numbers. Contact us today and take the first step towards unlocking the equipment financing your business deserves.