Small and medium-sized businesses (SMBs) play a crucial role in the economy. Without them, the economy would grind to a halt. So, why is it that SMBs often struggle to acquire the necessary equipment to operate and grow? Equipment financing provides a solution that allows SMBs to acquire the tools they need without paying for them upfront. But what if you need a million dollars for equipment financing? Is it difficult to secure that amount of financing?

Here’s a look at what goes into getting equipment leasing and financing up to $1 million for an SMB.

Lender Requirements

When considering equipment financing, it’s crucial to research potential lenders to find the right fit for your business. Some lenders specialize in equipment financing, while others offer it as part of their line of financial and business services. Lenders have different requirements for borrowers, such as collateral, credit score and income requirements. Some only finance applicants with top-tier credit and credit scores.

If you’re seeking a million dollars in equipment financing, you may need to provide significant collateral to secure the loan. Collateral is an asset that can serve as security for the loan. If you default on the loan, the lender can seize the collateral to recover the loan amount. The value of the collateral should be equal to or greater than the loan amount.


Your credit score and credit history are critical factors in determining whether you can secure a million dollars in equipment financing. Lenders use credit scores to assess your risk as a borrower, and a high score increases your chances of being approved for financing. If you have a low credit score or negative credit history, it may be more challenging to secure financing or result in higher interest rates, but not impossible. To talk about your chances for qualifying, get in touch with one of our financing experts.

Before applying for equipment financing, check your credit score and credit report for errors or issues. Address any errors or issues before submitting your application to increase your chances of being approved for financing.

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Equipment Value

The value of the equipment you need to purchase is another critical factor. Lenders will assess the value of the equipment to determine if it can serve as collateral for the loan. If the equipment’s value is lower than the loan amount, lenders may require additional collateral, a higher down payment or offer a shorter loan term.

It’s essential to provide detailed information about the equipment you plan to purchase to the lender, including its value, condition and estimated lifespan. The lender may require an appraisal or inspection of the equipment to ensure its value, especially for $1 million-worth of financing.

Economic Climate

The overall economic climate can impact the availability of financing. During a recession or economic downturn, lenders may be more cautious and conservative in their lending practices, making it more challenging to secure financing. However, during a strong economy, lenders may be more willing to lend to SMBs and offer more favorable terms.

The economy is uncertain right now with some predicting a recession. When lenders, like Global Financing & Leasing Services (GFLS), step up to provide equipment financing, businesses have a strong chance of surviving economic ups and downs. GFLS was founded in 2009 during the Great Recession to support businesses. We have a history of successful lending, access to capital and commitment to our mantra: “When Other Lenders Say No, We Often Say Yes.”™ 

If you’d like to learn more about equipment leasing and financing up to $1 million for an SMB, contact us.