Q: What kind of equipment do you finance?

A: Energy Finance loans money on most any kind of business equipment in the Energy Industry.  While our specialty is the Energy Industry, we will make a loan on most any kind of business equipment, including manufacturing equipment, office equipment, material handling equipment, computers, and retail equipment.  We do not finance cars or light trucks.

Q: What is the maximum and minimum amount that I can borrow?

A: Our maximum is $250,000 and our minimum amount is $10,000.  For Grade A credits, who have a long time in business and solid financials, we can consider amounts from $250,000 to $500,000.

Q: How much will my monthly payment be?

A: At Energy Finance, our equipment loans are always less expensive than normal credit card lines. Please contact us to get a competitive quote.

Q: Will you do a lease instead of a financing agreement (loan)?

A: Equipment Finance would rather offer a customer a loan.  For those companies who have a tax appetite, we do offer a First Amendment Lease.  Call for Details.

Q: What is a financing agreement?

A: In simple terms, a loan is a contractual arrangement between your company and our bank.  We purchase the equipment from your supplier (vendor) and then you take ownership for a fixed payment.

Q: Who can get a loan with Energy Finance?

A: Any company, association, non-profit organization, municipal government or individual that is using the equipment for business use.

Q: What type of equipment qualifies?

A: Any type of energy equipment as long as it is used for the business.

Q: Will you finance the installation of the equipment?

A: Yes, equipment installation can be a part of the loan.

Q: What are the terms available from Energy Finance?

A: Our loans are offered for 24, 36, 48 and 60 month terms.   We also offer seasonal payment plans, 90 day deferral payment plans, annual & semi-annual payment plans.

Q: Are the rates for either a financing agreement (loan) or lease fixed?

A: Yes, our rates are fixed for the term of the agreement.

Q: Will you provide a loan for used equipment and its installation?

A: Yes, we have done loans for used equipment.  We reserve the right to review the term based on the age of the equipment and strength of the customer.

Q: Will you require insurance?

A: Yes, you are required to carry insurance that covers fire, theft, loss, and general liability, as detailed in the loan agreement.  Insurance needs to be in place prior to final payment to your vendor.

Q: Will you finance the installation of the equipment?

A: Yes, equipment installation can be a part of the loan.

Q: Is there a way to help me to preserve cash flow and not make a down payment to the vendor?

A: Yes, we normally start the loan so we can make the agreed payments to the vendor.  It is not unusual for us to pay 35 to 50 % down, 35 % prior or during installation and then the final part after installation.  In all cases, we do no cut a check unless we get you verbal authorization.  It is a fast, easy process – we call you, get the ok for the agreed to payment and overnight it to the vendor.  By starting the loan, you will make your first regular payment about 30 days after the payment is made to the vendor.  You will start your loan a month or two earlier than other programs but you also end the loan a month or two earlier and don’t have that big down payment coming out of your cash flow.

Q: Is there a documentation fee?

A: Yes, during the loan process there has been incurring expenses such as credit reporting fees, lien searches, overnight delivery, administrative fees, UCC filings, and papers required to be processed with your local or federal locality. A nominal documentation fee is charged to help offset the expenses for your equipment and installation package.  Please review your proposal for the fees that will apply to your loan.

Q: Is there a cost to apply?

A: We will give you a free “Preapproval Analysis” based on your credit application and doing a credit check on the company principals.  If you decide to go forward,  we ask that you sign our proposal and return with a 1 % commitment fee.  The commitment fee is required to proceed in taking the package to the credit committee.  This fee is not kept by us.  If the application is approved as proposed, the commitment fee shall be applied to the invoice sent to you with the documents to be signed.  If the transaction is not approved, the fee will be returned immediately.

Q: Do I have to work with vendors you suggest?

A: No, your company has the ability to choose from a vendor or dealer of your choice.  We do maintain relationships with Energy Vendors and will be glad to recommend some to you.

Q: What kind of information do you need to get me the free “Preapproval Analysis”?

A: We need your vendor proposal, a filled out credit application and the summary page of your business checking account for the last three months.

Q: How long does it take for an approval?

A: Usually in less than 4 hours for an application only submission.  Full Commercial package can be approved in 3 or 4 days.

Q: How are loan decisions made?

A: Equipment Loan credit decisions are typically based on your credit history, time in business and type of equipment.  On loans over $100,000, the financial package presented is also a part of the decision process.

Q: Does the equipment have to come from the same vendor?

A: No, you can acquire equipment from multiple vendors and finance everything under one equipment loan agreement, with the equipment’s installation as a part of the loan.