Answers from Rushcrest Commercial Capital in Kankakee, Illinois to questions owners ask before a funding request: credit unions and banks, where to apply, how equipment financing is counted, and who decides.
Can You Get a Business Loan from a Credit Union? An Example With Skid Steers
Yes. Credit unions make business loans to members, and some offer equipment loans and lines of credit. Membership rules vary, and a credit union may ask for the business account to be held there. For a skid steer, a credit union, a bank, the equipment dealer's finance program and a funding partner can all quote; comparing at least two helps.
Kankakee County, IL had 43 depository credit intermediation establishments, the code for banks and credit unions, in 2023 (County Business Patterns, 2023).
Where to Apply for a Small Business Loan? An Example With Security Systems
Banks, credit unions, online lenders, equipment dealers and funding services all take small business loan requests. A business buying a security system can ask the installer about financing, ask its bank, or send a request to Rushcrest, which refers it to funding partners. SBA-backed loans go through SBA-approved lenders; Rushcrest does not arrange SBA loans.
The SBA Illinois District Office covers all 102 Illinois counties from Chicago (U.S. Small Business Administration).
Is Equipment Financing Debt? An Example With Ice Machines
Yes. An equipment loan is debt on the balance sheet, and an equipment lease is a payment obligation that later lenders count. A restaurant financing an ice machine will see that payment considered when it asks for working capital later. That is one reason to size equipment requests to the machine actually needed.
Is Equipment Financing a Loan? Start With Claim Delays
An equipment loan is debt with the machine pledged behind it. An equipment lease is a separate contract. Claim delays at a practice are a different problem: they call for working capital or a credit line, not equipment financing, because there is no machine to secure the money.
See business lines of credit for claim gaps.
About Rushcrest Commercial Capital and who decides a Kankakee, IL request
Requests from Kankakee County, IL businesses come to Rushcrest Commercial Capital, which passes each one to funding partners. The partner reviews the request and decides whether to offer anything, how much, at what price and on what terms.
Read the disclosures for how that division of work is described.
By Rushcrest Commercial Capital · Updated
