Commercial electric vehicle charging stations can make your business more attractive to potential customers, and the benefits of providing charging stations will only increase as the EV market continues to grow. Between local and federal financial incentives, widespread adoption of standardized charging equipment, and a massive increase in embracing EV technology from the public, there’s never been a better time to add EV charging stations to your business.

Despite the financial incentives and array of options for commercial EV charging stations, you may find that EV charging stations cost more than the capital you’re willing to spend outright. If so, you’re not the only business who feels that way – which is why there are also some great programs for financing charging stations.

If you aren’t already familiar with equipment financing, check out our FAQs on equipment financing here. You might find that you’d benefit more from a lease than a loan, depending on the specifics of your business. For Michigan-based businesses, you can potentially get an even better deal through the MI Saves program. (Team Financial Group is a MI Saves financing partner, and we’ll explain what that means for you shortly.)

The Benefits of Adding Commercial EV Charging Stations to Your Business

If you already drive an electric vehicle, then you are part of a fast-growing group of owners who don’t need further convincing that EV is the way to go. And it probably won’t surprise you to learn that for gearheads across the nation, taking vintage vehicles and converting them to electric has become a popular new hobby. On top of that, the USPS has announced that it is on its way to owning the largest electric vehicle fleet in the world, with intentions to have over 60,000 Next Gen Delivery Vehicles on the road by 2028. At this rate, gas stations could soon be a thing of the past!

With such widespread adoption of electric vehicles, the need for charging stations is set to grow commensurately. Adding commercial EV charging stations to your business can provide you with numerous benefits:

While electric vehicle supply equipment may be an exciting project for your business, the out-of-pocket cost – especially for DC fast chargers – can make you do a double-take. That means it’s worthwhile to learn about all the financial incentives available to you and your business.

A qualified financing partner can help you find every cost saving advantage in your local area, like the ones listed below.

RELATED: 7 Tips for Purchasing New Equipment for Your Business

Financing Commercial EV Charging Stations in Michigan

Team Financial Group is here to help you find the best opportunities for financing your commercial EV charging station. We can help you take advantage of many of the regional incentives, and as a MI Saves-authorized lender we can help you get a better interest rate on your clean energy projects.

Michigan Saves (Green Bank)

Any commercial property user or owner can utilize MI Saves for better financing for their clean energy projects, including EV charging stations.

A big benefit is that MI Saves has a network of authorized contractors to help you ensure the quality of workmanship, as well as timeliness of installation.

In addition, since MI Saves functions as insurance for independent lenders, your financing partner can offer you better interest rates on your charging station loan. This includes upgrades to existing electrical infrastructure, net metering system software, and related projects.

RELATED: How To Save Money With MI Saves Financing

Charge Up Michigan Program

This grant is specifically for increasing the availability of DC fast charging stations across Michigan by providing funding to qualified applicants. To be eligible, an organization must simply host publicly accessible charging stations.

The program is currently prioritizing funding for projects in more remote areas of Michigan, to ensure there are no “unfulfilled nodes” or EV charging station deserts. The grant is for either 33.3% of the total cost or a direct match of what the electric utility is paying (up to $70,000), whichever is the lesser amount, for eligible EV charging equipment.

As with many grants, there is some red tape to jump through. Awardees are expected to provide monthly progress updates and site metrics, as well as documentation of expenditures. While larger organizations might have the bandwidth to meet these requirements, small to medium businesses might not have the resources to dedicate to detailed monthly reports.

If you’ve been turned down for this grant or can’t justify the resources to meet the program requirements, you can always turn to Team Financial Group for fast and flexible financing. Even without this grant, you may be able to take advantage of other incentives, like the recently extended Inflation Reduction Act tax credit for your commercial charging stations. Contact Team Financial Group to learn more!

RELATED: A Smarter Way to Finance Equipment for Business

Power Up Your Business With Shockingly Affordable Financing

Finding the right financing partner for your commercial EV charging station doesn’t have to be a challenge. Team Financial Group is well-versed in green energy projects like the DC fast chargers needed for the fast-paced electric car industry. We can help you right-size your commercial EV chargers for your location and find you the optimal financing to make the project affordable.

If you already have the project scoped out and just need some help with the EV charging station cost, Team Financial has the flexibility to get you what you need – we often can even get same-day approvals on your equipment financing loan.

Get in touch with us today for any questions about federal and local incentives for commercial EV charging station installations, or to talk about the different financing options that can help power up your business.

Our team of financing experts is here to help you transition to an electric future, just give us a call at 616-735-2393 or fill out our short online contact form to connect with us.


ChargePoint, Inc. (2015). Leading Retailer Partners with ChargePoint to Attract and Retain Loyal Customers. Campbell, CA: ChargePoint. Retrieved from

Growing or establishing a small business requires money, and usually more than most small business owners have on hand. When it comes to acquiring a small business loan—something that can be important for leasing or buying equipment—most people think of going to a bank to borrow money.

Banks generally offer the best interest rates, but the application process can be cumbersome and lengthy. Even if you’ve got a successful business model that is very profitable, and a great credit score, you still might not check all the right boxes for the bank’s approval.

What does it take to get approval on a business loan from a traditional lender like a bank? Keep reading to find out!

However, if your business doesn’t meet the qualifications, there are still some great financing options that can work to your advantage. Team Financial Group, with more than 20 years of financing experience, will take a holistic look at your business finances and work with you to find a business loan solution that fits your business – even if the bank has turned you down.

Bank Requirements for Business Loans

Banks can be attractive places to get a loan because they can offer the best interest rates and are traditionally thought of as safe and secure lenders. But in order to remain safe and secure, they often have more stringent requirements for business term loans than alternative lenders, particularly because they cannot lend to businesses that they deem “risky” or likely to default.

Therefore, most banks want to see a solid history of profitable business before they’ll approve a bank business loan. And they establish this by looking at the following factors.

Credit Score

Not only must the business have a high credit score, but since bank loans are often required to be personally guaranteed by the owner, the bank will want to see the owner’s personal credit score as well. For small business loans with the best interest rates, credit scores of 690 or above are preferred.

To get approval for Small Business Administration (SBA) 7(a) loans for equipment, the SBA is the guarantor instead of the business owner. If your own credit score isn’t great, this might help you gain approval on a bank loan.

Business History

Typically, banks only lend to businesses who have been in business for a minimum of two years. If you don’t have the business history to qualify, a nontraditional lender will probably be a better fit for your financing needs.

Annual Revenue

In order to secure a small business bank loan, you’ll need to show that your small business has consistent cash flow. The amount will vary by lender, but some banks expect to see an annual revenue from $50,000-250,000 to approve business loans.

An alternative may be to apply for a business line of credit, which can act like a credit card for your business to borrow money against.

RELATED: How Much Working Capital Do I Need for My Business?


Depending on the type of bank loan you’re applying for, and how good your credit score is, you might be asked to put up business assets as collateral. If you default on your loan, the bank has the right to seize these assets. Collateral is not required for unsecured loans, but an unsecured business loan may have greater requirements for a personal guarantee from the owner(s).

Business Plan

After the bank has dug into your past financials, they’re going to want to see how you’ll use this loan to improve your future. Your business plan should include how you expect to use your small business loan to achieve your goals, and how you expect to repay the loan. This is a way to see if you have the cash flow to cover all your expenses, plus the monthly payments for the loan.

RELATED: How to Cut Your Business Costs: 9 Tips

Loan Approval Period

After you’ve double-checked and submitted all your paperwork, there’s still a waiting period to see if the bank has approved your application. This can be about 2-4 weeks for most bank business loans. For SBA loans – even if you’re working with an SBA-preferred lender – the approval can take as long as 3 months. If you’re rejected, you may have to start over from scratch. That might not fit your timeline, in which case you’ll need to look at other business financing options.

Alternative Options for Small Business Loans

If you’re struggling with bank approvals for small business loans, there are plenty of other options. If you have the option to refinance commercial properties, that can be a way to raise capital for business expenses. Online lenders can offer easier and faster approvals for loans, and local credit unions may also be an option. Private lenders can also be a good choice, especially if you are looking for a lender with extra flexibility.

Unlike a bank, Team Financial Group can take a big picture look at your company and see that even though you don’t meet a bank’s requirements for business history, your business plan and credit score are both excellent and you have a promising future. In fact, that’s exactly what we did for Walnut Grove Excavating after they were turned down by the banks.

In addition, Team Financial can help you find financing fast: we often can get same-day approvals for your business. Plus, we may find that a standard term loan is not the best fit for your business. We can offer equipment leasing which will protect you from rising interest rates and help you save money on a down payment. We want to get to know you and your business, so that we can figure out the best way to help you succeed!

RELATED: 20 Questions: Here’s How Equipment Financing Works

Get Started With Fast, Flexible Financing Today

If the banks have turned you down, or you are looking for a faster, more flexible option, give us a call.

Team Financial Group’s mission is to apply common-sense lending principles to small businesses, unlike traditional banks which have strict requirements. We’ll dig into the details of your business so that we can see what the banks missed: if you’ve got a solid business plan and need a financial boost to achieve success, we’ll try to help you get there.

If you’d like to learn more about what sets Team Financial Group apart from traditional lenders like banks, give us a call at 616-735-2393 or fill out our short online contact form. Our expert team is always happy to help!

Typically, expanding or growing your business is one of the biggest goals for any small business owner. This makes sense because reaching a wider customer base, expanding operations, and increasing production, capacity, and efficiency all can provide huge benefits for a company.

At the same time, when a company tries to grow too fast, the results can be disastrous. For this reason, a wise business owner will protect cash flow during periods of growth. That is an important way to ensure that the financial health of the business stays intact.

Defending your cash flow often involves finding a way to spread out the cost of major purchases. Doing so can ensure there’s always a good buffer to handle emergencies. And by utilizing smart equipment financing solutions, a business can experience several benefits that help them on the path to solid growth.

Before we jump into that, let’s start by looking at what kinds of equipment can be obtained with smart financing to benefit businesses – you might even be surprised by the variety of equipment we finance so you can grow your company.

What Types of Equipment Qualify for Equipment Financing

It is usually easier to qualify for equipment financing than business loans, like SBA loans (Small Business Administration). This means an important first step is knowing exactly what “equipment loans” can all encompass. The fact of the matter is that virtually any business makes equipment purchases that would qualify for an equipment loan. After all, can anyone do business these days without even a phone or computer (or tablet)?

That said, here are some specific types of business equipment from different industries that can qualify for financing:

It is worth noting that we could really have included “and more” at the end of each of those lists. While this serves as a decent sampling of the kinds of equipment we help companies finance, it’s certainly not an extensive list of all options. (If you ever have questions about if what you’re thinking about obtaining would qualify for financing, please don’t hesitate to ask – we are always happy to answer any questions you might have!)

Remember, if you need it for your business, it probably qualifies for equipment financing. And when your company needs to make upgrades or expand, financing may be a better solution than you’d expect!

RELATED: 20 Questions: Here’s How Equipment Financing Works

How Equipment Financing Can Jump-Start Your Business Growth

Even the best-laid plans of a savvy business owner can go awry in a hurry. The company vehicle breaks down, a key piece of machinery suffers a failure, the heating or cooling system breaks, etc. And if you’ve put all your spare funds into expanding operations, these business-critical moments can be highly stressful and frustrating.

The solution to maintaining flexible and healthy balance sheets is equipment financing. With equipment loans, the potential benefits are numerous. You can:

Creating the best environment for business growth often depends on finding the right equipment financing company. From traditional lenders to independent financers, your approval and payments can vary greatly. That’s why we encourage you to learn more about your options, including private equipment financing companies.

RELATED: How Equipment Financing Works: 5 Myths Debunked

Why Team Financial Is a Great Equipment Financing Partner

When it comes to equipment loans, many institutions are concerned with their minimum credit score requirements or a small new company’s lack of an extensive business history. That said, you will find that it’s typically the traditional lenders, like banks, that are overly preoccupied with those numbers. An independent lender like Team Financial Group can take a holistic look at your finances to see that your annual revenue is in great shape, and we can be more understanding when one bad choice may have affected your credit score (but it doesn’t completely exclude you from credit approval).

When it comes to purchasing equipment, we understand that sometimes you’re in a bind: production is down and you need to get it back up and running ASAP. To this point, we frequently offer same-day equipment financing agreement approvals because we have the flexibility that other lenders don’t. Costly equipment can make or break small businesses, and we want to see you succeed in whatever industry sparks your passion.

For us, that industry happens to be equipment financing. We work closely with small business owners to help you achieve your goals, with solid advice on your best loan or lease options and competitive interest rates.

RELATED: $1 Buyout Lease vs. FMV Lease: What’s the Difference?

See How We’ve Helped Other Businesses Grow

Team Financial is proud to showcase how our clients, from within a variety of industries, have enjoyed growth and success. While many of these businesses started as clients, we now have professional and personal relationships that put us in a position to help guide them to a brighter financial future.

If you’re considering the possibilities for your own business, be sure to check out our client success stories to see how we’ve worked with other organizations to expand operations and find more happy customers. And if you have any questions, or are ready to start exploring your own equipment financing options, please feel free to reach out and contact us and we will be happy to help you however we can!

Entrepreneurs and business owners choose Team Financial Group for different reasons. One that people often bring up is the personalized attention they receive. Investing time in understanding their companies is important to us as well as them. Doing so gives our team a clearer picture than what a loan specialist at a bank gets from staring at an application form, and that allows us to help more businesses.

Along with the deeper insight we gain, our approach means we don’t simply get a deal done and move on to the next one, like a conveyor belt. Instead, we care about what happens next. Your success matters to us, and we want to see your company thrive.

With more than 20 years of financing experience, we know what it takes for companies to succeed. While there are other factors that go into it, a big part of having a successful company is being able to stay on track with business goals.

Start With the Right Goals

No one is going out on a limb in saying that you want your business to grow and generate greater revenue. After all, that is typically the overarching vision for most companies. To make that happen, though, you need to develop a set of goals for your business. In doing so, you lay the foundation for your ability to stay on track for success.

If you want to continually make progress toward your goals, it helps to start by having ones that make the most sense for your company. And that means they link back to your overall vision. In Stephen R. Covey’s seminal business classic, The 7 Habits of Highly Effective People, one of the habits is to begin with the end in mind. When it comes to goals, this is sage advice.

So, in the early stages of establishing your goals, you should identify the various areas that connect to revenue, such as personnel, equipment, marketing, sales, and accounting. For new entrepreneurs and small business owners, it can help to think about this as being like the various departments at a large corporation. The heads of those departments create goals and plans for their respective domains. Entrepreneurs often wear many hats, which means it can be easy to lose sight of certain areas (depending on their backgrounds, interests, etc.). Taking time to list these out, though, makes them visible.

From that point, you can then consider how the areas impact your revenue stream and company’s profitability. Often, that entails keeping costs low (like through efficient practices and equipment) and increasing sales. If you have goals aligned with those objectives, you’re on the right path.

Make Your Business Goals SMART

Going hand-in-hand with keeping the end in mind is to make sure you choose goals that are SMART. And, in this case, we aren’t talking about intelligence directly. (Although, some say it is definitely smart to have SMART goals.) Instead, this is an acronym for:

Specific. If you are training for a marathon, you could say “I want to run faster.” The problem with this kind of goal, however, is that it’s incredibly vague. After all, how do you know what faster means precisely? An example of a better goal would be along the lines of “I want to average 13-minute miles.” This specificity gives you a clear target.

Measurable. To stick with your goals, it helps to have a clear picture of current and past states. When you trend in the right direction, you stay motivated. If you don’t see progress, you have an opportunity to make adjustments. Of course, for that to happen, your goal needs to be measurable. And this means something like “we want to be the best insurance company” doesn’t work (because best isn’t measurable). As you can probably see, this element ties in strongly with the previous one.

Attainable. There’s a saying that goes something along the lines of “everything’s impossible until somebody does it.” While that spirit is admirable in a sense, it’s necessary to be realistic about matters. Going back to our marathon goal example, if you currently run 14-minute miles, trying to drop down to 7-minute miles for the next marathon is almost definitely not going to happen. Making that the goal only sets yourself up for failure.

At the same time, you don’t have to give up your dream of running 7-minute miles. Instead, set a more attainable goal for your next marathon (like maybe 13-minute miles), and then another realistic one for the race after that, and so on until a 7-minute mile pace is possible.

One more important thought about attainable goals is that it makes a lot of sense to focus on that which you can control. For example, someone could directly improve manufacturing speed by purchasing more-efficient equipment, but they can only influence (not control) potential customers to buy their product. If your goals are properly aligned, though, you will find stronger influence in areas outside your sphere of control.

Relevant. This was touched on a bit when we looked at beginning with the end in mind, but SMART goals connect to something larger that you want to achieve. In the Specific stage, we determined that “running faster” isn’t a solid goal, but that is your overall intent, right? Well, we could look at the 13-minute mile pace goal and see that it is absolutely relevant to becoming a faster runner.

Time-bound. There is another common saying about how “a goal without a date is just dream.” To make sure you aren’t just dreaming, SMART goals have time constraints. These keep you accountable and are essentially the track in “staying on track” with your goals. The best practice here is to use benchmarks and milestones along the way. By breaking the timing down into stages, you don’t have to wait until the end to see progress.

All five SMART elements play integral roles in achieving your goals, and by taking this approach, you can put your company in a position for success.

Build in Flexibility

When you set out to accomplish specific objectives and want to keep progress moving forward, staying flexible can seem like a tricky proposition. But built-in flexibility is valuable when our unpredictable universe throws curveballs (like, say, a global pandemic that completely upends entire industries). In a more positive context, being nimble also allows you to capitalize on unforeseen opportunities.

Some people may think that being flexible opens the door too much for flip-flopping or giving up on goals. That might happen sometimes, but indecision and quitting aren’t synonymous with flexibility. Besides, there are times in life when the best course of action is to reassess, or possibly even abandon, the pursuit of a goal that is simply draining resources.

You might be familiar with the sunk cost fallacy. If not, the basic gist is that humans are often reluctant to ditch something when we’ve invested a lot into it, even in cases when an objective second person would clearly see that walking away is more beneficial. And that is why it is important to be at least somewhat flexible with your goals.

One way to build in that flexibility is to have contingencies in mind. Knowing that you have a backup plan in place makes it easier to pull the plug on an endeavor that isn’t proving worthwhile.

Simplify Your Goals

You’ve probably heard that the best way to eat an elephant is one bite at a time, right? While that probably holds true in the literal sense, it’s most commonly used as an apt metaphor for approaching goals.

If you decide to utilize the SMART goals model, you’re most likely already doing that by making sure you have attainable and time-bound goals. If not, this is a good strategy for creating a roadmap that is easy to follow. And, really, it just makes sense.

There are different approaches you could take here. One that works well for many businesses can be found in the EOS (Entrepreneurial Operating System) based on Gino Wickman’s popular book Traction. Companies that use EOS or follow Wickman’s teachings take larger, long-term objectives and break them down into quarterly goals. In turn, these goals are then broken down even further into weekly action items. This approach makes it incredibly easy to eat even the biggest proverbial elephant.

Utilize a System

Business systems of all varieties can play an important role in helping you stay on course to achieve your business goals. And the good news here is that you have a variety of choices available for which system you implement.

While EOS is a popular option for businesses and organizations across the globe, it may or may not appeal to you. Perhaps you find yourself more interested in adopting a Lean or Six Sigma system that is keyed in on improving efficiency in your processes. Or you could be drawn to SYSTEMology, which some consider to be a valuable resource for owner-dependent businesses.

Any of those systems are fine choices for certain circumstances and objectives. Of course, it’s worth noting that they don’t have to be mutually exclusive options. For example, you might wish to implement SYSTEMology in early stages of growing your business, and then switch to the EOS model later. Or your company may even benefit best from utilizing a hybrid combination of approaches.
No matter which path you choose, though, a key to meeting your goals is having a system in place and making sure everyone is following it.

Rely on Your Team

Along with following a system, your business needs proper resources to succeed in your goals. And people can be a powerful resource.

If you own a small business, there is a decent chance you launched your company by yourself. Maybe you are still currently in this stage. But if your business has grown to the point that you’ve started bringing others on board, you should already see the value of having the right people in place.
Even the most talented individuals cannot do it all on their own, so delegation is a vastly underrated business skill. Knowing what to keep on your plate, and what to delegate, makes a profound difference if you want to stay on track to achieve goals.

It makes your life easier when you have a dedicated team you can trust. And while entrepreneurs often wrestle with control issues, a trustworthy team of good people in the right roles means you can let go a bit and focus on company goals, instead of trying to do it all yourself.

Have the Right Tools for the Job

For your employees to do their best work, they need to have proper tools and equipment. With that being the case, it is important to assess your equipment needs—and potentially upgrade or purchase/lease equipment (new or used)—if you want to achieve company goals.

In some cases, the key obstacle here is finding financing for business equipment. After all, banks and other traditional lenders aren’t always easy to work with. Fortunately, you have other options when you need to acquire new or used equipment for your company. A private financing company, like Team Financial, can be a great choice if you are seeking fast, flexible financing.

Track Your Progress With KPIs

A key part of successful delegation is knowing that things are getting done. More than that, it’s even better when you know that they are being completed efficiently. Key performance indicators (KPIs) can help with this.

Exactly what you track depends, of course, on your specific business goals. In turn, this dictates the method you should use to collect your data.

For internal metrics, a wise practice is to go back to your SMART goals and focus on the measurable elements. Decide what kinds of metrics will tie back to them, and then make sure you are capturing them at appropriate intervals.

Done well, the KPIs you establish can provide a sense of ownership from team members. That “done well” caveat is necessary because KPIs also have the capacity to cause stress or fear. And while stress is a normal part of life, research shows that excessive amounts inhibit productivity even for smart, talented, and hard-working employees.

Keep the Team Motivated

Any successful coach will be quick to tell you the importance of motivating a team if you want to pick up the win. While it’s easy to see immediate impact in the sports world, something that often gets lost in the shuffle of the day-to-day grind is that members of your team benefit when the company performs well. And that’s why things like transparency and celebrations can be game changers for successful businesses.

Transparency Makes a Huge Difference

To stay on track with business goals, make sure everyone knows what the goals are. Perhaps more importantly, they should also know why the company is trying to attain them and how their individual efforts contribute to success. When employees do, they tend to be more engaged, motivated, and productive.

Along with the goals themselves, vested parties also want to know how things are going along the way. For this reason, it is highly beneficial to be transparent with your team. If there are issues, it’s best to be upfront about them. A key reason to do this is because people can often tell when things aren’t going well. Trying to hide that is an insult to their intelligence.

Another reason is because this puts you in a position to take ownership of the situation. Proactively saying what is happening and, more importantly, what you are going to do about it, is a power move. That is true leadership, and it’s what your team should expect.

Celebrate the Victories

An excellent way to keep your team motivated in pursuit of goals is to celebrate victories when they happen. Even taking time to acknowledge small wins and recognize the effort that went into them can be profoundly motivating for your team. This keeps everyone excited to push through to the next step of company goals.

We Help Businesses Achieve Their Goals

At the start of this post, we mentioned how important your success is to our team. And because we want you to succeed, we want you to have all the information you need to stay on track with your business goals. Following the tips that we laid out in this article should help you with that. Of course, if you need financing for business equipment, we are always here for you.

If you want to see how Team Financial Group can help your company achieve its goals, feel free to learn more about us here. And if you’re ready to connect with a private company that offers fast, flexible financing, don’t hesitate to reach out online or by calling us at 616-735-2393.

Small businesses can find themselves at a point of conflict when they need to make a large purchase but paying the entire cost up front could potentially put their cash flow in jeopardy. At that point, smart business owners will often start exploring their financing options.

If you find yourself in this situation, we hope it’s because your company is enjoying success and looking to expand. At the same time, it is also quite possible that you simply need to replace equipment that has broken down or become obsolete. Either way, you probably aren’t looking forward to the expense already, but then there’s also the headache that can sometimes come with trying to find appropriate funding for your business needs.

The good news is that you may find this process much easier than expected, especially if you know a thing or two about the key differences between traditional and private financing. And if you happen to be a new entrepreneur or you have a unique situation, like perhaps an atypical income flow, you just might find that a private lender will be best suited for handling your company’s financing needs.

RELATED: Equipment Financing Options

What Are My Financing Options?

For the average small company, there are a handful of business funding options available to buy the equipment they need. Not all of them are well-suited to all types of businesses, so please consider this a starting point that may require more investigation. That said, options can include:

For nearly all businesses, it makes sense to take out a loan with the most favorable terms that their qualifications allow. Even if your business doesn’t have a high credit score, or you’re concerned that financing is too expensive, there may be some good options available for you. Private business financing often comes with more flexibility than banks and lenders that can work with you to find a solution that fits your needs.

RELATED: How Private Equipment Financing Works: 5 Myths Debunked

How Do Traditional Lenders Differ From Private Lenders?

A traditional lender, like a bank, is regulated by the federal government. Due to the strict regulations that these financial institutions must adhere to, banks tend to be rather inflexible. And they often reject new small businesses immediately for loans because of an unwillingness to assume the kind of risk they believe comes with a lack of an established history of profitability.

Private commercial lenders, on the other hand, have significantly greater flexibility and may loan to the small businesses that banks consider to be too risky. Along with flexibility, private organizations can have different application processes that can work in the favor of businesses.

While a bank has a rigid set of questions they must ask—even if the nature of one viable company is drastically different than that of another, equally viable company in a different industry—a private lender can get to know your business’s specific situation. With that information, they determine their level of confidence in your business model. And that’s why private financing companies can accept businesses that might not have the perfect established history that banks need to see.

Naturally, there is a bit of tradeoff here. Because banks are more highly selective, they often have better interest rates. But that becomes a moot point for an applicant who has been denied by their bank. Fortunately, you can find a private financing company who will work with you to find options that make sense for your business.

Let’s take a closer look at some specific areas where you find the biggest differences between banks and private lenders:

Credit Score

The basic truth of the matter here is that your credit score matters, regardless as to who your lender is. That said, banks typically have higher minimum credit score requirements. A private lender has more flexibility to possibly accept an applicant with a lower credit score, especially if there are other factors that offset this potential risk. (It is worth noting here that “lower” and “low” are not the same.)

This can be helpful for applicants who perhaps experienced an adverse event that greatly affected their credit score. While a bank might be quick to pull out the “REJECTED” rubber stamp, a private financing company is more likely to understand what happened and may still be able to work with you and potentially find a way to lend you the money you are seeking.

Interest Rates

As we had just mentioned, interest rates are a key distinction. But along with willingness to take risk (or not), another factor at play is that banks have access to funds, that they in turn issue for loans, from both using their customers’ deposits and borrowing federal funds. The access to this kind of capital contributes to lower interest rates for those who qualify for bank loans.


Bank loans are governed with layers of regulation, which makes the loan process less than expedient. If you don’t need the funding urgently, your credit is pristine, and your company has an extensive history of success, it might be worth waiting in order to get a more favorable rate. However, private lenders that keep the approval process in-house are much faster. In fact, there are times when you may find that your application was approved the same day you applied. That can be absolutely critical to keeping a business running when a machine breaks down and needs to be replaced.

RELATED: How Do Commercial Financing Partners Evaluate Loan Applications?

Repayment Structure

A traditional loan from a bank typically has no flexibility when it comes to repayment. You owe your monthly payments, every month, and missing payment too many times can put you in default. And that is the case even if your company is in an industry where cash flow can be seasonal in nature or there are extenuating circumstances. Private financiers, at their discretion, can potentially offer a more flexible arrangement or loan option, like a buyout lease.

The Team Financial Difference

At Team Financial Group, we offer private business loans with a personal touch. We invest our time in getting to know you and your business, and this allows us to better understand your unique challenges and see how we might help you find more success.

With over 20 years in operation, our team has a wealth of knowledge to guide our financing decisions. Above and beyond that, we also are happy to share our knowledge and insight to help businesses like yours grow. And clients seem to appreciate it. Joel Eerdmans—owner of JDE Concrete—said, “I most certainly view Team as if they are part of my unofficial Board of Directors” after we were able to help his company navigate equipment financing options.  The fact he considers our guidance to have been pivotal to navigating acquisitions means a lot to us.

Another client, Michael Husby, had purchased a rundown golf course that he and his wife believed had potential. To turn things around, he needed to acquire several pieces of turf equipment, and we provided Michael with competitive, flexible financing for them. We were excited to see the progress as he turned his course into one of the premier golf experiences in Northern Michigan. Michael said, “We may have never reached our goals without the help of Team Financial. They trusted our plan and provided us excellent financial counsel.”

As we’ve noted, sometimes businesses have fluctuating cash flow or lagging revenue situations due to the nature of their industry. While traditional lenders turn away good, profitable companies like these, we see the bigger picture. An example of this is American Apple, a farm-based business that just needed someone who could find a solution that worked with their finances. We even found a way that allowed them to take advantage of tax benefits.

Hopefully, you can see that we want to use our knowledge to help businesses grow. More than that, we are always willing to put in the work to identify solutions that make sense for your company. In some cases, that means offering same-day turnaround on private business loan applications. This makes Team Financial a fast, flexible option for small businesses throughout Michigan and the Midwest.

See What Else Clients Have to Say About Team Financial Group

We consider ourselves fortunate to be in a position where we’ve been able to help many small business owners in a wide array of unique situations. If you’d like to get a better look at our extensive track record and hear what others have to say about Team Financial, feel free to check out our collection of success stories.

And if a bank or other lender has already told you “No,” don’t give up. With private business loans and equipment financing, your company still has plenty of opportunities to get what you need to grow and prosper. If we happen to be the right fit for you, maybe your business will be our next client success story!

Now that you know about us, we’d love the opportunity to learn about your company and financing needs. To see what we can do for you, simply give us a call at 616-735-2393 or fill out our online form and we’ll schedule a time to talk.

Purchasing new business equipment is a vital step for staying efficient and competitive. At the same time, making a major purchase is rarely easy. Many different factors can come into play and it’s wise to invest some time on the front end to ensure you ultimately make the right call.

Here at Team Financial Group, we know that your business is your livelihood, how you provide for your loved ones, and a source of personal pride. And since we sincerely want to see your company succeed, we’ve compiled a handful of tips for purchasing new business equipment. (Of course, if you’ve got your eye on the used equipment market, you can always check out our guide for purchasing used equipment.)

1. Determine What Is Essential

When you are considering purchasing equipment for your business, an essential first step is to ask yourself what kind of value it can bring to your business. While this might seem obvious, it’s also critical for ensuring that you choose the right equipment and timing to meet your business goals, and this includes asking questions like:

In cases like this, where you are evaluating the necessity and impact of new equipment, it isn’t always possible to get hard data. But if you can at least estimate or measure the revenue increase you ultimately achieve from buying new equipment, you can then make a better call as to whether this purchase is a want or a need. And this data can also prove to be valuable when you talk to lenders about your equipment financing options.

2. The Cheapest Option Might Not Be the Best Value

When you consider taking on a business equipment loan for your company, it could be tempting to buy the lowest-cost equipment that just gets the job done, to keep your monthly payment low. While that is certainly understandable, it’s worth keeping in mind that the purchase price is only one aspect of equipment cost.

Maintenance, repairs, and operating costs all can quickly turn a seemingly good deal into a money pit. For that reason, it’s important to conduct at least a little brand research, particularly because something reliable from a reputable brand may cost more upfront but ultimately prove to be a much better value than the cheapest option on the market from an unknown name.

Equipment loans can be a big imposition for small businesses, and choosing the right supplier is critical. For some types of business equipment, this could be the start of a long relationship with ongoing service or support needs.

RELATED: 5 Effective Tips for Choosing the Right Equipment Supplier for Your Business

3. Use Budget Forecasting to Assess Actual Affordability

Of course, it’s quite important to be realistic about how this purchase may affect the future of your business. If monthly payments cause too many issues with your working capital, then it doesn’t matter how this equipment streamlines your day-to-day operations. No major purchase should put your entire business in jeopardy.

However, if you determine that acquiring new equipment is the smart move for your company but you’re looking at lean income for the next few months before business picks up – such as in the case for seasonal businesses – you still have options for financing. An independent lender like Team Financial Group has the flexibility to work with you and find an immediate solution. You still need to qualify for financing, but unlike traditional lenders, we want to understand how your business works and give you the opportunity to share how this is merely a temporary blip on the radar.

Your short-term outlook may be a little sparse, but that is a part of a healthy business cycle in certain industries. Team Financial can assess the big picture and work to find financing options that make sense for you and your company.

4. Tax Incentives Can Help Make a Purchase More Affordable

Before making any decisions about replacing outdated equipment, you should talk to your accountant. The timing of your business equipment purchase can make a difference in your tax deductions, such as how you claim depreciation.

You may find out that leased assets would provide a bigger advantage for your organization, since you can typically deduct your payments with equipment leases.

By discussing this with your accountant, you can create a strategy that fits your business plan and gives you the best possible tax benefits. Part of this entails being strategic about the timing of your purchase. After all, while you probably don’t want to wait long before buying equipment for your business, doing so could potentially save money.

RELATED: Get These Tax Benefits With Commercial Equipment Financing

5. Consider Outsourcing

Now, this approach doesn’t make sense for every business scenario. For example, if you own a local gym, you can’t exactly outsource the treadmills. However, if you are looking at an especially high-cost piece of equipment or a special operation, you may find it worthwhile to price out the cost of outsourcing to a third party. This can especially make sense if we’re talking about a very small part of your business, one where infrequent use means there would be a lot of idle time for the equipment.

6. Leasing Business Equipment Can Be a Great Option

Most business owners expect to buy equipment outright or use financing to purchase equipment. However, there are other financing options that you might not have considered. Operating leases, for example, can be a great way to save money on equipment that quickly becomes obsolete as technology advances.

At Team Financial, we offer a $1 Buyout Lease (which is structured like a capital lease). You “lease” the equipment from us, but the equipment is on your balance sheet as an asset, and at the end of the lease you have the option to buy the equipment from us for as little as $1.

We also offer a Fair Market Value Lease (which is structured like an operating lease). This is a more traditional lease scenario where you pay no money down, make lease payments on the equipment, and at the end of the term you can choose to purchase the equipment for fair market value or hand it back to us.

Want to see if a lease might be a better option than traditional financing? Take advantage of our free equipment lease calculator to see what makes the most sense for your business.

RELATED: $1 Buyout Lease vs. FMV Lease: What’s the Difference?

7. The Best Business Equipment for Your Company Might Not Be Brand-New

Equipment costs can vary widely from new to used markets. This is worth knowing for small businesses that may need a frugal option to help keep their cash flow healthy because purchasing used equipment can potentially fill that need without breaking the bank.

A contemporary example of this is taking advantage of an increase in companies opting to go with fully remote offices and purchasing used furniture (instead of buying new).

While it’s not uncommon to think that you need to cover the entire purchase price upfront when buying used, the fact of the matter is that independent lenders like Team Financial Group can have an abundance of experience in finding financing options for used equipment purchases.

RELATED: What Types of Equipment Can I Receive Financing For?

Team Financial Group Has Experience With a Wide Range of Equipment Financing

No matter what industry you’re in, what type of equipment you need, or what kind of financing solution you’re looking for, Team Financial Group is here to answer your questions and provide financial resources to help your business succeed.

What sets us apart from the competition is the relationships we develop with our customers. Others may ask you to just fill out a form before approving or rejecting your application. For us, it’s important to get to know you and your business on a deeper level. That’s why our clients come to us not only for financing, but also for financial advice and guidance. And when you toast your successes, we want to be holding a glass next to you.

If you want to contact us today with any questions or concerns, simply give us a call at 616-735-2393 or fill out our online form. Our team of financing experts is here to guide you through any major purchase and find the best flexible financing solution for your business.




Even though Travis Gemmel had exceptional credit and money saved up, he was having a frustrating experience trying to get financing for his new excavating business, Walnut Grove Excavating. Banks were turning him away simply because his company didn’t have an extensive track record yet. But Travis knew the business was going to thrive, if only he could get access to the equipment it would take to grow.

And that’s where Team Financial Group enters the picture, but let’s go back to Travis’s story.

Leaving the Corporate World for Entrepreneurship

Travis had a solid job with a fantastic West MI-based company. The problem was, he found that the higher he climbed the corporate ladder, the less he was able to do what he really loves – working with customers. As he was wrestling with this, Travis and his wife bought an old farmhouse to renovate.

During the renovation process, Travis had a hard time finding someone to take on excavation for their project. Excavation companies simply were not getting back to him, and that made him aware of an opportunity to start a business.

Since owning his own company had been a lifelong dream, this was an exciting prospect. Travis reached out within the industry to find out if it was realistic to start an excavating business that took on jobs the other companies were too busy to handle (or even call back potential customers). Based on his research, it sounded completely viable, and he was one step closer to achieving that dream of being a business owner.

So, in 2017 Travis launched Walnut Grove Excavating, a Lowell-based company that provides services throughout the greater Grand Rapids community.

The Challenges of Finding Financing From Banks

Having a solid business plan, excellent credit, and money saved, unfortunately, isn’t enough for banks to provide financing. When Travis went to traditional lenders, the fact that he simply didn’t have professional excavating experience became a setback.

This is a common experience. While banks are institutional structures that become “too big to fail” and can offer decent rates, they can have stringent requirements that don’t take the big picture into account. And the application process doesn’t enable them to truly understand the individuals and businesses who could become loyal customers.

Fortunately for Travis, and other entrepreneurs and businesses, there are other financing options available. Private lenders, like Team Financial Group, can devote time to listening to customers and understanding their business models and situations. By doing so, we can help finance more companies and give entrepreneurs a better chance at realizing their own dreams.

Partnering and Growing With Team Financial

Before coming to Team Financial, Travis had been renting equipment and it was enabling him to start growing his fledgling company. But he was getting to the point where he needed more, and it was obvious the banks were not going to provide any assistance.

While talking with an equipment supplier about his struggles in getting financing, Travis was recommended to give Team Financial Group a chance to see if we could help him. He took the recommendation, applied for financing, and was able to secure the money he needed to purchase a dump truck for his company.

“That loan was huge for me,” Travis said. “Getting the dump truck allowed us to double our growth. They helped me a lot.”

In addition to the actual financing itself, Travis appreciated the process and how he was treated. He says that it’s great to work with a company that focuses on people and shows how much they care through actions. Travis recalled how, when meeting with Corey Sandner (Team Financial Group’s director of equipment finance services), “the owner came by and checked in. Not as an interrogation – just interested to see how I was doing.”

Walnut Grove Is Thriving!

Since working with Team Financial Group, Travis has been able to finance multiple pieces of equipment. And this has led to him growing Walnut Grove Excavating from a single-person operation in 2017 to a team of eight (so far) in 2022.

Travis’s company is a full-service excavator that mainly focuses on septic system replacement work for residential customers, which is around 80% of his business. Walnut Grove also handles some commercial work as well.

As a one-stop shop, services Travis provides include driveway installs, culverts, new foundations, final grading, septic systems, water lines, sewer hookups, drain field installations, and demolition. If someone else would be a better fit for a customer’s project, though, he’s happy to help them find the person they need. And that aligns with his mission to focus on exceptional customer service.

To learn more about Walnut Grove Excavating, check out their website. And if you live in West Michigan and happen to need excavating services, Travis provides free quotes. If you need excavation and work and would like one, you can connect with him here.

No matter your industry, or the services or products you provide, a key part of your company’s ability to be sustainable and profitable is having the right tools and equipment to get the job done. Since this holds true for virtually every enterprise, at some point your business will likely have equipment needs. When that happens, having access to financing that makes sense for your company is essential.

Unfortunately, finding the right financing can be a real struggle for companies. And that doesn’t even start to touch on the difficulties some businesses have in getting approval once they think they’ve found a path forward. While this is a frustrating situation, you may have more options than you realize.

Since a primary goal here at Team Financial Group is to help you grow your business by helping you get the equipment it needs to thrive, let’s look at financing possibilities and see what would make sense for you and your company.

Already sure you want to join the hundreds of businesses that have chosen Team Financial Group over the past two decades? Feel free to reach out and see how we can help you!

Before Evaluating Your Financing Options

Naturally, if you are in the process of exploring financing for business equipment, you’ve likely performed a fair amount of work on the front end. This typically entails steps like:

Doing all that work can take a lot of time and effort. Given that you don’t want that to go to waste, the next step is crucial – evaluating financing options.

Comparing Methods of Financing Business Equipment

Once you know exactly what you want, it’s time to create your plan for how you are going to finance the new assets. There are a handful of general options for financing the equipment you are purchasing or leasing. And as you’d expect, each has its own respective set of pros and cons.

Traditional Banks

When people think about borrowing money, traditional bank loans are typically what come to mind first. These brick-and-mortar financial institutions are usually considered to be safe options, especially compared to some online options. And they may be able to offer low rates and favorable loan terms.

One downside to taking this approach is that the standards to qualify for a loan with a bank are often quite high. Another is that the loan process itself can be lengthy and complicated, and even more so if you happen to make a mistake or accidentally miss something while filling out an application. And their inflexibility can extend to the fact they don’t devote enough effort into truly understanding the nature of businesses that are applying. That is a problem for companies with unique business structures, revenue streams, and tax situations.

While a traditional bank might be a good choice for a conventional business that has a proven track record, ample documentation, and the ability to wait long periods for possible approval and dispersal of funds, that situation certainly doesn’t apply to every company.

Credit Unions

In some regards, going to a credit union for a loan to finance business equipment can be a similar experience as going to a bank. These financial institutions are usually reputable, offer loans backed by the Small Business Administration (SBA), and may have favorable interest rates. Unlike most banks, though, credit unions normally do tend to offer a more personal touch.

Credit unions can extend that personal touch, though, because you typically need to be a member and meet certain eligibility requirements. Along with that, accessibility is commonly limited because they tend to have fewer branches than traditional banks. Also limited can be their service offerings, including types of loans offered.

If a business is able to meet a bank’s criteria and willing to undergo a similar process, a credit union could make sense for a business loan. The limited services, though, doesn’t give them as much flexibility as other available alternatives.

Online Lenders

When high qualification standards or long wait times make someone hesitant to go to a bank or credit union to find financing for business equipment, they may turn to the internet for another possible source. While online loans can appeal to those who might not have the strongest personal credit or are looking for fast funding, there are some important considerations to keep in mind.

The most obvious concern with an online lender is that you cannot walk into an office to discuss matters in person. Some individuals may feel comfortable with this kind of arrangement, but it’s more common to have greater ease when you can look into someone’s eyes. Related to the lack of a brick-and-mortar office, it can be highly difficult to develop a proper relationship with an online lender. That can affect their ability to get to know your business and offer solutions that make sense for you, not just them.

Perhaps the biggest knock against online lenders is potential security concerns. While all financial institutions in the modern world use technology and the internet to varying degrees, entering financial information online can be risky, especially when you don’t have the option of an in-person visit if a serious problem arises.

As noted, this is a possibility for companies who are only concerned with getting money fast or worried about being approved at a bank or credit union. There is certainly a higher risk factor in pursuing this avenue, however, and borrowers miss out on the benefits of a lender that has a physical office.


Even though they might not have wide-ranging appeal, a couple of financing alternatives worth at least briefly mentioning are small-business grants and crowdfunding.

Small-business grants are typically offered through nonprofits, government agencies, and some corporations, and tend to be focused on specific industries or types of business owners. Because there are usually highly specific requirements to qualify, it can take a lot of time and effort to find and apply for appropriate grants. Along with that, the prospect of free financing has an obvious appeal that causes a high demand, thereby decreasing the odds for a company to receive the grant.

Unlike grants, which have existed for quite some time, crowdfunding is a very recent phenomenon. The two are similar, however, in the fact that the odds of this being a viable option for a business seeking to finance equipment are quite low. While crowdfunding could possibly work for a business that captures the public’s interest or has extremely popular products or services, this is not a realistic endeavor.

A Better Approach: Working With a Private Commercial Equipment Financing Partner

Now that we’ve seen how these options each come with various concerns—difficult approval processes, inflexibility, possible security issues, no physical offices—it’s easy to understand why finding financing that makes sense for your company could be a frustrating experience. The good news here is that you still have another choice: private commercial equipment financing.

In this case, we’re talking about working with a private lender, like Team Financial Group, who can provide you with flexible options that work for your company’s unique structure and circumstances. Even better is when you can choose a financing partner who sincerely cares about your success.

Going with a private lender is a smart approach if you don’t want to jump through hoops, only to then wait around and possibly jump through some more hoops. Instead, you can start your application and have experienced equipment financing specialists do the rest. This kind of service means that you may even receive same-day approval and funding.

Of course, that depends on circumstances, but private commercial equipment financing partners will work with you and find the right solution for your business. A couple of these solutions include equipment financing agreements and leasing services.

Equipment Financing Agreement (EFA)/$1 Buyout Lease

If you come to Team Financial Group for your financing, this is one of the possible arrangements we might recommend. In this case, there are fixed monthly payments, and at the end of the term you don’t have any further obligation. It’s a popular choice that can protect against rising interest rates and allow you to own and depreciate your equipment. This can be particularly advantageous for long-term assets that retain value.

Equipment Leasing/FMV Lease

If the equipment you need is a kind that becomes obsolete over time, you may benefit from a leasing option. Doing so can help you manage the costs that come with continually updating equipment, especially because they typically carry a lower payment. Since we’re talking about leasing, you don’t own the equipment, but you can purchase it at term end. As we talk through your specific needs and goals, you might find this to be the right option and we can then work to make it happen.

Team Financial Group Is Here for You

As an independently owned commercial equipment financing company, Team Financial Group has the flexibility to help your business, no matter the industry or stage of development. We have provided over $600 million in funds for businesses since we opened the doors back in 2001. And we’ve accomplished this by providing fast, flexible financing while applying common-sense lending principles and developing lasting relationships with our customers.

If you are seeking financing for commercial equipment of virtually any kind (manufacturing, agricultural, construction, other), we’re here for you. More than that, we’ll take time to listen to you and understand your business before helping find a solution that makes sense for you.

Now that you know our story and mission, we’d love the opportunity to hear yours. Please feel free to give us a call at 616-735-2393 or fill out our online form to see exactly what we can do to help you get the equipment your company needs to succeed.

Securing any kind of legitimate loan always includes jumping through a few hoops. For small business owners, those hoops can be numerous and difficult to navigate.

The fact of the matter is that getting a small business loan for equipment can sometimes be quite hard. It can be common for entrepreneurs not to get the financing they want, at least not right away.

Fortunately, small businesses don’t have to rely solely on the traditional methods of securing equipment financing. With some research and preparation, you may very well find exactly what you need to keep offering goods and services to your customers.

In this article, we’ll delve into some of the more common struggles small business owners encounter when seeking financing for equipment and upgrades. Then we’ll present solutions that pull from resources other than banks and other traditional lenders.

Why Is It Hard to Get a Small Business Loan From a Bank?

If you try to get a loan from a bank for equipment for your business, you can expect to face a range of hurdles. And this usually happens without anyone stepping back to view the full picture of your business.

Anyone who’s ever tried to get a loan is familiar with the irony: You need one because you don’t have enough money, but you must have a certain amount of money to get the loan. However, it’s not only about how much money you have for business owners, but also how long you’ve been bringing it in, where it comes from, and the details on how you plan to use it. Even personal credit history can come into play.

Let’s look at the major reasons entrepreneurs struggle to lock down financing for equipment from some small business lenders.

Unfavorable Credit History

Lenders will likely inspect your personal and business credit. They’ll look at your payment history and current business credit score, the latter generally needing to be at least 680 (though being above 700 is far more ideal). A score that’s too low (“bad credit”), or not having enough credit history to predict future loan repayment, will make it very difficult to get a small business loan for the equipment you need.

Too Much Debt

If you carry too much debt or bring in too little money to effectively reduce debt, it limits your chances of a small business loan. This is especially true for younger businesses, which often spend a lot up front to get started and aren’t making a steady profit just yet.

Too Little Cash Flow or Collateral

The flipside to too much debt is too little income. Sometimes, business owners with less-than-ideal credit or revenue might back the loan with collateral. Collateral is something the business owns that may get sold off if the owner defaults on a loan. The collateral could be real estate, equipment, or other assets. If business collateral isn’t available, borrowers may resort to using personal collateral, putting their home or other necessities at risk.

Insufficient Business Plan

In addition to wanting to know what you want money for, lenders may expect a detailed business plan. A solid business plan will outline your goals and how you plan to reach them. This includes explaining why each piece of equipment you’re trying to finance is vital to your business.

Minimal Investment by Business Owner

If a small business owner hasn’t used any of their own money to fund business needs, it might be a red flag to lenders that you’re too reliant on outside sources. Putting up your own money demonstrates passion and commitment, which are favorable traits in a borrower.

If business collateral isn’t available, borrowers may resort to using personal collateral, putting their home or other necessities at risk.

Too Many Loan Applications

Applying for multiple business loans at once or already having several lined up is another potential red flag for lenders. Akin to not investing in the business yourself, it suggests a lack of planning and resources. If many of your loan applications have previously been rejected it will impact your ability to secure a new loan.

Lack of Organization and Research

Doing your homework is a sign of commitment that goes beyond passion. If you haven’t gathered the proper documents, organized your application process, or researched the best kinds of loans for small businesses needing equipment, the bank may question whether you’re ready to manage a loan.

Not Working With Experts

Running a business is hard, and simply wanting to do it does not mean a small business owner will do it well. Including work with mentors, financial advisors, and marketers in your business plan shows resourcefulness and an openness to collaboration.

Pursuing the Wrong Kinds of Loans

Not all small business loans (sometimes called SBA loans if they involve the Small Business Administration) are right for all small business needs. In terms of financing equipment, it’s important to explore loans designed specifically for this kind of purchase. Going after an SBA loan that doesn’t suit your goals can waste everyone’s time and reveal that you haven’t done your research. Similarly, shopping around for the right lender shows you’re being responsible.

Not Being in Business Long Enough

The younger a business, the more likely it is to carry debt and bring in minimal revenue. It also means less experience and less evidence of success. While being young is not “bad” on its own, combined with other business loan approval factors it could reduce your chances of securing a loan.

Not Actually Being a Small Business

Every industry has its own definition of what qualifies as a small business. If you are too large, in the non-profit space, or professionally involved with, for example, gambling or religious activities, lenders won’t see you as an eligible small business.

RELATED: 20 Questions: Here’s How Equipment Financing Works

Other Ways to Get a Business Loan Do Exist

Did you know that big banks approve fewer than 20% of small business loan applications? That’s some serious competition, especially for one that is just getting started.  

Fortunately, banks are not your only option. In recent years, increasing numbers of small businesses have started seeking alternative lending options online. Since they aren’t constricted with the same rigid parameters, online lenders have greater flexibility that may work quite well for small businesses in need of equipment. 

There are some downsides to going through an online lender, though. These financers rarely foster relationships with clients. When you want to work with someone who truly understands your unique business, that is a problem. And even though traditional lending institutions tend to be rigid and inflexible, at least you can still walk into a branch and speak face-to-face with a loan officer. 

Work With a Private Commercial Financing Company That Prioritizes Relationships 

At Team Financial Group, we strive to provide the best of both worlds. We look at the bigger picture of your small business and get creative with financing solutions to help you get the equipment you need. Further, we treat our clients as partners, working together to achieve your short-term and long-term goals.   

For example, the seasonal nature of American Apples’ business gives them an unusual cash flow pattern. While that might be a problem for a bank, Team Financial Group created a customized financing agreement that works for their business model. And now the relationship that began with us financing apple boxes continues as we help American Apples with all their equipment financing needs. 

RELATED: What Is an Equipment Financing Agreement (EFA)?

We look at the bigger picture of your small business and get creative with financing solutions to help you get the equipment you need. Further, we treat our clients as partners, working together to achieve your short-term and long-term goals. 

Team Financial Group: Providing Small Business Loans for More Than 20 Years

Team Financial Group is proud to provide equipment financing to small businesses for more than two decades now. And we’re pleased to offer same-day, flexible, loans, leasing, and other financing agreements so businesses can get what they need to thrive.

We work within a range of industries and cash flow patterns, including construction, manufacturing, energy, technology, agriculture, transportation, office equipment, and more. We also partner with equipment vendors to help expand their financing options.

Educating borrowers on loan types and the business loan application process is a big part of what we do. For example, we can help you understand the difference between $1 buyouts versus FMV leases. And if you ever have any questions related to equipment financing, please don’t hesitate to reach out and ask.

If you’d like to learn more about us or are ready to apply, feel free to browse our site and get in touch. We’d love to help your small business find success through an amazing financing relationship!



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The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.

Serving the greater West Michigan area, JDE Concrete offers concrete construction for residential, commercial, and agricultural customers. JDE also takes on specialty projects, like waterproofing, epoxy flooring, and decorative and stamped concrete.

Since being founded in 1997, JDE has expanded their equipment and services to handle any concrete project from start to finish. Being able to manage a project of any size requires a large range of equipment, which is why JDE has invested heavily in its fleet of concrete pumps, cranes, and conveyor trucks.

To better meet their clients’ needs, grow their fleet, and expand their market share, JDE needed a trusted financing partner. Team Financial Group proved to be the right lender for the job, and we’ve formed a strong and durable partnership that’s lasted twelve years (and counting).

Team Financial Helps JDE Pave the Way to Success

Joel Eerdmans, owner and founder of JDE Concrete, started out by paving driveways. Since then, the operation has grown immensely, as JDE’s reputation for quality work and great service has spread. Strong growth requires capital, and Eerdmans says Team Financial has been essential in this regard by providing the support his company needed.

JDE first contacted Team Financial because they struggled to find a bank that would help finance their expansion. They were seeking a reliable financing partner, and Team Financial Group never wavered in their commitment to helping JDE grow.

“Initially, they provided funding and sound advice when we bought our Greenville operation, which really was key to the growth of JDE,” says Eerdmans. “Thereafter, Team was creative in helping us acquire our current building by providing a quick and easy sale leaseback to buy the property, which allowed me to not only move fast but also saved us significant closing costs and headaches too.”

As a commercial lender, Team Financial Group doesn’t have to answer to the stringent requirements that govern traditional lenders like banks. We can find a solution that will help our client grow, while making sure their cash flow stays healthy.

RELATED: What Is a Sale-Leaseback, and Why Would I Want One?

JDE Concrete truck working at a jobsite

More Than a Lender: A Trusted Advisor

While Eerdmans was initially looking for an independent lender with the flexibility and agility to meet JDE Concrete’s financing needs, he found that Team Financial provided even more. The business advice and guidance he received from Team Financial has been pivotal to navigating acquisitions.

“I most certainly view Team as if they are part of my unofficial Board of Directors,” comments Eerdmans. “They are experienced and sharp. More importantly, they care. I know they want me to win, even if their advice doesn’t benefit them.”

At Team Financial Group, our biggest goal is to see our clients succeed. Clients come to us from unique situations, which is why we prefer to customize a financing solution that will work best for each of them individually.

Just like with JDE Concrete, we can help you determine the best path forward for your business, even if it doesn’t help our own bottom line. Because we put our clients first, they know they can trust us to give them honest answers.

Joel Eerdmans, owner and founder of JDE Concrete

What Kind of Curb Appeal Can Team Financial Add to Your Business?

If you are looking for a lender with the flexibility and agility to finance your business growth, you’ve come to the right place. Team Financial Group has the expertise and experience to make sure you have the right equipment for the job.

We offer many different financing options, often with same-day approval, so you don’t waste a day waiting on the equipment you need. To get started, give us a call at 616-735-2393 or fill out our short online contact form. You’ll get the same commitment from us that we give to JDE Concrete because we want to see your business succeed too!

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