Complete our application form. We will need three months of business bank statements, your business tax ID, and your completed business application to get started!
Review your business financing options that you have received by e-mail.
After choosing your financing solution and getting approved, our team will distribute the chosen business financing solution capital.
Money Financial Group offers financing options for consumer and commercial businesses. We believe in thinking outside the box. MFG has the underwriting creativity and expertise to approve more customers than any other finance company. We also understand that every customer has unique needs, and our mission is to help meet those needs. In many cases, you will find that we can approve applicants with a high debt-to-income ratio, limited income, or low credit profile.
Bakeries are the heart and soul of communities and bring joy to countless lives with their irresistible treats. Behind the scenes, however, bakery owners face the daunting task of keeping their operations running smoothly. This often requires state-of-the-art commercial bakery equipment. Financing new bakery equipment is a viable solution for these entrepreneurs, offering a range of benefits and flexibility.
However, if you're looking to start a bakery business it can be difficult to understand bakery equipment leasing and financing. We are providing you with the tools to decide whether to finance or lease bakery equipment. And, which equipment financing programs are best for your business goals. Entering the bakery industry can be intimidating. But don't worry, with the right restaurant equipment financing partner you will get access to the equipment you need to run your business.
Financing bakery equipment offers several benefits, including:
Bakery equipment leasing involves renting equipment for a specific period, typically paying regular lease payments. At the end of the lease term, you can often choose to return the equipment, purchase it at fair market value, or extend the lease. Leasing offers flexibility, as you don't need to commit to long-term ownership.
It is dependent on your specific budget and goals. To finance your bakery equipment, you will be taking a bakery loan. Loans can help you obtain new and used equipment to help expand your business or keep your business running smoothly. Lenders often require good to excellent credit history, strong business financials, and a specific amount of time in business. The benefits to taking a loan are that businesses get the equipment they need and own it from day one. They often come with flexible terms, low monthly payments, and simple payment terms.
On the other hand, leasing allows small business owners to obtain new equipment without the upfront costs. Many small businesses take advantage of getting a piece of equipment with easy repayment options and the buyout options once the lease has ended. Another benefit is that you typically do not need to have excellent personal credit to qualify for a leasing program. One important factor to leasing is that you do not own the equipment outright and must return it in good standing condition. As mentioned, many leasing companies offer the option to buy the leased equipment once the terms have ended.
Yes, you can lease both specific bakery equipment (e.g., ovens, mixers) or entire bakery setups, depending on your needs and the lessor's offerings. Leasing programs can help improve your operations fast and easy. Businesses that need to make monthly payments due to the high equipment costs will benefit from the advantages associated with leasing new or used bakery equipment.
The required credit score for bakery equipment financing can vary among lenders and lessors. Generally, a good to excellent credit score, typically above 680, is preferred to secure favorable terms. However, some providers may work with lower credit scores but may require additional documentation or charge higher interest rates.
Depending on the terms of your lease agreement, you may have the option to upgrade equipment. This can be advantageous for keeping your bakery operations efficient and competitive. The right equipment will allow you to focus more on sweet treats versus machine malfunction or the high costs associated with running your business.
Some funding options are based on the purchase of a portion of future business revenue generated from sales of the applicant’s business. Funding options are not available in all states and are subject to certain eligibility requirements and approval. Pre-Qualification is not a guarantee of approval, but rather the minimum qualification criteria. The cost varies depending on certain factors such as, but not limited to: industry and time in business. Payment frequency and terms vary by transaction and product type. Approval and Funding time-frames vary by transaction, product type, and submission day and time