Enough Already?
Determining how much money you need for an equipment loan
Q: To fulfill a contract my business just landed, I must buy new equipment. How can I be sure I borrow enough money from the bank?
A: There are a lot of things to consider when approaching the bank about an expansion loan. And if you don't ask, you won't get. So add up all the potential costs-such as closing costs, installation fees charged by the vendor to put in the equipment, construction costs to integrate the equipment into your plant, and working capital needed to support the expansion prior to getting paid by the customer and the like.
4th of July Subscription Sale - Unlock this subscriber exclusive article and more for 20% off today.
Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.
Get 20% off an annual subscription today. Just use code SAVE20 at checkout.
Entrepreneur Editors' Picks
-
Tory Burch Built a Brand Around Empowering Women. Now Her Foundation Is Furthering Her Mission: 'How Do We as a Company Have a Positive Impact on Humanity?'
-
This Founder Had to Play College Basketball in Men's Shorts and Shoes, So She Launched an Athletic Clothing Company Named After the Now 50-Year-Old Title IX Act
-
Is Beyoncé's 'Break My Soul' the Theme Song of the Great Resignation?
-
You're Probably Falling for All of Amazon Prime Day's Psychological Sales Tactics. A Marketing Professor Reveals Them — and How You Can Actually Get the Best Deal.
-
Comedian Paul Virzi: 'If You're Not Authentic, You Have Nothing'
-
Struggling to Come Up With Creative Ideas? Try Doing This.
-
Picking a Winning Emerging Brand Is How You Get Rich in Franchising. Here's How to Spot One.