Get the tools you need
Equipment financing and leasing for Canadian businesses
Spread the cost of the equipment, vehicles and technology your business runs on, instead of paying for it all up front.
- Broker, not a lender
- Canada-wide, Ontario focus
- Free initial consultation
- Replies within 24 hours
Equipment is often one of the biggest purchases a small business makes. Paying cash can tie up money you need for day-to-day operations. Equipment financing lets you get the asset working for your business now and pay for it over time, often over a period that reflects how long the equipment will last.
Because the equipment itself usually serves as security, equipment financing can be easier to arrange than other kinds of business credit.
Financing is subject to lender approval and eligibility. We don’t guarantee approval, rates or terms.
Vetri Group is a broker, not a lender. We charge clients a service or consulting fee for our help; lenders and funding partners make all credit decisions.
What you can finance
- Construction and trades equipment, tools and machinery
- Commercial vehicles, trucks and trailers
- Restaurant and commercial kitchen equipment
- Medical, dental and wellness clinic equipment
- Car wash systems and auto service equipment
- Computers, point-of-sale systems and other technology
- New or used equipment, depending on the lender
Equipment loan or lease?
With an equipment loan, you borrow to buy the equipment and own it, with the lender typically holding security over it until the loan is repaid.
With an equipment lease, the leasing company owns the equipment and you pay to use it for a set term. At the end you may be able to buy it, return it or upgrade, depending on the lease.
Which is better depends on how long you’ll keep the equipment, how quickly it goes out of date, your cash flow and your tax position. The tax treatment of loans and leases differs, so speak with your accountant about which suits your business. We’ll help you compare the costs and conditions side by side.
Government-backed equipment loans
Under the Canada Small Business Financing Program, up to $500,000 of a term loan can be used to buy or improve new or used equipment and for leasehold improvements, through participating banks and credit unions. More about CSBFP loans.
What lenders typically look at
- The type, cost, age and expected life of the equipment
- A quote or invoice from the vendor
- Your business’s revenue, cash flow and time in business
- The credit history of the business and its owners
- Whether you can make a down payment
Documents lenders commonly ask for
Every lender is different, but having these ready usually speeds things up:
- Government-issued photo ID for each owner
- Business registration or articles of incorporation
- Recent business bank statements
- Financial statements and/or business tax returns for recent years
- A list of current business debts and payments
- Details of what the financing is for (quotes, invoices or a short plan)
How it works
How we help you get financing
Free consultation
Tell us what the money is for, roughly how much you need and when. We ask about your business, how long you’ve been operating and how it’s doing.
Review your options
We look at your situation and documents and talk through which kinds of financing may fit, including what each one is likely to cost and require.
Prepare the application
We help you put together a clear, complete application and approach lenders that suit your needs.
You decide
If a lender makes an offer, you review the amount, rate, fees, term and conditions before you sign anything. You’re never obliged to accept.
FAQ
Equipment Financing: common questions
Can I finance used equipment?
Often, yes. Some lenders finance used equipment, though the age and condition of the equipment can affect what they offer. Bring us the details and we’ll talk through your options.
Do I need a down payment?
It depends on the lender, the equipment and your business’s profile. Some financing requires a down payment and some doesn’t. We’ll explain what’s likely to apply to you.
Should I lease or buy?
Leasing can suit equipment that goes out of date quickly or that you plan to replace. Buying with a loan can suit equipment you’ll use for many years. Your accountant can advise on the tax side, and we can help compare the costs.
Which industries do you help with equipment financing?
Contractors and trades, restaurants, medical and wellness clinics, car washes, auto services and retailers are common examples, but equipment financing can work for almost any business.
Other financing options
Working Capital Financing
Cover payroll, inventory, rent and seasonal gaps while you wait on revenue.
Business Line of Credit
A revolving limit you draw on when you need it and repay as cash comes in.
CSBFP & Government-Backed Loans
Canada Small Business Financing Program and BDC options for start-ups and growing businesses.
Merchant Cash Advance
Funding repaid from future sales, through our affiliated funding partners. 3+ months in operation.
All business loans
Compare every type of business financing we can help with.
Ready to transform your business?
Take the first step towards growth. Book a free consultation today.