Want to Save Money on Equipment? Consider this Solution. A marketplace matches cash-strapped startups with financing and leasing companies so they can build out their businesses.
This story appears in the July 2016 issue of Entrepreneur. Subscribe »
When entrepreneurs need new equipment for their business, they should ask a basic but challenging question: "How much can I afford -- both in dollars and the time spent financing all this?" A Burlington, Mass.-based company called LeaseQ attempts to change that equation, making equipment easier to get at a lower cost.
LeaseQ is an all-in-one platform. It works with more than 100 equipment-leasing companies around the country that serve roughly 25 industries, from construction to salons to restaurants.
It then pools lenders to spread their risk -- enabling LeaseQ to work with entrepreneurs with no (or bad) credit history. Roughly more than half of applicants are approved, with repayment due in two to five years. Interest rates range from 4 to 38 percent, depending on a person's FICO credit score.
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