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*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
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Whether you’re looking to purchase a piece of farming equipment that will help your business grow, or it’s simply time to replace some old machinery, Lendio can match you up with the perfect lender for your farm equipment loan.
These are the most popular types of funding that other farm equipment-based businesses qualify for through Lendio.
Access available funds whenever you need them, and only pay interest on what you draw.
Access funding based on your future revenue and repay with regular payments.
Finance the tools and equipment you need to grow your business without breaking the bank.
Revenue-based financing, also known as a business cash advance, allows a business to borrow money based on future revenue. Payments are made directly to the lender as a percentage of each daily sale.
Farm equipment loans can be done with traditional debt products, such as term loans. The money is received in one lump sum and is paid off with set payments until loan maturity.
Like a credit card, a line of credit is a type of revolving account. As balances are paid down, the money once again becomes available to use. However, a business line of credit typically comes with much higher credit limits than most credit cards.
Equipment financing is a unique loan product that is restricted to the purchase of qualified equipment and uses the equipment being purchased as collateral.
Find answers to some commonly asked questions in the farm equipment industry.
Farm equipment loans are any type of business loan that enable a farmer/ business owner to purchase necessary farming equipment or cover other business costs. Instead of using cash, the purchase is made possible with a loan product, which is paid off month to month.
To get a farm equipment loan through Lendio, a business must, at minimum, be at least six months old and make $8,000 or more each month. A credit score of at least 600 is also required.
Because a farm equipment loan is a business loan, the money can be used for any business-related expense. Yes, the money can be used to purchase equipment. Equipment financing and leasing can be used only to purchase the agreed-upon equipment.
There are a few perks to an online marketplace. The application process is quick and easy, connecting you with a network of lenders, so you can find the right loan option for your farm equipment needs. A funding manager will work with you and advocate for you and your farming business throughout the process.
While the SBA states that farms are eligible for an SBA-backed loan, many SBA lenders restrict working with farms. The Farm Service Agency offers an alternative government program for farmers seeking funding.
See what you can qualify for on the Lendio Marketplace.