Financing tools for the blue collar business owner

For many small businesses, equipment financing is a fact of life.

It’s hard to run your construction company smoothly when your company pickup truck gets totaled (that will cost you about $30,000 to replace, according to Kelly Bluebook), or to keep your restaurant open when your aging industrial-strength walk-in refrigerator finally goes kaput (if you’re buying a replacement from Webstaurant, plan to shell out between $4,000 to $11,000).

These are major and often unexpected expenses, and few business owners are able to come up with thousands of pounds in cash when these expensive surprises rear their ugly heads.

Similar problems face business owners who hope to expand; if you need more equipment to open a second location for your store, you might not have the cash at your disposal, even if your overall business health is excellent.

Equipment expenditures represent some of the brand-new business’s greatest single expenses. For business owners facing these situations, financing is often the only answer. So, what tools are available for the business owner investigating financing options?


Banks have long been a resource for business owners seeking to finance. Wells Fargo, JPMorgan Chase, and many other banking institutions will loan businesses funds for purchasing new equipment.

The problem is that these bank loans aren’t as easy to get as they used to be. After the 2008 Recession, bank loans have declined markedly.

A 2014 article in Forbes reported that small business loans have been especially hard-hit by the loan drop, due in part to conglomerate banks who prefer the lower cost-per-transaction of providing huge loans to huge businesses.

Finding the best bank loan rate and then waiting to learn whether the bank will actually give you that loan can be an immensely time-consuming. What’s more, because it’s so hard to execute a comprehensive search, you might end up with a loan that’s not the best for your specific needs.

Closing a full loan package with a bank can take thirty to sixty days or even several months. This is a huge problem when you don’t have a piece of equipment you need to operate your business every day.


Leasing, when a business owner makes regular payments to use equipment without ever actually buying it, maybe more appealing than a bank loan in many circumstances.

Leases for equipment your company only uses for a brief amount of time may be the best option. After all, why pay retail for something you’ll barely use? Unfortunately, plenty of business equipment doesn’t fall into this category.

Owners expect equipment to endure and serve the company for years and years. Quickbooks observes that leases can often wind up costing owners more money over time than outright purchasing, especially if you’re investing in equipment you need for everyday operations. Leasing only benefits the business owner in the long run in very specific situations.


The currency was founded by a group of finance and tech professionals who realized small businesses seeking equipment financing are often left with precious few good options. Since it first began, Currency has facilitated over $500 million in equipment loans for small businesses.

Currency’s Express Technology allows equipment loans to go through in minutes rather than days. Customers can be approved in as little as three seconds, meaning funding and equipment purchasing can occur virtually the moment a business owner decides they’ve found the piece of equipment that meets their needs.

Currency’s founder knew sorting through available lenders and looking for a good match could be a huge undertaking for any business owner looking into equipment financing, so they’ve compiled over 100 top lenders into one searchable network. Because the Currency platform searches so many lenders at once, you’re more likely to find one who’s a good fit for your needs and credit history (and because Currency’s system is so good at finding that perfect match between lender and borrower, the platform boasts a default rate under 1 percent).

This network of lender options includes the US Government’s Small Business Administration; in fact, Currency is one of the country’s few non-bank lending entities with a complete SBA program.

Businesses who conduct online transactions with Currency (a list that includes eBay, Iron Planet, Caterpillar, and Proxibid) use Currency’s embedded API technology.

This means that if you’re shopping for equipment on a website using the Currency platform, you can submit your relevant information, find out if you’ve been approved, and purchase equipment with your new funds in seconds. No more lengthy consultations or endless wait times for decisions.

Final thoughts

It’s never been easy to run a small business, but people do it anyway because they love the field they’re in. While traditional bank loans and leasing options can still meet the needs of the average small business owner, Currency wants to make things a little easier for blue collar entrepreneurs.

Currency-based equipment financing is one of the best new ways to help your business meet its needs and thrive.

Looking for finance? is working in partnership with trusted lenders to find the best business funding deals. Find out more here.

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