We hear it over and over again from our equipment financing customers – that they are continually impressed with how fast we fund deals.
In plain terms, many individuals and businesses are used to the Bank’s pace of doing business. And the bank takes it really slow. In many cases, it can take several days to weeks to get an approval for an equipment financing deal, never mind then getting the actual funding handled. And this is after you’ve already spent hours gathering your tax returns and financial records to bring in.
In contrast, we built our service around speed. We’ve approved some customers for their equipment loan in less time than they spent in the bank’s lobby waiting for the loan officer. Literally, and with limited paperwork.
To us, the speed and ease of equipment financing is very important. And it can be very important to our customers. Because many times, a business needs new equipment fast. There have been instances when a needed machine unexpectedly broke down. Or was irreparably damaged in an accident. And the company is in a holding pattern until they get another one. That’s never good.
Not to brag (ok, maybe it is a bit of a brag), but we’ve “saved the day” more than once, because we provided funding the very same day the machine went down. The machine failed overnight, we were called in the morning, and by the time the business day ended, approvals were made, documents were signed, and another machine was purchased and an extended maintenance plan (that was financed as well).
Since we began business in 2012, transaction speed been our hallmark. The internet has made everything faster, and we’ve continually invested in ourselves to make our process as fast as possible.
Best wishes from the M.I