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Types of IT Services Company Business Loans
Why National Funding?
When considering the needs of your IT services company, you want a lender who has worked with companies like yours before. At National Funding, we understand that securing financing for an IT services company can feel overwhelming or complicated. Business loans from National Funding don’t require lengthy paperwork. Speak with one of our friendly, knowledgeable loan specialists to learn more about our business loans.
Benefits of IT Services Company Loans
The information technology industry has a huge impact on our daily lives, and the emergence of IT has had a huge impact on society as a whole. However, even IT companies, in such a solid industry, can be hit with hard times.
Technology companies aren’t immune to slow seasons due to economic slowdowns. However, a small business loan can help IT services companies with funding to help keep up with payroll, office space rent, and other expenses while business is slow.
IT services companies can also use a small business loan to expand their company or purchase new spaces or equipment to help them succeed.
Business Resources for IT Services Companies
A business loan for an IT services company is an investment in the growth of your company — but securing financing is only a fraction of what it takes to manage your finances. We’ve put together a list of resources to give you the whole story on loans, taxes and managing the financial health of your company.
COVID-19 has shuttered some businesses and reduced the activity of many others. As a result, many businesses are coming up short, both with paying and getting paid, and it can be challenging to figure out how to collect overdue payments from clients.
So what’s the difference between Section 179 and bonus depreciation? Section 179 lets business owners deduct a set dollar amount of new business assets, and bonus depreciation lets them deduct a percentage of the cost. Learn about the differences between the two.
If your company handles any sensitive information, you likely know about the importance of small business IT security. You may have taken a few basic steps like installing antivirus software or firewalls to guard your data against cyberattacks. If you want to enhance your small business cybersecurity and move your data protection strategy beyond the basics, consider these five areas.
FAQ: IT Services Company Loans
An IT services company loan from National Funding is a loan specifically designed to fund IT services companies. An IT services company loan can be used towards purchasing office equipment, office spaces, supplies, and more. If you are ready to expand your business, upgrade your office or simply need funds for everyday IT services business expenses, a small business loan can help you meet your goals.
At National Funding, we make it simple to qualify for an IT services company loan by offering our application process online, plus it only takes a few minutes to fill out. We won’t ask for extensive paperwork or a huge backlog on bank statements; just the basics. One of our Loan Specialists will get back to you shortly after to ask you a few questions to get a better idea of your IT services business.
Here at National Funding, we look at more than just your credit score to determine if you qualify for a loan. We offer alternative loan options for those who have bad credit and are in need of a loan. Bad credit shouldn’t stop you from having loan options available to you, so apply today to see if you qualify.
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True to our mission, we encourage you to read the following policies and learn how they affect you as a client.
(1) 24 hours:
Fast approvals and 24 hour funding subject to receipt of required documentation, underwriting guidelines, and processing time by your bank. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
(2) Early payoff discounts:
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in full within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
(3) Automatic payments:
Loan payments are withdrawn via Automatic Clearing House (ACH) Monday through Friday excluding bank holidays.
(4) Wide variety of payment options:
- Equipment Financing: payments are remitted monthly with terms of 2-5 years
- Working Capital Loan: payments can be remitted daily or weekly with terms of 4 months up to 24 months
(5) Potential Tax Savings:
The Section 179 Tax Deduction allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. Meaning, if you buy (or lease) a piece of qualifying equipment, you can deduct 100% of the purchase price from your gross income. You can secure the equipment, tools, and technology you need, while also taking advantage of significant tax deductions - up to $1,000,000. Consult your tax professional for more details.
(6) Guaranteed lowest payment:
Pursuant to the terms and conditions specified in these Rules and Restrictions of the Guaranteed Lowest Payment, National Funding guarantees to provide the lowest payment on equipment leased through National Funding, for lease terms from 24 to 60 months, or to pay $1000 towards qualifying executed leases. Lease payment comparisons must be based on a lease in excess of $10,000, for approved equipment, and with the same terms and conditions as those offered by National Funding within seven days that the National Funding terms are issued. To be eligible, customers must provide a competitive lease quote without contingencies, and vendor invoice, and in the name of the lessee within seven calendar days of the date National Funding issues its terms. Guarantee only valid on competitive equipment leases. Equipment finance agreements do not qualify.
In the event that the monthly lease payment amount from the competing lease company or bank is lower than the monthly payment that is being offered by National Funding for the same equipment and pursuant to the same terms, National Funding will verify the validity and accuracy of the competing leasing company’s or bank’s payment options, terms and the vendor quote. National Funding has the option, in its sole discretion, to either beat the competing leasing company’s or bank’s monthly payment rate, or pay $1000 to the lessee. The lessee must provide National Funding with the competing company’s or bank’s signed lease agreement with payment terms/options, and take delivery of the equipment. Payments will be made within 30 days, and lessee is responsible for any taxes.
The Guaranteed Lowest Payment is available to both new and established customers of National Funding. This offer is valid for new lease applications only. The Guaranteed Lowest Payment is not retroactive — a previously funded equipment lease with National Funding is not eligible for the Guaranteed Lowest Payment. Only non-contingent offers of lease terms and payment are eligible. Offers made to lessee that include subsidization by manufacturers and/or vendors will not be considered in comparing competing offers.
The Guaranteed Lowest Payment may be discontinued at any time without notice.
To participate in the Guaranteed Lowest Payment program, if you have a lease agreement and vendor quote which you believe will qualify for the program, contact your National Funding Lease Manager.
(7) Terms and Conditions apply:
This is not a guaranteed offer of credit. Loans subject to lender approval. Approval amount is based on eligibility determined by information obtained from Dun & Bradstreet. Actual eligibility may vary. Restrictions may apply. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average bank balances, personal credit and other variables deemed relevant by the lender.