Equipment Loan

Loan Features

Up to $200,000 subject to credit approval
Loan proceeds must be used for the purchasing or refinancing equipment
Maximum term up to 120 months depending on the useful economic life of the equipment
Application fee:
- Loan amount up to $50,000: $350
- Loan amount $50,001 and over: $500

Collateral

The equipment and fixtures purchased from the loan proceeds will be used as collateral for this loan. All the necessary required UCC filing will be done to secure the lien on the equipment and fixtures during the entire term of the loan. The borrower may be responsible for all UCC filing fees.

*APR= Annual Percentage Rate

Documentation Requirements

Completed loan application
Both borrower and guarantor/s will need to have a primary account at Nizari PFCU.
Proof of Insurance (Business Location)
Copies of last two years personal and business income tax returns
Copies of last year’s personal and business financial statements Proof of business, showing applicant as owner/part owner of the business
- Articles of incorporation, OR

- Partnership deed, OR
- Assumed name certificate
In case of a partnership or corporation, a signed resolution authorizing the purchase of the equipment shall be required.
Original and signed quotations from the vendors together with the Equipment details must be submitted along with the application
Depreciation Schedule
Consent of landlord (if applicable)

Completed loan application
Both borrower and guarantor/s will need to have a primary account at Nizari PFCU.
Proof of Insurance (Business Location)
Copies of last two years personal and business income tax returns
Copies of last year’s personal and business financial statements Proof of business, showing applicant as owner/part owner of the business
- Articles of incorporation, OR
- Partnership deed, OR
- Assumed name certificate
In case of a partnership or corporation, a signed resolution authorizing the purchase of the equipment shall be required.
Original and signed quotations from the vendors together with the Equipment details must be submitted along with the application
Depreciation Schedule
Consent of landlord (if applicable)