What is it
The Equipment Financing product is used to purchase equipment for your small business. It is transparently structured with fixed monthly payments for the duration of the term.
How it works
- You (small business owner) identify equipment that you want to purchase.
- Salaam will purchase the equipment and adds a mutually agreeable profit mark-up to the purchase amount of the equipment.
- Salaam then resells the equipment to you with equal monthly payments for the term of the financing.
Eligibility Criteria
- Two or more years in operation
- Must be U.S.-based, including Tribal land
- For-profit or non-profit, can be a Section 17 corporation
- No minimum credit score
Financing Amount
- Up to $15,000
Terms
- Flexible terms
- 12 to 24 months
- Fixed monthly fee
- No prepayment penalties
- Collateral required
Example Transaction
Ali’s Bakery seeks to replace its commercial refrigerator. They identify a vendor from whom to purchase the refrigerator and receive a price estimate of $10,000. Salaam purchases the refrigerator from the identified vendor for $10,000, and adds a mutually agreeable markup of $1,500 (note: the markup amount will vary based on transaction specifics; this is just an example). Over a 24-month period (note: the time frame will vary based on transaction specifics and what will work best for the small business), Ali’s Bakery repays a total of $11,500 in fixed monthly installments.
Interested in learning more or applying?
Fill out the form below and we will reach out within 24-hours to walk through completing an application form.