Answers from Brookharbor Lenders in Charleston, West Virginia on where to apply for business funding, how equipment financing and advances work and what happens to a request.
Where to Apply for a Small Business Loan as a Charleston, WV Practice or Firm
A business in Charleston, WV can apply to a bank or credit union where it keeps its accounts, to an online lender, to an equipment finance company, or through a service such as Brookharbor that passes the request to funding partners. A side-by-side of those routes is in the West Virginia lender types guide.
Start where the purchase points. A practice buying equipment may get the widest comparison from equipment-focused partners; a firm with a long relationship at its bank may begin there.
Is Equipment Financing a Loan When a Dentist Finances a Chair?
Equipment financing can be a loan, where the practice owns the chair and repays the amount borrowed, or a lease, where it pays to use the chair and may buy it at the end. Both are often called equipment financing. The agreement says which it is.
The equipment financing page covers chairs, imaging and other equipment.
Is a Merchant Cash Advance a Loan Under the Agreement a Charleston, WV Owner Signs?
A merchant cash advance agreement is written as a purchase of future receivables, not a loan. The provider buys a share of future card sales and collects it as those sales come in. That is why advances use factor rates rather than interest rates.
The merchant cash advance page explains how holdbacks and factor rates work.
Can a Law Office Borrow Against Its Receivables?
Some partners offer financing based on receivables, and a firm's billed fees can support a line of credit or a loan. Contingent fees on open matters are harder to value; partners vary in how they treat them.
The law firm page covers case-cost lines and why litigation funding is not part of this site.
What Brookharbor Handles in a Request and What a Funding Partner Decides
Brookharbor talks through the request, narrows the funding types and sends the request to a funding partner once you agree. The partner reviews it, asks for any records and makes the decision on approval, amount and terms.
Brookharbor does not set rates or approve requests, and no request is guaranteed an offer.
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