Determine what type of equipment you need, how it fits into your operations, and whether leasing or buying is more suitable.

Verify your business credit score through a reputable agency. If it's low, consider taking steps to improve it before applying.

Gather your recent balance sheets, profit and loss statements, and cash flow statements. These will help lenders assess your financial stability and repayment capacity.

Your business plan should outline your company's operations, market analysis, growth strategies, and how the new equipment will contribute to these plans.

Show your ability to repay the loan through a steady income stream, stable business operations, and financial projections.

Lenders may require up to three years of business tax returns. Make sure they are accurate and up-to-date.

If you're considering a secured loan, identify assets that could serve as collateral.

Provide as much information as possible about the equipment, including type, model, cost, condition (if used), and supplier details.

Understand your preferred loan term length, repayment schedule, and whether you need any additional features like a line of credit.

Look for lenders who specialise in your industry or the type of equipment you need.

Fill out the loan application provided by the lender or broker. Be sure to answer all questions accurately.

Gather all necessary legal documents, such as articles of incorporation, business licenses, and any contracts or lease agreements that might be relevant.