Start-ups are brand new businesses that are beyond the planning stages and have been open for at least one month. Businesses that have less than 24 months time in business or generally regarded as "new" or "start-up". Both start-up and new businesses have historically been considered high risk and consequently most traditional lending institutions will not touch them. Higher credit standards are usually required for these types of transactions. For most start-up applications the principals’ personal credit will be carefully reviewed along with other factors such as current cash on hand and collateral strength.
A new business is still a new business and the business plan, no matter how compelling and the principals’ experience no matter how significant, will not override inadequate personal credit. All start-ups transactions must have a minimum of the following verifiable characteristics:
| Business Checking Account | |
| Business Name -- Corporation, LLC, Partnership or other name filed with the appropriate state authority. If a Sole Proprietorship, a DBA or Business License | |
| Business Telephone Directory Listing (actual or ordered) |
In addition, we will require the following on all start-up and new business transactions:
| Personal Guarantees from all owners with 10% or greater ownership. | |
| First City Capital Application | |
| Detailed Equipment Description & Vendor List | |
| Lease Payments By ACH (Lessee must pre-authorize monthly lease payments via electronic debit) |
Start-Up Equipment Leasing Programs -- General Parameters
We offer 2 basic start-up lease programs:
| Application Only to $75,000. First City Capital will consider start-up’s for as much as $75,000, based on First City Capital’s standard one-page application, clean personal credit and a business or personal bank reference for all owners (at least 3 month history to verify a low four-figure balance in good standing). |
| Application Only to $250,000. First City Capital will consider construction equipment start-ups for specific types of equipment up to $250,000. Please call for details on equipment types accepted. |
Getting Started
In order to get started, please download application and provide all necessary documentation. Upon receipt a finance manager will assist you with any questions you may have and take you though the funding process. Call us today at 800-603-8314.
Leading the Country in Equipment Leasing
First City Capital
8001 Irvine Center Dr, 4th floor
Irvine, CA 92618
(800) 603-8314
sales@firstcitycapital.com
www.firstcitycapital.com
