While credit reports are a part of the equipment leasing approval process, there is much more to factor in. Many equipment financing companies use only computer-generated credit scoring that looks at your financial documents, not your unique situation.
Many business owners, CEOs, and other decision makers are not aware there is an alternative to computer-generated credit scoring. In this blog, we will outline what you need to know about computer-generated scoring and reveal other methods that benefit businesses more.
Computer-generated scoring doesn’t factor in your business story.
Can we find another word for business story?
The problem many startups and established businesses face is that many equipment financing companies use only computer-generated algorithms that look at financial documents. Specifically, they fail to take into consideration your unique situation.
Your business story consists of your overall mission, your plan to grow in the future, and the success you’ve achieved in a short period of time. Your business story allows for an alternative to approval procedures that rely on computer-generated credit scoring.
At Providence Capital Funding, Inc., we call this the “makes sense approach” that also considers your business as a whole.
What is the “Makes Sense Approach”?
While your personal equipment leasing professional will factor your financial history into the equation, this data doesn’t represent the main criteria for approval. Instead, a real, live human being makes a decision to approve you for equipment leasing.
Providence Capital Funding, Inc., doesn’t use computer-generated scoring because the practice doesn’t serve our customers. Instead, our team prefers to take a custom-approach scoring that is performed by a person who weighs your business model, goals, and overall vision.
How does this alternative work?
Our approach is relatively simple. Our leasing specialists conduct an in-depth analysis of your company and look at every transaction individually. A dedicated account manager personally works with you from start to finish to ensure you receive the equipment you need faster and more efficiently.
Though Providence Capital Funding, Inc. will assign you a dedicated account manager who looks at your business story and planning, we still offer fast turnaround times for quotes.