Heathbend Credit helps Minot, ND owners request equipment financing and leasing for used machines, restaurant kitchens, contractor equipment, service trucks and oilfield units. The page explains loans versus leases, what partners want to see on a quote, and how to finance used equipment for a small business.
| Builders and trades with payroll, Ward County, ND | 253 (CBP 2023) |
|---|---|
| Support activities for mining, Ward County, ND | 40 (CBP 2023) |
| Eating places with payroll, Ward County, ND | 125 (CBP 2023) |
| Who decides | The funding partner |
Used Equipment Financing
Used equipment financing for small business is one route to a machine. A used skid steer, a reconditioned fryer or a second-hand service truck is financed the same way as a new one, with extra questions about condition.
Partners look harder at used items: age, hours or mileage, condition and who is selling. A dealer invoice with a serial number documents the sale, and private-party purchases can be funded too. Used equipment loans for small business may have shorter terms than loans for new machines, because the item has less working life left.
What to have ready for a used machine
- The seller's invoice or bill of sale with make, model, year and serial or VIN
- Hours or mileage and any inspection report
- Photos, especially for private sales
- Proof of insurance once the item is yours
Financing a Restaurant Kitchen Line
A restaurant kitchen is a stack of expensive machines: ranges, hoods, fryers, walk-in coolers, dish machines. Financing them separately from the build-out lets a partner assess each piece on its own. Ward County, ND had 125 restaurant employer establishments in 2023 (CBP, NAICS 7225), and the restaurant industry page covers kitchen financing in detail.
Hoods and walk-ins attached to the building may be treated by some partners as part of a remodel rather than as equipment.
Construction Equipment Financing
Contractors finance excavators, skid steers, trailers, scissor lifts and work trucks. Construction was the second-largest sector in Ward County, ND by employer count in 2023, with 253 establishments (CBP). See the construction industry page for how equipment fits a contractor's cash cycle, and the heavy equipment payment calculator to estimate a monthly payment before calling.
Oilfield service companies have their own equipment story. The county counted 40 employer establishments in support activities for mining in 2023 (CBP, NAICS 2131). Our article on oil and gas equipment financing goes through it, and another explains how a repair shop can finance a tow truck.
Equipment Loan or Lease?
| Equipment loan | Equipment lease | |
|---|---|---|
| Ownership | You own the item; it secures the loan | Title stays with the lessor; you rent the use of it |
| End of term | Paid off and yours | Return, renew or buy out, depending on the lease |
| Suits | Machines you will keep for their whole life | Items that date quickly or that you want to upgrade |
Tax treatment of loans and leases can differ. Ask your accountant which suits your business before choosing.
Equipment Loan Requirements
- A quote or invoice for the specific item
- Recent business bank statements
- Years in business and the annual revenue band
- For larger amounts, business tax returns
How to get a small business loan for equipment comes down to the quote: a clear invoice for a machine that holds its value makes a stronger file. Partners set any down payment, term and rate. More local context is on the Minot, ND page, and other options are on the comparison page. Trade-by-trade notes sit on the industry pages.
By Heathbend Credit · Updated
