Integrated Loan Equipment: What's Included And What's Not

Integrated Community Equipment Loan Services (ICELS) are partnerships between local governments and health authorities that provide equipment to support independent living for citizens of all ages. These services are often provided for free and are available for as long as the borrower needs the equipment. Equipment loans are also available for businesses to finance the purchase of specific equipment, which can be broken down into manageable payments over time. This can include equipment leasing, lines of credit, or SBA 504 loans.

Integrated Community Equipment Loan Service (ICELS)

The Integrated Community Equipment Loan Service (ICELS) is a partnership between local authorities and the NHS to provide equipment that supports independent living for citizens of all ages. ICELS has been recognised as one of the most effective and efficient services in the region, in terms of both quality and cost.

ICELS is managed by a partnership between Nottinghamshire County Council, Nottingham City Council, and Nottingham and Nottinghamshire CCG. The service is provided to residents on behalf of these councils and the NHS. Medequip Assistive Technology is the provider of ICELS for Leicester, Leicestershire, and Rutland, with a similar service provided by Rutland County Council and the NHS.

To access equipment through ICELS, an assessment by a health or social care professional is required. This can be arranged through a GP referral or by contacting the Council's Social Care Team. If hospital discharge is imminent, an assessment can also be arranged. The equipment provided through ICELS includes items such as wheelchairs, walking frames, and other assistive devices.

The current contract for ICELS is set to expire in April 2023, and a new contract is being procured for a proposed period of five years, with a potential extension of an additional five years. The partnership has been working to reduce costs and improve the effectiveness of the service, ensuring that citizens have access to the equipment they need to maintain their independence.

Equipment loans for arts and media

Equipment loans are a great way to access specialist tools for creative projects without the burden of a large upfront cost. Many educational institutions offer equipment loans for arts and media, with some providing access to a wide range of tools for free.

Stanford Arts

Stanford Arts offers an Equipment Lending Library with a collection that includes speakers, stands, microphones, mixers, amps, cables, photo and video equipment, and more. The service is available to students, who are responsible for transporting items to and from the library. Reservations must be made by noon on the Wednesday before checkout, and loans are for five days. Students can be barred from using the service if they fail to pick up reserved items or return them on time.

Integrated Arts Media Labs

Integrated Arts Media Labs provides various equipment loans for art, music, drama, and dance classes. This includes digital SLRs, digital camcorders, tripods, audio recorders, and more. The service is free of charge for students and faculty, who must specify which class or research project the equipment is for. Items can be booked for one to two days, and late returns may result in limited future access.

Edge Hill University

Edge Hill University offers specialist media equipment for loan from its Media Loans Store in Creative Edge. Department of Media students and staff can use the Media Loans booking system to view and book available items.

It is important to note that equipment loans typically require the user to return the equipment in the same condition it was loaned out in. Some services may charge for lost or damaged equipment, and failure to return items on time may result in restricted access in the future.

Equipment loans are a convenient option for accessing costly tools without a large upfront payment. They are often more accessible than other loans, with lower eligibility requirements, and do not usually require extra collateral. However, it is important to consider the potential drawbacks, such as the loan outlasting the equipment's lifespan or the lender seizing the equipment if payments are missed.

Business equipment loan eligibility

An equipment loan is a small business loan that can help fund equipment for a business. The lender provides a lump sum of money to buy, repair, or replace equipment. This includes company vehicles, machinery, computers, and furniture. Equipment loans can offer quick financing and don't require extra collateral, but it's important to consider the pros and cons before deciding if this type of loan is right for your business.

When it comes to business equipment loan eligibility, lenders will consider several factors:

• Business credit score: Lenders will want to see a healthy business credit score, indicating good management of business finances.
• Personal credit score: A minimum personal credit score of 600 is often required, with banks typically preferring a score of 670 or higher.
• Time in business: Most banks require the business to be operational for at least one to two years, but some online lenders may accept businesses as young as six months.
• Annual revenue: Lenders typically require a minimum annual revenue of $100,000, with banks often expecting $150,000 to $250,000.
• Business financial documents: Lenders will review financial documents, including balance sheets, profit and loss statements, equipment appraisals, and business bank statements.

Before applying for an equipment loan, it is essential to understand the full loan amount and the resulting monthly payments. Business owners should evaluate their goals and specific needs to determine if a loan, lease, or line of credit is the best option for their business. It is worth comparing multiple lenders and considering the pros and cons of different financing options, such as loans, leases, and sale-leasebacks.

Equipment leasing

Leasing can be an attractive option when buying and maintaining equipment is too expensive for a small business. Leasing can come with low upfront costs and low regular payments, but it can also result in paying more over time than if you paid for the equipment outright. Leasing gives business owners access to vehicles, machinery, and equipment that they may not be able to afford otherwise.

There are two main types of equipment leases: capital leases and operating leases. Capital leases are usually long-term and non-cancellable and are used for equipment that the company wants to use in the long term or purchase at the end of the lease period. In a capital lease, the lessee is responsible for maintaining the asset and paying any insurance and taxes associated with the equipment. The equipment's assets and liabilities are recorded in the lessee's balance sheet during the lease period. Businesses prefer this type of lease when renting expensive capital equipment that they may not have the funds to purchase immediately. Operating leases are shorter-term and are more suitable for equipment that may become outdated or obsolete quickly, such as technology equipment.

It's important to understand the pros and cons of leasing equipment before deciding if it's the right move for your business. While leasing can provide access to necessary equipment with low upfront costs, it can also result in paying more over time. Additionally, the lender could seize the equipment if you fail to make payments.

Equipment loan extensions

Equipment loans are a form of financing that businesses can use to purchase new equipment or repair existing equipment. The loan amount can be used to finance heavy-duty equipment or general-purpose machines. Companies can take out equipment loans to finance the purchase of a wide range of tangible assets, from machinery to vehicles.

Equipment loans are similar to other types of business loans in that borrowers receive a lump sum of money, which they must repay with interest. The loan amount typically ranges from 80% to 90% of the equipment's value, with the borrower paying the remaining amount as a down payment. However, some lenders may offer low or no down payment requirements. The repayment terms for equipment loans can be flexible, with options for monthly, quarterly, bi-annual, or annual payments.

When applying for an equipment loan, lenders will consider various factors to determine eligibility, including business and personal credit scores, the length of time the business has been operating, annual revenue, and financial documents. It is important to note that equipment loans use the equipment itself as collateral, and lenders may seize the equipment if the borrower defaults on the loan.

Some equipment loan agreements may include provisions for extensions or renewals. These provisions outline the conditions under which a borrower may request an extension and the process for doing so. Extensions may be granted for a variety of reasons, such as financial hardship, changes in business circumstances, or unexpected events that impact the borrower's ability to repay the loan.

To request an equipment loan extension, borrowers should contact their lender and discuss their options. Lenders may require additional information or documentation to assess the borrower's eligibility for an extension. It is important for borrowers to carefully review the terms and conditions of their loan agreement to understand their rights and obligations regarding extensions.

Frequently asked questions