By working with and purchasing your IT equipment through J.D. Fox Micro, you can easily take advantage of loans to cover the cost of the new hardware. Very often our new clients badly need updated networking devices or a new server to replace aging equipment on the verge of failure, but don't have the cash or available credit on hand to make the purchase. Through the J.D. Fox Micro Equipment Financing Program, you can borrow the cost of your upgrade or replacement equipment, with a fixed repayment plan of up to six years, much more easily than going directly to a bank for a general business loan.
Here is how it works. Once we have assessed your needs and you have received a completed Work Plan from J.D. Fox Micro with equipment details and pricing, let us know if you need financing. We will then provide the Work Plan to a Business Banking Officer at our friendly local bank, U.S. Bank. The Business Banking Officer will then call you to take your application over the phone.
You have two options:
- Full Work Plan Loan. This will cover the entire cost of the upgrade specified in the Work Plan, or whatever portion of it you wish. This includes the price of the hardware, plus California sales tax, software licenses, third-party warranty or service subscriptions, and service fees related to the Work Plan. This may require, however, that another bank does not already claim your general business assets as collateral for another loan or line of credit.
- Hardware Only Loan. This would fund only the cost of the physical equipment. It does not include sales tax, software licenses, warranty/service subscriptions, or service fees. You would generally only choose this if you have another loan or line of credit that uses your existing business assets for collateral. In this case, U.S. Bank would only have a claim on the equipment purchased with the loan as collateral, no matter how much the equipment depreciates or how many other assets you have.
For both options, loans are available from $5,000 up to $250,000, with fixed monthly payment plans going up to six years. You must have generally good credit, and your business must be at least two years old. Interest rates and payment terms are the same for both plans. U.S. Bank has sole discretion in the final loan decision.
Once your loan is approved you must visit a U.S. Bank branch in person to complete the paperwork, and pick up a bank check for the loan amount. It's that simple.