Frequently Asked Questions
Browse the categories below to quickly find answers to your questions.
About Financing Equipment
Yes. In fact, one of the most appealing reasons businesses lease new equipment is because the IRS does not consider an operating lease to be a purchase; rather it is a tax-deductible overhead expense. Therefore, you can deduct the lease payments from your business income.
No. Generally speaking, lease financing requires little to no down payment. While the first and last month's payments may be required, leasing is almost identical to 100% financing.
You'll find lease financing has a positive impact on your cash flow because you're not paying for your equipment in one lump sum. By tailoring a custom lease, business owner can conserve cash and focus their funds on other initiatives to help grow their businesses. Lease financing also allows you to forecast cash requirements more accurately since you know the amount and number of payments you'll owe over the finance term.
Yes, you can! In fact, we can often get approvals issued even faster for current customers. In those cases, the approval process includes a quick refresh of your credit and review the new asset. This allows you and/or your company to react quickly to a new opportunity.
Absolutely. We offer flexible terms, allowing you to customize your lease to a program fitting your needs and requirements - cash flow, budget, transaction structure, cyclical fluctuations, etc.
Yes! Early payoff is always an option, and there's no penalty to do so.
Lease terms typically range from 12-60 Months. The most common lease terms are 36-60 months.
Yes. About 95% of Geneva Capital's clients select a "lease-to-own" plan.
We offer competitive rates that start at the national prime rate. Rates will always vary based on credit profile, time in business, equipment type, and term length. We encourage customers to compare not only rate, but also look at service, speed, and flexibility. We’re not a big bank. We’re built for business owners like you. Because we know your equipment, we can often get approvals done that other banks struggle with.
Account Management & Making Payments
You can make payments easily through your MyGC Customer Portal or by calling our Customer Service team. We accept ACH, debit/credit cards, and checks. If you're unsure where to log in or need your account number, reach out and we’ll walk you through it.
You can request your payoff amount through your MyGC customer portal or by calling us directly at 320-762-8400.
This information can be found within your MyGC customer portal. When logged in, click into your contract and then click "View Terms". There you'll see the number of invoices remaining along with your purchase option (if applicable).
We sure do! We know life happens, and that's why Geneva Capital offers a 4-day grace period. If your due date is on Friday, January 5, you can make a payment anytime prior to 11:59 pm (Central time) on Tuesday, January 9 without incurring a late fee. Rest easy!
We offer a grace period of 4 calendar days. If your due date is on Friday, January 5, you can make a payment anytime prior to 11:59 pm (Central time) on Tuesday, January 9 without incurring a late fee. If your payment is received after that grace period, a late fee is applied. We wish we lived in a world where we didn't have to deal with late fees, but like all other financial institutions, it's part of doing business. If you feel like a late fee has been applied incorrectly, give us a call, and we'll take a look!
EPP stands for “Equipment Protection Plan”. If you didn’t provide us proof of insurance before the deadline outlined in your finance documents, you were automatically added to our EPP policy and billed for the monthly premium. If you feel this was done in error, please reach out to our Insurance Team or your account rep.
Application & Approval Process
In most cases, yes, bank statements will be required prior to approval, however we encourage you to apply even if you don't have everything ready right now. We have many options to make submitting your bank reference quick and easy! In some cases we are able to process the approval without them, but before we can finalize your contract and get equipment ordered, we'll need these submitted to confirm that you have an active bank account.
- Credit approval
- Finalize terms
- You sign the agreement.
- We work with your equipment vendor to get the order placed!
Pretty dang quick! If we have a complete application and bank references, we can get approvals completed in as little as an hour…sometimes even faster! Occasionally we do have some additional questions which can cause approvals to take a bit longer, but our goal is always to have approvals completed in one business day.
When many lenders shy away from start-ups entirely, we're all in! We do ask for personal financial information on mid-larger size start-up applications simply to help us assess your ability to repay. You can think of it like telling your story. The truth is, investing in start-ups is a risk for us. But we believe in supporting the entrepreneurs out there! A quick review of your bank statements is all we need in many cases to help us make reasonable judgements about what the future might hold. If we need more information than this, someone will reach out shortly after you apply!
Equipment Protection
Yes, you're required to insure the equipment. You may use Geneva Capital's Equipment Protection coverage through Pillar Insurance Services, or you can opt for coverage through your own insurance agency specifically for the financed asset. You will need to provide proof of insurance coverage for the duration of your finance term with Geneva.
You can absolutely use your own insurance provider. There are some benefits to using Pillar. Below are only a few:
- Competitive pricing
- Convenience & ease
- Quicker claims service
- Streamlined payment processing—everything all on one invoice!
- One-stop-shop for equipment financing and insurance needs
All customers are eligible to insure any asset that is financed through Geneva Capital.
Customers in CA, FL, IL, MN, NY, NC, OH, or TX can continue to receive Pillar Insurance coverage after their finance agreement has matured. Click here for more information.
Our Equipment Protection Plan is a convenient, competitively priced, and superior insurance option. Your monthly premium is simply added as a line item on your equipment invoice. We also are partnered with a Rated A+ Superior insurance company to provide our customers security in knowing that their insurance needs are protected.
EPP stands for “Equipment Protection Plan”. If you didn’t provide us proof of insurance before the deadline outlined in your finance documents, you were automatically added to our EPP policy and billed for the monthly premium. If you feel this was done in error, please reach out to our Insurance Team or your account rep.
Start-Ups
Internally, we classify businesses of less than 2 years start-ups.
After the business we’re financing equipment for reaches 2+ years in operation.
It depends on the amount financed, personal credit, and level of experience (among other things). For all transactions we require a credit application and recent bank statements. For larger-ticket items, we may also ask for tax statements and/or a Personal Financial Statement (PFS).
Businesses of less than 2 years require a little closer look from our team. Sometimes that means more information than we’d ask of a business of 2+ years. Depending on your personal credit, business model, and industry experience, we may also require a little bit more cash down. Access to promotions and some special structures is limited until you’re established.
While we have a ton of options available to finance equipment for newer businesses, there are some programs (extended deferred payments, etc.) that are unavailable. Without a lot of business history to look at and generally pretty limited finances where start-ups are concerned, we need to find the sweet spot of protecting our assets and funding your venture. Our team looks at each transaction individually to determine how much risk we’re able to take, then figure out how to get you to a monthly payment you’re comfortable with!
Working Capital
Working capital is unrestricted cash you can use for your business.
Quick answer – virtually anything. Payroll and other operating expenses, office upgrades or renovations, inventory or materials, training and education, travel, advertising. We recommend you use it for business expenses, but we’re not here to judge. As long as you make your payments, we’re still friends!
Nope! We’re completely transparent and you can pay off your loan at any time without penalty. In fact, we offer discounts for paying the funds back early!
If you’ve had a recent transaction with Geneva Capital (in the last 12 months), you’re most likely approved! Contact Andy, and he can look up details from your most recent evaluation. If you’re new to Geneva (hi!) or it’s been a couple of years since your last transaction, apply here! Each application is reviewed individually and there’s no cost or obligation to apply.
We know finding capital can be tough as a start-up, so we do our best to help! If you’ve been in business 12 months or more, you may be eligible for working capital (pending credit approval). If you've been in business less than 12 months, working capital isn’t an option. However, we do finance equipment purchases for start-ups!
Working Capital can be used as a line of credit. We give you a max approval amount. You take whatever amount you want. The remaining balance stays available to continue to draw from throughout the duration of the term.
Still have questions?
Our team is ready to help! Let us know what you're after and we'll get the right person on it.
