1West FAQ
Here are 48 direct answers about restaurant equipment financing, construction business loans, medical equipment financing, daycare loans, SBA loans and applying through 1West.
Last updated: Published by 1West, the financing company this guide covers
Start with what the money is for, then check the 1West baseline: six months in business, $20,000 monthly revenue, a 600+ FICO score and four months of bank statements. The answers below cover each financing type and industry in more detail.
Restaurant equipment financing is a loan or lease used to buy specific kitchen or front-of-house equipment, such as ovens, refrigeration, POS systems or a full kitchen package. 1West describes equipment financing as a way to get necessary equipment now with payments over time, instead of saving a large lump sum. The equipment itself usually serves as collateral.
Equipment financing can be a loan or a lease. 1West describes it as a loan or lease used to buy a specific piece of business equipment. With a loan, you typically own the equipment once it is paid off and the lender releases its claim. With a lease, ownership at the end depends on the lease terms, such as a $1 buyout.
Yes, in many cases. 1West lists used or new equipment as eligible for its equipment financing. Used gear can lower the amount you borrow; EconoLease, a Canadian equipment finance company, advertises savings of up to 65% on its own certified used foodservice equipment. Lenders may look closely at the age and condition of used items, so bring a detailed vendor quote.
Almost any asset a business uses to earn revenue. 1West lists construction equipment such as excavators, loaders, skid steers and dump trucks; restaurant gear such as ovens, refrigeration and POS systems; medical and dental imaging, exam and lab equipment; and technology such as computers, servers, phone systems and software. One exception: 1West does not offer leasebacks on equipment you already own.
In most cases the lender pays the vendor directly. 1West explains that after you choose an offer, the lender typically pays the vendor or dealer so you can put the equipment to work right away. You then make fixed payments over the term, and once the loan is paid off, the lender releases its claim on the equipment.
Durable medical equipment usually means items such as wheelchairs, hospital beds and oxygen equipment prescribed for use at home. Businesses that supply or use this kind of equipment can explore equipment financing like any other asset purchase. 1West lists medical and dental equipment among eligible categories, so confirm with the lender whether a specific item qualifies before you apply.
Cost depends on your credit, business history, the equipment and the lender. Rezku's 2026 guide puts restaurant equipment financing at roughly 6% to 18% depending on credit and business history. 1West's equipment financing page lists rates as low as 7%, as of November 2026. Your final rate and fees come only from a lender's offer, so compare total repayment, not just the rate.
It depends on the rate, fees and term. As a math illustration only, $50,000 at a hypothetical 10% APR over 60 months works out to about $1,062 a month and roughly $63,741 in total repayment. Fixed-fee products work differently: a Toast article gives a hypothetical $20,000 loan with a $3,000 fee requiring $23,000 in repayment. Use the calculator with your actual quote.
As a math illustration only, a $100,000 loan at a hypothetical 10% APR over 60 months costs about $2,125 a month. A longer term lowers the payment but raises total interest, and a higher rate raises both. Some construction project loans also use interest-only draw periods. Enter the rate and term from your actual offer in the calculator for a closer estimate.
As a math illustration only, $250,000 at a hypothetical 10% APR over 60 months is about $5,312 a month. Over 120 months at the same hypothetical rate, the payment drops to about $3,304, but total interest roughly doubles. Your real payment depends on the lender's rate, fees and term, so run your actual quote through the calculator.
As a math illustration only, $1,000,000 at a hypothetical 10% APR over 60 months is about $21,247 a month. At that size, many owners compare SBA 7(a) or 504 structures, which can carry longer terms. Loans this large typically require detailed financials and collateral. Your actual payment depends entirely on the offer you receive.
As a math illustration only, $100,000 at a hypothetical 7% APR over 30 years (360 months) is about $665 a month, with roughly $139,508 in total interest. Thirty-year terms are generally tied to real estate, not equipment or working capital. 1West's published commercial real estate financing terms run 6 to 60 months, so confirm term options with a lender.
As a math illustration only, $30,000 at a hypothetical 10% APR is about $637 a month over 60 months, or about $968 a month over 36 months. These guides cover business financing, not personal loans. Business offers depend on revenue, time in business, credit and the product, so use your actual quoted rate and term in the calculator.
Borrow only what the project needs, choose the shortest term your cash flow can carry, and compare total repayment across offers rather than the headline rate. A larger down payment, stronger credit and clean bank statements can also help. 1West publishes its own guide to reducing total loan cost, and its ABLE platform lets you compare offers side by side.
No. A Toast article on restaurant equipment financing explains that a fee equal to 15% of the amount borrowed does not make it a 15% APR. APR reflects how long you hold the money, so a short-term product with a 15% fee can carry a much higher APR. Always ask lenders for both the total repayment amount and the APR.
1West generally asks applicants to have been in business at least six months, have monthly revenue of at least $20,000, hold a 600+ FICO score and provide four months of business bank statements. Specific products and lenders can ask for more, such as an equipment quote, tax returns or a business plan for SBA loans.
You apply once online through 1West's Automated Business Lending Engine, called ABLE, which 1West says accepts applications 24/7. ABLE matches your business with lenders whose programs fit your credit, revenue and needs, and 1West pairs that automation with expert guidance. You then compare offers side by side and decide whether to accept one.
1West's homepage invites businesses to choose a funding amount from $5,000 to $1,000,000 or more. Published ranges vary by product: equipment financing is listed at $10K to $5M, accounts receivable financing at $10K to $10M and commercial real estate financing at $100K to $20M, as of November 2026. The amount offered depends on the lender's review.
1West's equipment financing page lists about one week as the time to fund, as of November 2026. Market sources describe a wide range: Rezku says online lenders may fund within 24 to 72 hours, and Biz2Credit notes some lenders decide within 24 hours for highly qualified borrowers. Timing is never guaranteed and depends on your documents and lender review.
No. Financing is subject to lender approval and final terms. 1West helps businesses find and compare options, but each lender makes its own decision based on its review of your credit, revenue, time in business and the purpose of the funds. These guides never promise approval, rates, amounts or timing.
Prepare your four most recent months of business bank statements, the general 1West requirement. Download them as PDFs from your bank's app or online banking; 1West publishes step-by-step instructions for exporting statements from banks including Chase, Bank of America, Wells Fargo and Citibank. Complete statements help lenders review your cash flow.
Yes. 1West's equipment financing process starts with asking the vendor or dealer for a quote or invoice for the equipment you need, new or used. A quote tells lenders exactly what the asset is, what it costs and who gets paid. It also lets you compare every offer on the same amount.
It is harder but possible. 1West's general requirements include at least six months in business and $20,000 in monthly revenue, so a brand-new restaurant may not qualify through 1West yet. Startups often look at SBA loans, SBA microloans, vendor financing or leases. Once you have six months of bank statements, an equipment application becomes more realistic.
Crestmont Capital's 2026 statistics put a full commercial kitchen buildout for a new full-service restaurant at typically $75,000 to $250,000 for equipment alone, before furniture, fixtures or construction. The same source notes many kitchen equipment categories are up 20 to 35 percent from pre-pandemic levels. Your own vendor quotes will set your real number.
Construction business loans are financing that contractors and construction companies use for equipment, materials, payroll between client payments and, in some cases, owner-occupied buildings. 1West offers equipment financing for items such as excavators, loaders, skid steers and dump trucks, along with unsecured working capital, lines of credit, SBA loans and commercial real estate financing.
Not always. A guide titled "Construction financing for businesses: How does it work?" says down payments are usually 20 to 30 percent, or as little as 10 percent with SBA 504 for owner-occupied properties. Equipment loans and working capital use different structures. Your down payment depends on the product, the project and the lender's review.
Medical equipment financing is a loan or lease that lets a practice acquire imaging, exam, lab or other clinical equipment and pay for it over time. 1West lists medical and dental equipment among the categories its equipment financing covers. The equipment usually secures the financing, which is why rates are often lower than for unsecured funding.
Many medical equipment loans require 10% to 20% down, according to the guide "How Medical Device Financing Can Improve Patient Care." The same guide notes some structures end with a $1.00 buyout to purchase the equipment. Your actual down payment depends on the equipment, your credit and the lender, and some offers may require none.
1West's daycare business loans page lists covering operating expenses such as rent, utilities and staff salaries; expanding facilities; upgrading equipment and supplies such as furniture and educational materials; hiring and training staff; and handling emergencies such as repairs. Daycares can also use equipment financing for playground structures and classroom furniture.
The SBA's lender resources page describes microloans of $50,000 or less to help businesses and certain non-profit childcare centers. Larger childcare projects may fit SBA 7(a) or 504 loans through a participating lender. 1West lists SBA loans among its financing options, so a daycare can explore SBA and non-SBA options through one application.
Buy with a loan when the equipment has a long useful life and you want to own it outright. Lease when you expect to upgrade often or want a lower upfront cost. Some leases end with a $1 buyout, which works much like ownership. Compare the total cost of each path over the same period before you choose.
1West says that because the equipment serves as collateral, equipment financing rates tend to be lower than many other funding forms, and some businesses that would not qualify for unsecured loans can be approved. That usually makes it the better fit for one asset. Unsecured working capital fits payroll, inventory or mixed uses.
A term loan gives you a lump sum repaid on a fixed schedule. A line of credit is a revolving source of capital: you draw what you need, repay it and draw again. 1West describes its lines of credit as flexible, easy access to cash when you need it, which suits recurring cash flow gaps better than a one-time loan.
Accounts receivable financing fits businesses that wait on client invoices, such as contractors paid on project milestones. 1West describes it as getting approved using funds due from clients as collateral, which keeps your cash free. 1West lists amounts of $10K to $10M with about two weeks to fund, as of November 2026.
Neither is better for everyone. SBA loans often carry longer terms and lower rates but take more documentation and time. Online options can move faster; Fora Financial reports that online fintech lenders' share of applications grew from 17% in 2020 to 29% in 2025. Choose based on how soon you need funds and what you can document.
These guides do not rank lenders or finance companies. A more useful approach is to compare actual offers on the same criteria: total repayment, APR, term, down payment, collateral and time to fund. 1West's ABLE platform lets you apply once and compare offers from multiple lenders side by side, so you judge on your own numbers.
Possibly. SBA 7(a) loans cover amounts well above $100,000; one contractor financing guide notes up to $5M is available through 7(a). Approval depends on SBA eligibility rules plus the lender's own requirements, including credit, cash flow and often collateral. 1West lists SBA loans among its options and publishes a detailed SBA loan requirements guide.
An SBA 504 loan finances major fixed assets such as owner-occupied buildings and heavy equipment. The SBA describes a structure with a private lender loan covering up to 50% of the project cost and a borrower contribution of at least 10% equity. One construction financing guide notes 504 can finance up to 90% of an owner-occupied project.
SBA Express is part of the 7(a) program. The guide "6 Popular Construction Company Loans for Contractors" says Express loans have a turnaround time of 36 hours or less and do not require collateral for loans under $25,000. That turnaround describes the response to the lender, and full funding can take longer.
Expect more than a standard application. Lenders commonly ask for business and personal tax returns, financial statements, a business plan, a debt schedule, ownership details and a clear use of funds. Requirements vary by program and lender. 1West's SBA loan requirements guide, dated October 30, 2026, walks through the official rules and what lenders look for.
Show steady revenue, clean bank statements, a credit score lenders accept and a clear purpose for the funds. Through 1West, the general starting point is six months in business, $20,000 or more in monthly revenue, a 600+ FICO score and four months of bank statements. Larger amounts often require longer history, stronger cash flow or collateral.
There is no single income figure. Lenders look at whether your cash flow can cover the new payment alongside existing debt. 1West's general minimum for applying is $20,000 in monthly revenue, but a $500,000 request typically needs more revenue, a longer track record or collateral. The lender's review sets the real threshold.
1West generally looks for a 600+ FICO score across its financing options, including equipment financing for medical and dental practices. Higher scores can lead to better rates and terms. Because the equipment usually serves as collateral, equipment financing can be easier to qualify for than unsecured funding, though each lender sets its own rules.
Start with secured options. Equipment financing uses the equipment as collateral, and accounts receivable financing uses funds due from clients, which can make approval easier than for unsecured loans. Show strong recent revenue and clean bank statements. Note that 1West generally requires a 600+ FICO score, so owners below that may need to rebuild credit first.
It depends on how low the score is and how strong your revenue is. 1West's general requirement is a 600+ FICO score. Above that line, equipment financing can be one of the more reachable options because the equipment secures the loan. Expect higher costs at lower scores; Rezku's guide says rates run roughly 6% to 18% depending on credit and history.
Lead with what you can prove: revenue, steady deposits and client invoices. Collateral-backed products such as equipment financing or accounts receivable financing weigh assets and receivables, not only credit. Pay down revolving balances and dispute report errors before applying. 1West generally requires a 600+ FICO score, a useful benchmark to work toward.
Ask the lender why, then fix the specific gap: more months in business, higher deposits, a lower debt load or a better credit score. You can also consider a smaller amount or a secured product. 1West publishes guides on how credit scores affect approvals and on mistakes to avoid when seeking quick restaurant funding.
With 1West you submit one application, and ABLE matches your business with lenders and products that fit your profile. That lets you see, for example, equipment financing and working capital offers side by side. Taking on several products at once can strain cash flow, so borrow only what you can comfortably repay.
Apply once with 1West and compare real offers with expert guidance.
Financing is subject to lender approval and final terms.
