Advantage+ announced it is offering a new loan product, the Equipment Financing Agreement (EFA). The EFA differs from a lease in that the borrower owns the equipment, and Advantage+ is a lien holding lender. The Advantage+ EFA differs from a bank loan, which is typically secured with all business assets, and often, personal assets as well, according to the company.

Advantage+ vice president Mike Elton said, “Our EFA gives borrowers the flexibility of a lease with the simplicity of a loan. And our vendors appreciate the convenience and reduced paperwork. We’ll continue to offer traditional financing leases, but we believe most vendors and borrowers will prefer our EFA to finance $3,000 to $200,000 for equipment and related costs.”

Advantage+ is an equipment financing company. As a direct lender, all loans are self-funded and retained in-house. The company has lent nearly a half-billion dollars to over 20,000 businesses.