"My taxes appear that I don't make much money due (to) buying (equipment)"...
Self-employed borrowers have, and always will have, a tougher time getting a loan than the W-2 employed due to the possibility of income varying over time. Add to that the fact your tax returns show little income, and you have a challenge.
The real question is whether you have the proof to show you actually do make money. Do you have non-cash expenses (such as the depreciation mentioned by Loren) to add to your bottom line? Is there something which shows you will make more income going forward? ETC., ETC.
The only real way to know if you can get a loan is to talk to an experienced loan officer, tell your whole story, and see if there are ways to show the needed amount of income to qualify.
Bill Parker, Loan Officer
AZ Lic# 09011570
CPA--Licensed, no longer practicing
GenCor Mortgage, Inc.
15730 N. 83rd Way, Suite 103
Scottsdale, AZ 85260
(O) 480-525-8496; (M) 602-565-3646; (F) TBD
Unfortunately your avenues are much slimmer than they used to be.
I would look at a list of lenders. I know of one that has a portfolio loan that might help and another that will help you structure your business so that you might qualify in a few months.
Give me a call or email for a friendly introduction,.
If your cash flow is good, you should be ok. Such items as tax depreciation can be added back in when the calculations are done along with other things.
Give him a call.