In November of 2021, the House of Representatives passed the Senate version of the Infrastructure Investment and Jobs Act (IIJA) and President Biden signed it in to law. Not only does IIJA’s passage mark the biggest investment in the U.S.’s infrastructure since the New Deal, it also triggers a starting gun for companies that will contract with the government directly or government contractors on projects, ranging from transportation and water to energy, broadband, and rehabilitating our country’s natural resources. Overall, the bill represents approximately $1.2 trillion, which is about $550 billion in new spending with over half of that focused on transportation—an area that requires heavy equipment.
While it may be years before we see actual IIJA-funded projects underway in our neighborhoods, the wheels already have started to turn at the federal level. Any time government increases spending at this magnitude on projects, all levels of government grow to oversee and administer funds.
In the meantime, business owners who operate in the industries affected by IIJA projects are ramping up in preparation. Especially companies that do contract work involving any heavy equipment are positioning themselves to be competitive and capable of executing IIJA-funded projects. Since there are currently kinks in the global supply chain, keeping a close eye is critical. Competition for supplies and equipment may be fierce, and companies don’t want to miss out on IIJA projects due to scarcity or being unprepared.
Given the scope of IIJA and the projects that will stem from it, this bill not only is a milestone for the U.S., but also can be for your business. Now is the time to start looking for pre-owned heavy equipment for sale. Or, get your heavy equipment lease or purchase financing partner in place.
Heavy Equipment Comes with a Hefty Price Tag
Heavy equipment, also called construction equipment, includes equipment that moves earth, performs construction or does similar heavy-duty work. Examples of this equipment type include:
- Bulldozers
- Engineering equipment
- Forklifts
- Tractors
- Excavators
- Backhoes
- Material handlers
- Pavers
There are a few ways that companies can add heavy equipment to their fleets. Buy outright, partner with another company to share heavy equipment assets or finance the purchase with a loan or lease. The last is a popular choice because it reserves cash and comes with tax deductions.
Read more: A Two-Step Approach to Heavy Equipment Financing
Global Financial & Leasing Services is a Smart Source for Construction Equipment Financing
GFLS helps small and medium-sized businesses obtain the financing they need to buy or purchase reliable new or used equipment. We make the process simple. Once you fill out an application, we quickly turn around a response. Global specializes in blemished and storied credit histories. When Other Lenders Say No, We Often Say Yes.
If other lenders have declined your applications, then consider working with us. As a direct lender, we use our in-house funds to assist companies. This gives us flexibility, so we can come up with the perfect financing plan for you.
Working with Global Financial and Leasing Services lets you:
- Receive competitive rates, as well as 100% financing
- Benefit from tax deductions on essential-use equipment
- Avoid down payments; we ask for your first payment in advance, and then you can pay once you receive money
- Save your on-hand capital for more important costs, such as office expansions and new-hire training programs
- Maintain or establish your credit through leasing
- Obtain equipment while it is current without making big purchases that will soon become obsolete
Numerous companies across the United States already use some form of financing, and you can, too. Construction equipment leasing with Global Financial and Leasing Services is flexible and tailored to your specifications. Contact us today for more information.