For small or mid-sized business owners, is there anything as satisfying (and even a little daunting) as creating a growth plan and hitting set milestones along the way? Growing your business not only takes strategy, but also money to fund executing that strategy, which probably involves acquiring more business equipment.
Those funds can come in the form of reinvesting profit back into your business, taking on equity partners, depleting cash reserves and using financing to obtain essential business equipment. Reinvesting profit back in the business is a common way to support growth; however, this approach can take a lot of time. Raising equity can quickly infuse your business with cash, but cash gained means a loss of ownership. Spending cash reserves can leave your business vulnerable without a safety net should an opportunity arise or an emergency occurs. Equipment financing gives you the funds you need to take your business to the next level without waiting or giving up control.
LEARN MORE: Think Equipment Financing Before Dipping into Cash Reserves
Use Equipment Financing to Get a New Location Up and Running
If your business growth strategy includes opening additional locations, then those locations will need to be furnished with equipment. You will incur a lot of additional expenses when expanding your company’s footprint, but buying or leasing equipment out of pocket need not be one of them.
Financing your equipment purchase or lease allows you to equip your new location(s) and pay over time. Ideally, the additional revenue generated from the new business will more than cover the monthly financing payment.
Examples include:
- Restaurants that open new locations
- Medical offices that open satellite facilities
Use Equipment Financing to Expand Your Services or Product Offerings
Whether it’s to meet demand, fill a void in the marketplace or to keep up with your competitors’ offerings, financing an equipment purchase or lease can expand your services or product offerings.
Examples include:
- Medical practices that finance new technology to keep patients in office versus referring them to others for procedures and tests
- Construction companies that finance equipment that enables them to keep more projects in house rather than subbing to contractors
Use Financing to Replace Old Equipment or Upgrade to New Technology
Financing new or used equipment to replace old and outdated technology can give your business a competitive edge. Outdated equipment slows down a business and decreases efficiency, which impacts your ability to compete with other companies and your bottom line.
Examples include:
- Printing companies that finance faster, better, more advanced presses to offer clients more options
- Manufacturing companies that finance equipment to increase production speed, eliminate inefficiency or limit manual tasks
Choose an Equipment Financing Provider Who Understands Your Business and Industry
Global Financial & Leasing Services (GFLS) finances equipment leases and purchases for business owners in a variety of industries, including:
- Automotive
- Cannabis
- Construction
- Forestry/Logging
- Healthcare/Medical
- Machinery/Manufacturing
- Recycling/Waste
- Restaurant
- Titled Vehicles
- Transportation Equipment
We help business owners, like you, find a financing solution that works for you and your budget. Imperfect credit doesn’t mean an automation rejection; you tell us your story, and we listen. We are one of the few equipment financing companies who will advocate for you.
When you choose GFLS, you can:
- Typically get 100% financing with no down payment
- Maintain working capital for use in other areas of your business, such as expansion or hiring more employees
- Benefit from tax considerations associated with purchase financing
- Refer to Section 179
- Include additional costs such as sales tax, delivery and installation
- Build your Business Credit profile
Let our team create a financing solution that can help take your business to the next level. Contact us today to get started!