In a highly regulated world, industries like healthcare, cannabis, recycling, construction and mining stand out. These sectors among others, which are legally required to follow specific regulatory frameworks, constantly grapple with the need to maintain compliance and the goal of remaining competitive and profitable.
The healthcare industry, for instance, isn’t just about providing care. It’s also about ensuring that patient data is protected, medical equipment meets specific standards, and that services are delivered within the defined protocols. Every upgrade or equipment addition becomes a matter of ensuring it fits within these defined boundaries, as well as helps deliver exceptional patient care.
Similarly, the cannabis industry faces changing regulations that can differ between states and the federal level. The right equipment, whether it’s for specialized lighting, extraction, transportation, packaging, cultivation, etc., is essential. However, it must be balanced with the ever-evolving compliance requirements.
The recycling, construction and mining industries have multiple health and safety, plus environmental rules and regulations guiding them. Of course, operations are key, but essential business equipment is important to keeping employees, the public and the environment safe. It’s a lot to stay on top of, even for those who’ve been in the industries for years.
Global Financial & Leasing Services (GFLS) can help you navigate the maze of regulations. Our equipment leasing services extend to a variety of industries, including:
- Recycling/Waste industry
- Titled Vehicles
- Transportation Equipment
- And, others
With our team’s knowledge on the ins and outs of regulated sectors, we have the ability to help you create a tailored equipment financing plan that meets your specific and general business needs. This isn’t just about the financial aspect. It’s about understanding that in a year or two, new regulations might render certain equipment unsafe, outdated or even obsolete. Financing equipment leases give you the agility to adapt without sinking too much capital into a piece of machinery that may not stand the test of time.
For businesses looking to ensure that they remain compliant while taking advantage of equipment financing, a few strategies can be beneficial. First and foremost, working with an equipment financing provider who is aware of your industries regulations is invaluable. The GFLS team can provide insights into whether the equipment in question aligns with current regulations. Also, open communication with your financing company is equally critical. You know your industry well, so share with us your business and regulatory requirements so that the financing terms and equipment options we provide are in alignment. And, for industries where licensing intricacies exist, like cannabis, every piece of financed equipment should be cross-referenced with license stipulations.
RELATED READING: The GFLS Guide to Smart Financing Equipment in the Cannabis Industry
Business owners with credit challenges also can benefit from applying for equipment financing from an alternative lender, like GFLS. By choosing to finance equipment, you can ensure that a significant chunk of your capital remains free, allowing it to be funneled into other critical areas like regulatory training or license renewals.
Even though healthcare, cannabis, recycling, construction and mining may be regulation-heavy, compliance, equipment financing and competitiveness aren’t mutually exclusive. With informed decisions, a partnership with a knowledgeable equipment financing provider, and a deep understanding of regulations, your business can have the best of both worlds.
Want to learn more? Let’s talk about the possibilities of helping your business grow with equipment that helps keep your company compliant with industry regulations. Or, get started today by filling out an online application.