Whether a restaurant is in the market for a new commercial refrigeration system, or a delivery service requires more vehicles for its fleet, it is essential to fuel your company with high-performing technology and equipment. The tools that your business uses should be up-to-date and continually adapting to meet the needs of increasing consumer demands, allowing you to better compete in your industry.
Higher quality equipment also decreases the frequency of maintenance and repairs, which can be a sizable portion of your business costs. But for smaller businesses, it is often difficult to afford high-performing equipment as budgets are more humble than larger companies. Financing enables you to quickly gain working capital and increase the merit of your business. Lucky for you, there are cost-efficient ways to provide state-of-the-art equipment for your business.
How to Know If Equipment Financing Is Right for Your Business
There are several reasons to consider financing. One of the most obvious reasons is that equipment can be a large segment of your business expenses. Similar to financing your home, vehicle, or phone, dividing up costs into smaller and easier to manage payments can alleviate some of your financial stress. When these payments are made on-time, you can also improve your business credit score.
It may be helpful to analyze which equipment is indispensable to your company in producing your products and/or delivering your services. The equipment that is most integral to your business depends on what kind of industry you’re in. Types of equipment that require a higher level of reliability are better candidates for financing.
The range of equipment that we can finance for your business varies greatly. Examples of equipment you may want to finance include but are not limited to; vehicles, large tools, furniture, heavy machinery, POS systems, safety gear, appliances, advertising materials, and more. Our loan maturity terms provide as many as 10 years to effectively pay off your high-performing equipment.
Eligibility Requirements for Equipment Financing
As a participating Small Business Administration (SBA) lender, we work together to provide SBA 7(a) loans to small businesses in order to finance new equipment, in addition to handling many other business lending needs.
If you’re interested in discussing financing options for your business, contact a Business Lending Specialist at Mechanics Cooperative Bank by phone, website or in-person.