Equipment is one of the most important things that entrepreneurs require in order to get their businesses up and running. Restaurants need stoves and ovens, doctors need beds and supplies, etc.
What’s the best way to finance this equipment? Read on for some guidance.
1. Lease, Don’t Buy
Remember to always lease equipment, rather than purchase it. Leased equipment tends to be cheaper, and you’ll spend less money in the long-run. You’ll also be able to upgrade more easily when it’s time to get some newer technology. Moreover, maintenance is generally handled by the company that leased you the equipment. They’ll also manage pick-up and drop-off, which is a load off your back as well.
2. Know Your Lender
The financing institution — be it a bank, a merchant cash advance company, or other lender — that provides you with money might have an ongoing partnership with equipment lenders. If this is the case, your loan application for the equipment might be easier to process. You should speak to your lender or talk to a representative from Biz2Credit at (800) 200-5678 for assistance.
3. Try a Microloan
Microloans are often processed much more quickly and accepted more readily since the loan amount is usually less than $50,000. Depending on the equipment you need, you may only need a small amount of money. Consider the microloan if this is the case.
Biz2Credit can help you figure out the best path to take. Loan specialists can help you navigate through the array of options to pick the one most suitable to your company. Visit www.biz2credit.com or call (800) 200-5678 for help.