There’s no question that this past year has been tough on businesses with many business owners doing everything they can to keep doors open. Difficult decisions arose, particularly when it came to equipment financing. Torn between wanting to postpone equipment purchases to reduce extra expenditures and reserve available cash, and needing upgraded equipment to stay competitive.
However, as we head further into 2021, things are starting to look up. The “Back-to-Normal” index shows that the U.S. economy is 90 percent back to where it was pre-pandemic. Although companies may be a little gun-shy to buy new equipment now with the knowledge that things can change in an instant.
Equipment financing can help to bridge the gap between keeping an open cash flow and getting new efficient machinery and give companies the best of both worlds. Now is the perfect time to search for “equipment financing companies near me,” to find the right partner like Equify Financial to help you with all your business needs and goals.
Fuel your recovery
Old, outdated equipment and machinery can hinder your business from being able to grow. Financing new equipment can in turn help to increase productivity and your revenue streams. This will help to set your business up for success and recover from the past year. Plus, it puts you in a better position to adapt to future changing market conditions.
Limits the need for large upfront deposits
Recent hardships came as a surprise to everyone. Even if you had previously budgeted for new equipment, any decline in revenue or growth can put a dent in your plans and have you googling “equipment financing companies near me.” Equipment financing allows you to trade upfront lump sums for smaller monthly payments, giving you more stability and flexibility, and access to the greatest and latest machinery.
Create a competitive advantage
Companies are scrambling to find new and interesting ways to differentiate themselves from the competition, and investing in new technologies and innovations is the best way to do it. Not keeping up with the digital transformation that is taking over the world could mean your company gets left behind. By utilizing equipment financing your company is able to procure the technology it needs for the future without spending the cash you need for the present.
Equipment financing works differently from other working capital in the case that the equipment you are looking to purchase serves as collateral. At the end of the loan terms, you become the owner of a brand new piece of machinery that goes back into the company.
Increases cash flow
When your company has to sacrifice a lot of cash or capital for new equipment, it leaves less for all the other aspects of your business. Between taxes, payroll, operating expenses and so much more, it can all add up pretty quickly. Cash flow is the lifeblood of any company and finding the right equipment financing partner can help you to manage your financial circumstances with equipment financing loans that are completely customized to you.
If this past year has had you searching for “equipment financing companies near me,” we can help. We are in the business of helping other companies grow through equipment financing loans and honest consultation and communication– nationwide. Give us a call to learn more about our partnership opportunities.