It is a challenge determining whether the time has come for your business to get outside help to fund your next move. You have finally decided that your broken equipment is no longer going to cut it, and you really need new or updated equipment. However you realize that you can’t afford it, and you aren’t sure how you are going to pay for it.
There are a few different options available; ask the SBA for help (not currently granting any funding for the remaining of their fiscal year), get a loan from a bank (wait around for months and most likely get shot down), ask a friend to invest (maybe you don’t really want to give a portion of your business away), or get alternative financing from a private lender.
Alternative Financing from a commercial lender is in fact the easiest, quickest and most affordable solution to getting the business equipment you need. Specifically Equipment Leasing is the most popular way for a business to keep equipment and technology up to date.
What is Equipment Leasing? Leasing in essence is an extended rental agreement in which the owner of the equipment (equipment supplier) allows the user (your business) to operate and use the equipment in exchange for agreed upon periodic payments.
Leasing equipment instead of purchasing and paying in full at the time of sale, thus allows your business to hold onto cash and invest in other areas, or keep safe for future activities. Additional benefits include trading in equipment at the end of the lease for new equipment or updated models. Your business will not have placed equity into a piece of equipment which has depreciated in value or become obsolete.
Leasing equipment for your business may also be a tax benefit. Section 179 was put in place to allow your business to write off a portion of the equipment cost. To learn more tax benefits, continue reading here…
Now that you see how easy and straightforward leasing is, lets get started!
Apply or Contact ILS to speak with a Finance Specialist, 800-438-1470