For many businesses, a vital component to operations is having the right equipment on hand. Without the proper equipment, work cannot be done and productivity grinds to a halt. For this reason, acquiring equipment in a timely manner is a must.
At the same time, for many small businesses, it is hard to find the right financing for equipment. Traditional business loans might take too long to process and might not provide the flexibility needed.
In this case, equipment financing loans are the ideal choice. These loans are designed to provide funding for the sole purpose of acquiring necessary equipment. They provide an array of benefits and are much easier to acquire than a traditional business loan via a bank.
Find out more about equipment financing and reach out to our team at Merchant ReFi anytime to find out how you can implement the right financing options for your business. We will be happy to help you discover how working with a direct lender can benefit your small business.
The Purpose Of Equipment Financing
Equipment financing has a very narrow focus. It is designed to assist a company in financing the purchase of new or used equipment. The loan amounts vary based upon your business’ needs but can be offered up to 100% of the equipment value.
One of the unique aspects of equipment financing loans is that they do not require additional collateral. The only collateral that is necessary is the equipment itself. This unique financing option is extremely useful for a small business that needs equipment to fuel further growth.
The Variables To Consider
There are numerous variables to take into account when considering equipment financing. First and foremost, you need to consider where your business currently is financially. Does it make the most sense for you to simply shell out funds for equipment up front or will this leave your company cash strapped?
When you opt for equipment financing, you are adding on an ongoing installment payment. However, the flip side is that you can purchase equipment up front without tapping into your existing funds.
It is also worth considering what the benefit of acquiring more equipment will be for your company. Will it help boost your revenue? Is it necessary to operations? Take time to think about the return you will receive on this investment prior to jumping in.
The Benefits Of Utilizing Equipment Financing Loans
The benefits of utilizing equipment financing loans are vast. A few of the benefits your business will reap from opting for this loan type include the following:
- No extra collateral needed — the equipment itself is all the collateral required
- Specific funds for equipment — your funds can be directly used to purchase new or used equipment
- Improved productivity — with the right equipment, you can get the job you need done
- Growth opportunity — adding new equipment to your business could be the exact thing you need to spur further growth
Working With Merchant ReFi To Acquire Equipment
If you are interested in acquiring new or used equipment for your business, but you lack the funding to do so, please don’t hesitate to reach out to our team at ReFi today. We will be happy to assist you with equipment financing. The application process is simple and utilizing fintech, you can quickly and conveniently apply online. Get the financing your company needs to succeed!