Equipment Financing Is the Most Beneficial for these 6 Industries
It’s a catch-22 that most business owners are familiar with: Slow sales mean limited capital while having the capital would allow the business to grow by investing in new equipment. One effective solution to this common dilemma is for business owners to borrow money via equipment financing. This will allow them to pursue business growth that will help get past the slow cycle as quickly as possible. Some industries are especially vulnerable to seasonal downticks, which means they could benefit from equipment financing the most.
- Construction: It’s difficult for contractors to bid on projects when they don’t have the necessary equipment to complete them
..Equipment financing enables them to obtain skidsteers, backhoes, and other construction equipment to continually attract new customers.
- Farming: Acquiring a piece of equipment such as a calf feeder, combine, or tractor can help farmers operate their businesses more efficiently. A company offering seasonal payments where the farmer pays more during peak periods and less during slow ones is ideal.
- Food service: Restaurant owners must often make a significant investment in equipment to prepare food differently than the competition. Equipment financing makes it possible to do that before the business is profitable or when it hits a slow period.
- Medical: Many types of healthcare specialties rely on modern diagnostic equipment to determine patient healthcare concerns. This is the first step in establishing a treatment plan. X-ray machines and imaging machines are just two popular types of healthcare equipment that a provider could purchase immediately through equipment financing.
- Transportation: Whether operating a delivery service or a trucking company, this industry relies on equipment to help workers complete their jobs. Proceeds from equipment financing allow owners to obtain what they need without delay.
- Woodworking: Cutting, fabrication, and measurement are all woodworking functions that require specific types of equipment to complete correctly. Obtaining a loan shortly before opening a business ensures that this equipment is available when needed.
Do you work in one of these industries and need an equipment loan? If so, contact Commercial Capital Lending today to discuss your options.