Recent updates in office technology have many business owners considering upgrading their office equipment. New computers, office automation software, cloud storage, servers, even the medical field’s recent ICP-10 billing codes rollout have reminded business owners that the need to remain competitive often begins from the inside out. The complete cost for these projected upgrades is usually more than most companies can readily afford. Still others will lack sufficient working capital to make all the necessary changes. As more than 80% of U.S. businesses finance their equipment, most business owners soon realize that a business loan from one of many equipment finance companies is the best route to take.
How Business Equipment Finance Works
Equipment financing “works” differently than other business loans. Much like a car loan the equipment itself serves as collateral to secure your loan, so no additional collateral is required.
The value in seeking a business equipment finance arrangement is that it prevents borrowers from having to absorb the entire cost of the equipment or upgrades upfront. Amortizing the loan amount over time enables businesses to retain more working capital and focus their energies across a number of projects. This way they remain liquid should a business opportunity arise or another need, such as additional staff and/ the need for staff training.
Not All Business Equipment Lending Companies Are Alike
National Business Capital is known as a leading alternative source among equipment finance companies.
When you speak with one of our Business Consultants, you’ll learn that you can use the funds to purchase virtually any type of business equipment, from the vendor you select. You may even purchase new or used equipment, it is entirely your choice. As the equipment itself collateralizes the financing, this financing instrument is ideal for borrowers with a less than perfect credit history.
You know your business; National Business Capital knows business equipment finance. Let us be your financial partner to assist your firm to receive the business equipment it requires to retain and grow its market share. Is your business seasonal? We can structure payments to allow for your busy season as well as your off season.
6 Benefits of Business Equipment Finance
- No upfront fees
- Minimal paperwork
- Assists business owners to rebuild their credit
- Bad credit is not a “deal breaker”
- There may even be tax benefits
- Multiple pieces of equipment such as computer may be financed with one application
How to Apply for Business Equipment Finance
National Business Capital finances almost any kind of equipment that your business needs to stay competitive. These include computer hardware and software, office furniture, telephone system upgrades, medical and dental equipment, industrial equipment, heavy equipment, restaurant and catering equipment -even commercial vehicles. There may even be tax benefits to having a business equipment loan. Several of National Business Capital’s financing options allow for monthly payment deductions as operating expenses.