Every business owner knows that getting the right equipment for the job can be a costly endeavor. The top-of-the-line assets needed to grow a business — vehicles, software, industrial equipment — often require a significant investment. If you’re looking to acquire new equipment to increase your company’s revenue but lack the on-hand capital needed to purchase it outright, equipment financing may be the ideal solution for you.
What Is Equipment Financing?
Equipment financing is a type of loan used to acquire business-related equipment with the assistance of a trusted financial partner. Your business can apply equipment financing to a wide range of business-related equipment or machinery, including
- Service vehicles
- Hydraulic lifts
- Large appliances
- And more!
For instance, a warehouse could use equipment financing to purchase new forklifts to process orders more quickly, while a healthcare provider might invest in a new imaging device to diagnose patients more efficiently. It’s a flexible, customizable solution for a wide variety of businesses.
Is Equipment Financing Right for My Business?
If you’re looking to drive more customer invoices and more money to your growing business, equipment financing could be an excellent fit for your goals. Businesses in a wide range of industries can benefit from equipment financing, including (but not limited to):
Essentially, if your business needs new, costly equipment in order to operate at its fullest potential, equipment financing can help you! Equipment financing can be especially useful for companies that may not have the capital on hand to purchase their desired equipment outright. With the help of a lender, you get immediate access to the equipment you need with a payment plan that works for your business.
What Are The Benefits of Equipment Financing?
Equipment Financing Drives Additional Revenue
Beyond simply increasing your productivity, new equipment sets your business apart from the competition when bidding on projects. Think about it — you’ll be able to tackle even more jobs at a lower cost, all while keeping up with the industry standards of new technology and machinery.
Equipment Financing Is Flexible
By working with a financial partner, your business can arrange payment terms that fit your company’s budget and timetable. Your company will no longer be held back by how much capital is immediately available — you’ll be able to grow your business at the pace that works for you.
How Equipment Financing Works with ei Funding
At ei Funding, we’re pleased to offer equipment financing as a complementary financing tool for businesses that are also using our factoring services (learn more about invoice factoring for businesses in the manufacturing industry here).
ei Funding’s Factoring+ uses rebates resulting from the revenue of the newly acquired equipment to pay down the loan on the asset. That way, your payment period is reduced, your loan is paid off faster, and you’ll be able to own the piece of equipment or machinery that was purchased more quickly than you’d be able to if you used ordinary equipment financing.
Curious how ei Funding can help with your business’s unique needs? Get started by completing our brief Factoring+ questionnaire and we’ll be in touch shortly!