3 Industries Where Equipment Financing Makes a Difference
When you are planning for your company’s future, you need to know how you will keep expanding your customer base. Continuing to bring in new clientele is not just important for the growth that will allow you to build your fortune, it is essential for merely maintaining your income. Customers come and go, and without a steady influx to replace those who move on, income dwindles. When you need new machines to upgrade your productive capacity or to add new services that will bring in additional customers, equipment financing might just be the secret to rapid growth like it is in these key industries.
Construction Equipment Access Through Financing
In the construction industry, financing is essential. Bank loans are commonly used for heavy equipment, but they are not the only way forward. In fact, if you need to get equipment fast because of a breakdown or sudden change in project needs, they can be the worst choice because they are not designed for quick approval. Private financing companies have flexible formulas for balancing down payment, terms, interest, and all to suit the needs of individual clients so they can get you access to the machines you need quickly. Typically, approval is determined in just a week or less.
Equipment Financing for the Mining Industry
Another heavy industry that needs equipment access to stay on target is mining and resource extraction. It’s not usually the big tools for deep digging that go down suddenly and need fast financing approval for replacements. More often, it’s the finicky tech tools that keep you connected in the field, automated tools to sort through materials, or utility vehicles. In all those cases, the right financing company can get you approved in just a couple of days, especially if you have already worked with them on other projects.
Manufacturing, Equipment Access, and Project Bidding
You probably already know the scenario that sets apart competitors and small-time operations if you have been in the industry long enough to establish yourself. A customer you already deal with has approached all their suppliers with new demands. It will take an equipment investment, usually in something not too expensive, but it will only be for a few projects.
That’s when you need to be able to finance the equipment under terms that make it easy to unload it without a loan obligation once the project is over. The right equipment financing deal will let you close with the client, impressing them and bringing more business your way. If you play your cards right, you could even pull the rest of their business from other local suppliers. All it takes is the right financing strategy for your industry to provide you with the equipment to stay competitive.