You need to buy new equipment for your small business. Maybe it’s because you landed a big contract, or perhaps you’re trying to grow over the coming quarters. Whatever the reason, there’s just one thing stopping you from making a purchase: limited cash on hand.
The good news is that you don’t have to give up on your dreams of expansion and large-order fulfillment. Why? You can apply for small business equipment financing. With equipment financing, you can purchase what you need today and pay back what you owe in installments over time. There’s no need to drain your capital!
3 Advantages of Equipment Financing
Now, you might be concerned about asking equipment sellers about their business equipment financing options. People often mistakenly believe that “healthy” companies don’t need loans. In reality, the vast majority of business owners use financing. That way, they can get what they need when it’s the right time for their business and preserve their cash for other pressing needs.
Are there still things holding you back from taking advantage of small business equipment financing? That’s OK. We’re here to reassure you and point out the advantages of equipment financing.
1. You can find out quickly whether you’re approved.
Before equipment financing became a digitized process, getting approved could take days or even weeks. Today, you can find out whether you’re qualified for equipment financing in as little as a few minutes after inputting some basic information about your business into PEAC Solutions’s secure portal. Upon approval, you can expect the money to be sent to your preferred dealer within a day. Theoretically, you could buy equipment on Monday and have it in your hands by Wednesday — or possibly sooner. This lightning-fast process keeps you from losing momentum and helps you capitalize on market opportunities.
2. You can enjoy flexible, customized payback arrangements.
Many business finance partners, including PEAC Solutions, focus on delivering customized solutions. What does this mean in terms of your equipment financing arrangement? Your terms and monthly payment will vary based on several considerations, such as your business credit and time in business. The better your position and company tenure are, the more adaptable your terms can be.
3. You can work on improving your business credit score.
Do you want to improve your business credit? Financing new equipment can help improve your score. Just make sure your small business equipment financing loan payments are made on time. If everything else stays the same for your company financially, you should start to see positive changes in your business credit rating.
Why should someone finance equipment for their business? The answer is clear: Equipment financing enables you to remain cash positive and concentrate on meeting your revenue growth goals. If you’re ready to explore the best equipment financing for small businesses, check out PEAC Solutions’ offering today!