Small business equipment financing creates more ways for its owners in Parramatta

Do you need small business equipment but don't know if you can afford it?

Need new equipment for your small business but aren't sure you can afford it? This is a concern for many small businesses, especially in today's economy as the world continues to recover from the aftereffects of COVID-19 and supply chain issues are affecting all industries.

Our financing executive at Mecure Finance shares his insights on how small business equipment financing in Parramatta may be the solution for many business owners facing this scenario.

What is equipment financing?

The equipment financing line is a pre-qualified line of credit that can be used to finance equipment for a small business. This allows business owners to prepare with existing financing so they are ready to buy when they need equipment, similar to how you might have previously qualified for a home loan. It also gives the institution time to find the exact equipment they need, but it can then process withdrawals faster than if they didn't have a line of credit.

How can it help small businesses?

The biggest advantage of equipment financing is the flexibility it offers. Business owners know what they can afford, but they have up to a year to figure out what equipment they need and when the best time is to buy it. This frees up the assets they have for things like hiring and paying employees because it doesn't cost them to set up a line of credit; they only have to pay a monthly payment once they've purchased the equipment.

This flexibility is also useful for future planning. Business owners can plan ahead for the time of year when they may have more cash flow or plan for busier months when they may need additional equipment. And knowing how much financing they have, owners are more likely to look for other new devices they might not have considered purchasing before. It can also provide more bargaining power with the seller when they know you have the funds available.

What types of equipment are eligible for financing?

Generally, any equipment used for commercial purposes can be financed: trucks, trailers, construction equipment, manufacturing equipment, and computers. While this type of equipment is generally the most popular for financing, every type of business has a need for equipment.

Our small business equipment financing in Parramatta is subject to credit approval; certain criteria apply.

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