For many small businesses purchasing new business equipment is essential for business growth and success however often at times this can be a hard step for businesses to take.
Whether it comes to buying new equipment, machinery, vehicles or other assets, your business will require funds to purchase the equipment, in saying this, equipment or asset loans can be the way to go.
Many small businesses must make the decision of buying new business equipment or updating the current equipment which they already possess.
What are the real benefits of buying new business equipment?
Business equipment: 7 reasons to invest in new business equipment
There are several advantages of investing in new equipment for your small business:
- Increasing productivity and efficiency. Thanks to new equipment employees will be able to work faster, reducing manual and repetitive tasks. This specifically applies to IT component such as software, CRM, Social Media management platforms, etc.
- Improving the quality of your office’s work environment.
- Increasing the quantity and quality of your services/products and consequently, you can offer more to your clients.
- Increasing the security of your employees and customers replacing the old equipment with new ones. Keeping your equipment up to date.
- Buying new equipment can make you competitive compared to the companies that use old equipment.
- Expanding into new areas of the market with more of your products to sell.
- You could be eligible for tax incentives and deductions.
Equipment loans for your small business
As we have already said, choosing equipment or asset loans can be a great option if your company needs new equipment, machinery, tools or other assets. It means a business loan option with a fixed term provided to buy equipment for your small business.
At Sure Capital, we are committed to giving the best small business loans option for you, and if your business requires new equipment or equipment upgrades, equipment financing may be the best solution.
Some advantages of an equipment loan:
- Up to $2 million
- Long term generally between 2 and 5 years
- Low interest rate
- Available for machinery, vehicles, etc.
- Secured loan against equipment/asset purchased
- New and used items can be bought but are available at different costs
Main benefits of equipment or asset finance
Equipment financing allows businesses to use the loan for new assets and equipment to start or improve their company’s business. Clients are able to make slow and easy repayments for the loan amount thanks to the revenue generated during this fixed term of the loan option.
Furthermore, there are different types of equipment finance in the market with specific advantages
- Repayments can be tax deducted
- A deduction for depreciation of the asset could be claimed (ask your accountant)
- Long term repayments can be scheduled
- Long term repayments usually suit the business cash flow
- No deposit payment
Do you want to apply for equipment finance?
Sure Capital is a leader in the finance broking market, and it helps small business with a vast range of business loans solutions. Thanks to our experienced team, we can provide the best solution and find the best lender for your needs. Furthermore, in most of cases, you get the money in your bank account within 24 hours from the approval.
Are you ready to apply for an equipment loan? Find out more and see you if you qualify.