For the past several years it has been the workplace chatter in break rooms, cafeterias and lounge areas in organizations across the country: cutting back, doing more with less, and stretching every penny and every paperclip. Photocopy machines, computers, printers, telephones and other office equipment is kept running way past its prime while general office supplies are guarded and meticulously counted. Workers gripe about having to use outdated and worn gear but management insists upgrades, at least for the time being, are out of the question until the economy picks ups.
Don’t Delay Any Further, Equipment Financing Is within Budget
Well finally it appears that some much-needed relief may be coming to office workers across America. Spending on business equipment has seen an uptick in recent months as companies are feeling more confident with the state of the economy. This move away from penny-pinching has workers feeling good about the direction the economy is moving. A recent survey conducted by The Wall Street Journal revealed that more small businesses are looking to increase their equipment financing budgets – up by 42 percent from the previous year.
Yet those businesses that want to replace aging gear but lack the commercial equipment financing to do so can find themselves in a quandary. Small business loans for equipment can be difficult to get for many organizations. Equipment financing and leasing are two ways companies can get capital to obtain the tools they need to take their business to the next level. With industrial equipment financing from an invoice factoring company, the machinery or device itself actually serves as the collateral. You pay the agreed amount every month while you continue to use the equipment. That’s the benefit of equipment financing through us or other factoring companies alike.
Afraid of Commitment? Try Office Equipment Leasing
Equipment leasing works similarly in that the equipment itself serves as its own collateral. The difference is that you agree to the leasing contract for a certain period of time rather than to own it outright. Some companies prefer this leasing option over other forms of equipment financing because it can be less expensive for your up-front cost. Moreover, with the pace of technology changing so rapidly, leasing enables you to more easily upgrade to more modern gear as needed. Your business is not stuck with an aging piece of equipment because you bought it.
So if you are like many businesses that after years of watching every dollar are ready to spend and upgrade, consider equipment finance or equipment leasing options, even if the banks tell you not to.