Construction companies require all sorts of heavy equipment in addition to IT and office equipment. Hence, it is no wonder that they will seriously consider a finance option at some point. Raising funds through internal cash flow is not necessarily a viable option since it can drastically deplete working capital and stymie day-to-day operations resulting in missed business opportunities. And that is tantamount to incurring losses. Equipment finance will greatly boost your working capital to spur daily operations, allowing you to execute more projects and boost the bottom line.

Here are some great ways that equipment financing can bolster your business:

Latest Technology

No need to envy the fancy new tech of your competitors. With equipment financing, you can easily upgrade your heavy equipment, garner all the benefits of modern technology and create a lasting impression on your clients. You can undertake bigger projects and get an edge in marketing with the latest equipment.

Mitigate Obsolescence Risk

With leasing options, you will never be left stranded with obsolete equipment. You have great options for upgrades when your equipment is well past its prime, owing to rapidly evolving technology.

Flexibility

The superlative flexibility of equipment financing will offer intrinsic advantages for the financial health of your business. Fluctuations in the economic cycle impose a dearth of available opportunities; thus, lowering your business’ cash flow. With extended repayment terms, equipment financing and leasing can offer the respite that your business needs.

Opportune Financing

Applying for a bank loan entails standing in long queues while hoping against hope. Chances of approval for SMEs are minimal and even if the loan is approved, an epoch can pass before credit is finally extended patronizingly. This means missed business opportunities and even bankruptcy. Such dismal timing defeats the very purpose of a loan. On the other hand, equipment finance can be very timely and requires minimal hassle.

No More Inconvenience

Bank loan applications are long drawn-out procedures that can tax your patience and skyrocket your blood pressure. The banker will condescendingly scrutinize every financial document with painstaking meticulousness and take their sweet time. Credit application shouldn’t be a gauntlet of trials and tribulations. With equipment financing, you won’t be asked to procure reams of financial documents. This is much more convenient not to mention pain-free.

There are equipment finance options that don’t require tax returns, involve minimal financial statements, have only a 48 hour approval, payment terms that extend to 60 months and are available even for startups.

It is hard to find such great terms and conditions with bank loans. It is no secret that banks stopped favoring SMEs, startups in particular, a very long time ago and are focused mostly on big shot mega-corporations. But thankfully there’s no need now to desperately beg indifferent bankers. You deserve much better. We are the friend of the industrious entrepreneur and can offer plenty of finance options, in addition to equipment financing.

Get your free consultation today with KLB Business Funding.