Every business needs equipment to operate. Some may need more equipment than others or may require equipment upgrades more often. Acquiring and maintaining a large amount of equipment or constantly having to update it can really take a bite out of a company’s working capital. However, without the proper equipment, a business can quickly be left in the dust of their competitors. Equipment financing can be a great way for almost any type of business to get the equipment they need to remain competitive but there are some industries where it can be especially beneficial.
Construction
While investments in equipment vary from industry to industry, construction typically tops the list of those requiring large amounts of equipment. From new housing construction to highway and bridge construction, equipment costs are high. The upfront cost for new equipment can be staggering. Equipment financing can help construction companies get the necessary equipment without depleting their working capital. Keeping sufficient capital on hand will eliminate the stress of financing daily operations and keep projects running smoothly.
Agriculture
The farming industry uses specialized equipment. In fact, the equipment can often be specific to what type of crops are being grown and or what type of livestock is being raised. Having the right equipment in working order is essential for success in this challenging industry. In addition to keeping the equipment working properly, Mother Nature can turn a prosperous season into one where you can barely break even, making it even more important to preserve as much working capital as possible. Equipment financing can help preserve capital while making it possible to have dependable and efficient farm machinery.
Healthcare
Healthcare technology is constantly evolving. In order to provide the best possible care, it is critical for medical and healthcare facilities to have the latest equipment. While it’s necessary, consistently upgrading can be extremely expensive. Equipment financing can be a great solution for providing facilities with the equipment needed without draining their often already strained cash flow.
Energy
Whether they are supplying power to homes and businesses or drilling for oil or other sources of fuel, energy companies are another industry that can benefit from equipment financing. Like the other previously mentioned industries, the upfront cost of equipment for these types of companies to operate in a way that protects the environment is high. Equipment financing can reduce the upfront cost and allow them to keep pace with demand, stay ahead of competitors, and safely manage their operations with the latest technology.
Transportation
Transportation is a multifaceted industry which involves getting people or goods from one location to another efficiently and safely. Goods need to be delivered in their original condition and mass transit passengers need to be confident that they will arrive at their destination without incident. Keeping up with consumer demand and maintaining the integrity of their equipment and service can quickly liquidate a transportation provider’s working capital. Equipment financing can help preserve that capital while allowing transportation providers to meet the demands of their industry.
Considering Equipment Financing for Your Business?
Equipment financing can be beneficial for a variety of industries beyond those we’ve highlighted here. If you think your business could benefit, consider consulting with one of the finance professionals at CFG Merchant Solutions. Whether you want to lease or buy your business equipment, equipment financing can be a powerful tool for business growth while also preserving working capital for other expenses and opportunities.
Equipment financing through CFG Merchant Solutions can help keep your business moving forward. We offer a variety of alternative financing options to help your business stay on the cutting edge by providing efficient access to working capital. Don’t wait any longer – contact us to see how we can help grow and fund your business today!