Obtaining equipment financing is difficult in tough economic times. It's a lot worse if you go through a regular bank and deal with people who don't work in the manufacturing industry. They see the economic world through a view point that probably is very far off from those of us who know the industry well. That's why it's imperative that you seek out people who are both experts in your business and in the loan business when it comes time for you to invest in new equipment.
Partnering with an industry expert when leasing equipment or getting a machine loan for a purchase means you will be dealing with somebody who has actually been where you are in your business cycle and understands the types of loans and structure you need. More importantly, they know how the changing economy is going to influence your business and can use that information to increase your chances of getting the funding you need. Consider these benefits of working with an industry expert when you are looking at companies for your funding options:
Industry experts have had hands-on experience in your industry, during the good times and the bad. Additionally, they know how the economy is affecting the other businesses that interact with you in your market. They know what those companies need or want from you to make them confident about business deals and contracts. That big picture look at your situation helps to craft a financing solution that not only helps save you money, but fits perfectly into your overall business plan.
Industry experts can use their specialized knowledge to promote your company to other businesses. They know how to thoroughly explain the situation you're in to other people who don’t have the expertise to understand on their own. An industry expert can explain why you have taken certain actions and why the industry is reacting the way it is, and they will give educated answers as to how a recovering economy is going to affect your business.
Partnering with an expert also means you have access to their network of connections. That includes the companies and people who make machine tool-specific financing loans. They understand better than a non-industry loan representative that your business needing equipment financing doesn't mean you're in trouble. It means you might be expanding production, improving equipment, or upgrading technology and the opportunity for increased profits.
A financing partner that knows your industry isn’t just a luxury – with the benefits you get, it’s practically a necessity. An industry expert helps you choose the right financing options for your business’s specific situation. An expert knows your market intimately and helps you navigate relationships with the other businesses you work with. An expert can help you find funding sources and other possible allies in the market, and promote you to them. With a generic financier, you won’t get this level of help, nor an intelligent solution that’s customized for your industry and your business.