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Alternatives to equipment leasing
While equipment leasing is a valuable option if you want resources for your business right away without a costly price tag, it's not necessarily the best option for all businesses. Some companies want to own the equipment outright immediately while others don't want to pay interest over a period of time.
Two significant sources of funding for companies that need it right away – business loans and factoring – can help you find the cash you need to grow the business without being tied down to an installment lease agreement.
Business Loans
Businesses looking to borrow immediate cash to help grow their business can pursue commercial business loans. These loans can help buy equipment for new businesses or companies looking to grow, invest in new technologies, and try new programs.
Like any loan, you'll have to pay the principal (the amount you borrowed) as well as the interest rate which the lender will compute based on the national prime rate, their fees, and your overall credit history. Lenders will also have to investigate your business and personal finances to make sure you can be counted upon to pay back the loan on time.
If you're serious about borrowing money to grow your business, let Business Finance Resource match you up to 3-6 different business loan providers to help you find the best rates!
Factoring
One of your business' most valuable assets is your accounts receivables – money still pending from your clients who purchase your products and services. Often times, it can take a while before they pay those invoices. But what are you to do when you need that cash flow immediately to keep operations functioning or expand the business?
A factoring company can advance you money based on the value of your invoices by taking ownership of your accounts receivables and going after the debtors themselves. They typically pay most of the value of the total invoices up front and then the remainder after the client pays up – minus, of course, their 1% to 3% "factoring fee."
To get in touch with multiple "factors" to get immediate cash for your outstanding invoices, simply submit a free request for quote for Factoring Services. Our exclusive network of vendors will contact you directly so you can begin comparing prices and services right away!