Equipment financing is a flexible option for purchasing business equipment. This type of financing is similar to a term loan, but it carries requirements that are easier for business owners to meet. What type of companies can take advantage of this funding option? The list of possibilities is large.

Equipment Financing for Construction Companies

One of the most common uses of equipment loans is to purchase construction equipment, especially heavy machinery. Items such as backhoes, loaders, bulldozers and steamrollers can enable your business to take on more work than ever before. Instead of focusing on small home renovations, your team can apply for lucrative municipal, commercial or government projects.

Of course, you can also use an equipment loan for smaller items and middle-market tools and machinery. These items include air compressors, MIG and TIG welders, specialized work tools, compacting equipment and skid loaders. Whatever your business needs to reach expansion goals, financing can help.

Equipment Loans for Restaurants

Many restaurants choose equipment financing to pay for essential equipment for the kitchen. Equipment loans are an excellent choice for purchases designed to last a long time, so they make sense for items such as fryers, ovens, ice cream machines, food prep surfaces, freezers and walk-in storage areas.

Your business can save a lot of money on interest over time and you get the things you need with minimal hassle. Financing companies often provide flexible options when it comes to down payments, with some options offering 0% money down.

Funding for Hospitals, Medical Practices and Dental Clinics

The healthcare industry has a surprising number of needs related to equipment. It’s often necessary to buy high-tech diagnostic systems, treatment equipment, sanitizing systems and specialized furniture for patients. All of these items are closely connected with providing the best experience for patients, so they’re a smart investment for any healthcare business.

Office and Retail Stores

Point-of-sale systems are important for managing business finances and providing a variety of payment options for patients. In case you’re wondering, equipment loans and leases are fully able to cover POS terminals. These advanced systems and software are just as important for businesses as heavy machinery.

In the case of state-of-the-art systems, some companies prefer leasing over purchasing. This is because of the rapid pace of technological advancements. With a lease, your company can upgrade to new equipment every two or three years. Modern upgrades may enable you to reduce costs or increase your work output.