Team Financial Group https://teamfinancialgroup.com/ Your Commercial Equipment Financing Partner Mon, 18 Mar 2024 17:56:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://teamfinancialgroup.com/wp-content/uploads/2019/05/TeamFinancial_Logo-favicon.png Team Financial Group https://teamfinancialgroup.com/ 32 32 Cap Ex Spending and Planning Ahead https://teamfinancialgroup.com/blog/cap-ex-spending-and-planning-ahead/ https://teamfinancialgroup.com/blog/cap-ex-spending-and-planning-ahead/#respond Mon, 18 Mar 2024 17:55:36 +0000 https://teamfinancialgroup.com/?p=14604 Capital expenditure (Cap Ex) is essential for driving organizational growth in the business world. Knowing how to plan and manage your Cap Ex spending can greatly influence strategic investments in your company’s future.  Let’s take a closer look at Cap Ex planning including how to create an appropriate budget, avoid common mistakes, and use best […]

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Capital expenditure (Cap Ex) is essential for driving organizational growth in the business world. Knowing how to plan and manage your Cap Ex spending can greatly influence strategic investments in your company’s future. 

Let’s take a closer look at Cap Ex planning including how to create an appropriate budget, avoid common mistakes, and use best practices for managing risks to grow revenue. 

Defining Capital Expenditures

As we explore Cap Ex spending and planning, it can help to do a quick level-set of what we’re talking about. 

Put simply, Cap Ex refers to major, long-term investments to acquire, upgrade, or maintain physical assets. Common examples of capital expenditures include technology systems, machinery, real estate, R&D, and equipment upgrades. The goal here is to generate revenue and business advantages over time. 

How is Cap Ex spending different than Op Ex spending?

Unlike daily operating expenses (Op Ex), Cap Ex investments are major financial decisions that align with long-term business objectives. It’s important to understand the differences between the two: 

  • Cap Ex invests in major physical assets while Op Ex covers day-to-day operating costs. For example, expanding a factory through new construction is Cap Ex, while paying workers is Op Ex. 
  • Cap Ex investments are capitalized on the balance sheet. Op Ex is expensed on the income statement. 
  • Cap Ex often requires large upfront outlays of cash or securing the appropriate debt. Op Ex typically contains smaller, recurring expenses. 
  • Cap Ex aims to generate long-term returns. Op Ex focuses on short-term procedures. 

Proper budgeting and planning ensure your company’s capital expenditures ultimately support strategic growth priorities rather than simply react to immediate needs. 

Creating an Effective Cap Ex Budget

Prioritizing investments that offer the highest return on investment (ROI) is key. A manufacturing firm may budget heavily for new machinery, while a retailer may allocate more funding toward store remodels. 

Building in contingencies is wise but be careful not to overinflate budgets. Ongoing monitoring and adjustments should keep your budgets practical. 

How does a company determine the appropriate level of Cap Ex spending for revenue growth?

A company should follow a comprehensive approach to capital expenditure spending for growth. Here are some important factors and steps to consider: 

  • Assessing Cap Ex needs. Companies must thoroughly assess capital expenditure needs from different departments, whether for maintenance, new acquisitions, or growth. This assessment helps determine what is economically feasible and what the ROI will be. 
  • Setting a budget limit. Determining the maximum spend on capital is a crucial early step in shaping Cap Ex planning.  The budget limit is often based upon the assessment of capital expenditure needs and business growth. 
  • Measuring capital expenditure returns. It’s imperative for a company to determine the returns on their capital expenditure. This typically involves financial tools such as return on investment ratios, hurdle rates, and payback periods. 
  • Defining management’s role. Management should play a critical role in evaluating whether the investment in assets is worth the cost. They must decide whether capital expenditures come directly from company funds or must be financed.  
  • Separating expenditure budgets. Most companies budget their capital expenditures separately from other expenditures. Having a separate budget from operational expenses makes it simpler for companies to calculate the respective tax issues. 

Looking Ahead Through Forecasting

In addition to budgeting, accurate forecasting is crucial for anticipating future capital expenditures. Getting a read on the lay of the land will help you make intelligent decisions for both short- and long-term outcomes. 

Long-term forecasting employs market research and business plans to predict needs 3-5 years out. These projections can guide high-value investments in areas like R&D or major facilities. Conversely, short-term forecasting (1-2 years) fine-tunes budgets based on emerging needs like replacing outdated tech. 

How does Cap Ex spending affect a company’s long-term financial health?

Key ways in which Cap Ex spending can significantly impact a company’s long-term financial health include: 

  1. Asset base and depreciation. Capital expenditures increase the company’s asset base, which is then depreciated over time. This impacts the income statement by reducing profit through depreciation expenses over the asset’s useful life. 
  1. Cash flow and free cash flow. Capital expenditures affect the cash flow statement by capturing the full cash outflow related to the investment. While this may decrease free cash flow in the short term, it is seen as an investment for future growth and can lead to increased cash flow over time. 
  1. Long-term strategic impact. Cap Ex decisions have a long-term strategic impact on the company, influencing future activities and growth. They are essential for maintaining and improving the company’s competitive position and operational efficiency. 

Cap Ex and Company Financial Statements

Capital expenditures can affect a company’s financial statements and cash flow in several ways: 

  • In the income statement, depreciation and amortization expenses from Cap Ex assets will reduce net income over time. 
  • In the cash flow statement, capital expenditures show up as outflows in the investing activities section. 
  • In the balance sheet, capital expenditures are recorded as long-term assets that are capitalized and depreciated/amortized over their useful life. 
  • Since capital expenditures require large initial cash outlays, they can result in decreased cash balances until long-term returns are realized. Alternatively, capital expenditures are made utilizing term debt that closely matches the useful life of the investment. 

Monitoring Cap Ex impacts on financial statements and cash flow is important for maintaining healthy company finances and liquidity. 

Evaluating Investments

Effective Cap Ex decision-making requires rigorous investment analysis. Metrics like payback period, net present value (NPV), and internal rate of return (IRR) quantify the financial upside of investments. However, don’t overlook qualitative factors like company strategy, competitor moves, regulations, and industry trends. 

Thorough due diligence and risk assessment can help companies avoid overinvesting in assets that won’t deliver sufficient returns. These activities can also provide evidence of value that could be used to build a strong business case for sizable investments. 

Maximizing ROI of Capital Expenditures

One of the core considerations with Cap Ex is maximizing your ROI. Doing so can boost your company’s financial health and long-term growth prospects. An essential step here is to assess the profitability of your capital investments.  

To determine if your investments are meeting profitability thresholds, you will want to use ROI calculations. Subtract the initial cost and any expenses from the final value (to get your net profit), divide the result by the total of all costs, and then multiply by 100. 

Careful monitoring can help you to make appropriate adjustments and course correct, if necessary. It can also be highly beneficial in determining your future Cap Ex planning. 

What are some common mistakes companies make when managing Cap Ex risks for revenue growth, and how can you avoid them? 

Managing Cap Ex risks can be complicated, but it helps to know how to avoid common mistakes. Here are some to watch out for: 

  1. Not conducting a thorough feasibility study. Determining the viability of Cap Ex projects can help you understand potential risks and returns, so skipping this step is a mistake. Performing a cost-benefit analysis, risk assessment, and market analysis helps you make better investment decisions and planning. 
  1. Lack of monitoring and evaluation. You can miss out on valuable opportunities without a monitoring system to track the impact on revenue growth. Identify and monitor relevant metrics for your business, like efficiency, downtime, and sales data. 
  1. Confusing growth Cap Ex with maintenance Cap Ex. Failing to distinguish between growth and maintenance can lead to misallocation of resources and suboptimal investment decisions. Understanding the difference allows you to prioritize capital expenditures based on their potential impact on revenue growth, such as technology upgrades, expanding production capacity, or improving customer experience. 
  1. Not choosing the right financing option. Without appropriate financing, you may end up tanking your Cap Ex ROI. A smart way to avoid that is with guidance from an experienced, knowledgeable financing partner who wants your business to succeed. Having someone like Team Financial Group in your corner can help you find long-term financial stability through the right financing solutions. 

Failing to recognize and manage risks associated with capital expenditures may lead to costly overruns, delays, and suboptimal outcomes. Taking proactive measures to lower financial and operational risk goes a long way toward maximizing the potential benefits of your investments. 

Become a Savvy Cap Ex Planner

In the modern business landscape, Cap Ex planning is a complex balancing act. Assessing opportunities, accurately forecasting, demonstrating ROI, and mitigating risks takes strategic vision and skill. 

But prudent investments pay dividends by elevating capabilities, driving innovation, and enabling strategic objectives. And mastering capital expenditure planning positions you to guide your company confidently towards a prosperous future.  

Team Financial Group is here to help

Interested in discussing how we can help you optimize your Cap Ex planning approach through financing solutions that make sense? Reach out anytime! Give us a call at 616-735-2393 or fill out our online contact form and we can get started today. 

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Equipment as a Catalyst: Using Strategic Investments for Business Expansion https://teamfinancialgroup.com/blog/equipment-as-a-catalyst-using-strategic-investments-for-business-expansion/ https://teamfinancialgroup.com/blog/equipment-as-a-catalyst-using-strategic-investments-for-business-expansion/#respond Thu, 25 Jan 2024 15:29:48 +0000 https://teamfinancialgroup.com/?p=14601 At Team Financial, we’re a partner who is invested in your success. And with more than 20 years of financing experience, we understand the key role equipment plays in strategically growing your business. With the right investments, equipment acts as a catalyst – enabling expanded capabilities, increased efficiency, and scalable company growth. But making the […]

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At Team Financial, we’re a partner who is invested in your success. And with more than 20 years of financing experience, we understand the key role equipment plays in strategically growing your business. With the right investments, equipment acts as a catalyst – enabling expanded capabilities, increased efficiency, and scalable company growth.

But making the most of your equipment acquisitions requires careful planning and execution. To help you with this, we’ll explore best practices that empower you to maximize value from your equipment investments. You’ll see how upgraded and expanded equipment capabilities can drive higher productivity, increase market share, mitigate risks, and future-proof your operations.

Team Financial Group is here to help turn your plans into reality, so let’s dive into unlocking your equipment’s full potential as an engine for business expansion and revenue growth.

Assessing Your Current Equipment Needs and Gaps

Conducting a thorough audit of your current equipment and production processes provides the foundation for strategic upgrades. This assessment should collect key metrics across all machinery, including:

  • Utilization rates – Identify underutilized equipment. If less than 70% of available hours are used, upgrading could boost productivity.
  • Throughput rates – How much output is each piece of equipment producing per hour? Newer technology can often improve speed and throughput.
  • Frequency of downtime – Note causes and duration. Excessive downtime signals unreliable equipment needing replacement.
  • Maintenance needs – Is preventative maintenance conducted? What is the repair frequency? High maintenance equipment can drain productivity.
  • Capacity constraints – Which machines are causing bottlenecks in the workflow? Maximum output ceilings limit growth potential.
  • Technology age – Has equipment fallen severely out of date? Older technology typically restricts capabilities and efficiency.

Thoroughly documenting this baseline performance data reveals priorities and opportunities. Look for constraints preventing expansion. Find outdated or unreliable equipment needing modern replacements. Assess where new technology could maximize throughput and productivity.

As you go through this process, let data guide your equipment upgrade roadmap. Doing so puts you in position to make the best possible decisions for the growth of your business.

Building the Business Case

Once the audit pinpoints upgrade needs and opportunities, it’s time to build your business case for equipment investments. For a key decision maker, this is an excellent opportunity to take an objective view of the data and projections. And for individuals who need to gain approval or buy-in from stakeholders, it’s an essential step in being able to procure the equipment that will facilitate business growth.

A smart starting point in this part of the process is to quantify how proposed upgrades will increase your own productivity or capabilities. For example, calculate potential ROI based on projected throughput gains. Conservatively estimate the payback period to cover upfront costs through added revenue. And make sure to weigh desired long-term benefits against total cost of ownership (TCO).

Assess whether new equipment capabilities align with your strategic goals for the business, like offering new products or accessing new markets. Review assumptions and data-driven forecasts to validate the opportunity from different angles.

Building this analytical case will help solidify your own conviction around equipment upgrades and expansion plans and gain valuable buy-in from others. Let the data demonstrate total impacts on quality, capacity, and customer experience. An evidence-based case builds confidence in moving forward to acquire the necessary equipment.

Financing Equipment Strategically

Once upgrade plans are validated, strategic financing preserves capital while unlocking growth through new equipment. This is something we understand firsthand, as Team Financial provides tailored loans and leases designed around your needs and cash flow. After all, we know how important it is to maintain liquidity for daily operations, staffing, and inventory.

Many companies have plans to upgrade equipment to more advanced models that would improve productivity and capabilities. However, the upfront costs of new equipment get postponed or delayed because the capital budget is allocated elsewhere.

Strategic financing provides a way to acquire the desired equipment now by spreading out payments over time, rather than having to save up capital which may take years.

This allows companies to execute on upgrading equipment sooner than if they had to accumulate the full purchase costs in capital reserves. It prevents continuously pushing off upgrades due to budget constraints.

In essence, financing equipment strategically can accelerate your upgrade plans that may have been stuck in a cycle of delay or deferral because your company simply didn’t have the full capital available upfront.

Upgrading Equipment for Improved Efficiency

New equipment increases capacity through greater automation, speed, and reliability. Bottlenecks are eliminated. Resources are utilized more effectively.

Upgrades can drive productivity via:

  • Increased throughput and output
  • Streamlined workflows that eliminate bottlenecks
  • Just-in-time production with less downtime and changeovers
  • Reduced risk for surprise outages
  • Higher accuracy and precision with less defects and rework
  • Faster processing times enabling higher volumes

The latest equipment enhances your workforce and unlocks new levels of speed and efficiency. This directly translates to higher production volumes and lower operating costs over time.

Expand Your Offerings and Reach

The right equipment investments can redefine what you offer customers and expand your addressable market. For example, advanced machining centers can enable a manufacturer to add new fabrication capabilities or a healthcare provider to offer telemedicine services.

New equipment can allow your business to unlock new revenue streams, provide unique offerings your competitors cannot, and expand sales channels and geographic reach. And these are just a few of many potential benefits your company stands to realize when using equipment as a catalyst for growth and expansion. The possibilities are virtually endless as you discover ways to improve market share and earn new customers.

Scaling Up Output

Advanced equipment delivers the processing muscle and flexibility to scale up production along with rising demand. Look for equipment engineered for:

  • Modular add-on capabilities to incrementally expand capacity
  • Cloud-based monitoring to optimize real-time production flow
  • Flexible configurations that adapt to varying product mixes
  • AI-powered forecasting and inventory management
  • Rapid changeovers and mobile units for agile responses
  • Ergonomic designs that sustain output volume safely

Identify peak output thresholds. Seek equipment that affordably aligns capacity to projected demand curves years down the line. The ability to cost-effectively scale up output is key to seizing increasing market share over time.

Enhance Quality and Reputation

Upgraded equipment enhances quality assurance through greater automation, precision, and process control. Systems that minimize variability and enable tight tolerances reduce defects. Advanced sensors and imaging identify issues in real-time. Continuous performance monitoring informs ongoing optimization. Integrated testing procedures maintain oversight within workflows.

Delivering consistent quality efficiently pleases customers. It earns glowing testimonials and referrals that build reputation over time. Investments in state-of-the-art equipment demonstrate your commitment to premium quality and satisfaction. Your brand becomes synonymous with excellence.

Establish Specialized Niche Capabilities

Acquiring unique, specialized equipment can position your brand as an expert niche provider. A craft brewery buying advanced fermentation tanks for small-batch brews establishes specialty capabilities. An auto shop adding equipment for exotic car restoration opens a profitable niche. Specialized equipment tailors processes to deliver differentiated value.

Specialized capabilities signal your commitment to mastering the intricacies of a niche audience or market. You build deep expertise through purpose-built equipment. Unique positioning drives premium pricing and profits.

Leverage Cutting-Edge Technology

Integrating the latest technology into equipment upgrades provides competitive advantage. IoT sensors enable proactive maintenance and uptime. AR assists workers with complex tasks. AI-powered optimization maximizes throughput. Robotics complements human skills. Cloud-based monitoring identifies improvements.

Modern equipment keeps your operations on the cutting edge while impressing customers. Taking advantage of emerging technologies equips your workforce and brands you as an innovation leader. Essentially, technology investments future-proof your operations.

Maintaining Equipment Effectively

Keep newly acquired equipment operating smoothly through rigorous maintenance protocols. Adhere to all routine servicing, inspections, and preventative measures suggested by the manufacturer. Be diligent in tracking equipment utilization and performance data. Monitoring hours of usage and output helps forecast maintenance needs.

Address any minor issues immediately to prevent cascading failures. If abnormalities emerge, diagnose root causes and resolve promptly. Well-maintained equipment extends lifespan, maximizes uptime, and sustains peak performance. Partner with reputable service providers for complex repairs or rebuilds when needed. Proactive maintenance is the key to optimized equipment reliability and productivity.

Future-Proof Your Investments

Adopt a long-term mindset when acquiring equipment. Consider potential needs 3-5 years in the future. How could market conditions, regulations, or customer expectations change? Evaluate flexible, modular equipment that allows for reconfiguration and expansion. Seek customizable platforms that simplify adding capabilities.

Prioritize equipment engineered for integration with newer technologies like IoT, automation, and AI. Build in connectivity to enable remote monitoring and upgrades. The focus should be on innovative equipment positioned to avoid premature obsolescence. With strategic selections, your equipment investments maintain relevance well into the future.

Your Next Steps for Growth (With Team Financial Group)

The opportunities for equipment to accelerate business growth are astounding – if deployed strategically. With diligent planning, smart investments, proper financing, and an eye to the future, equipment can transform your operations and bottom line.

At Team Financial, we offer tailored equipment financing so you can acquire the machinery, technology, and assets to realize your expansion plans. Let us help guide you through building the business case, selecting optimal solutions, training staff, and integrating investments into your strategy.

The time is now to leverage equipment as a springboard for taking your company to the next level. Contact us today to explore financing options and start mapping out the future. Your business goals are our priority. Let’s succeed together.

Ready to get started? Give us a call at 616-735-2393 or fill out our online contact form and we’ll do the rest.

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Make It Easier for Your Customers to Buy From You https://teamfinancialgroup.com/blog/make-it-easier-for-your-customers-to-buy-from-you/ https://teamfinancialgroup.com/blog/make-it-easier-for-your-customers-to-buy-from-you/#respond Fri, 05 Jan 2024 19:10:46 +0000 https://teamfinancialgroup.com/?p=14575 For companies of all sizes, closing sales can hinge on eliminating customer friction – those speed bumps that can stop potential customers from buying. In business deals, friction points ranging from confusing prices to sluggish approvals can deflate conversion rates. As a business owner or key decision-maker, recognizing and mitigating these friction points is essential […]

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For companies of all sizes, closing sales can hinge on eliminating customer friction – those speed bumps that can stop potential customers from buying.

In business deals, friction points ranging from confusing prices to sluggish approvals can deflate conversion rates. As a business owner or key decision-maker, recognizing and mitigating these friction points is essential to fostering positive customer experiences and, ultimately, driving sales growth.

Join us as we break down some top purchasing hurdles and provide proven ways to overcome them. Remember, Team Financial Group is more than lenders; we’re your strategic partners in simplifying buying, delighting customers, and realizing your business’s potential.

Pinpointing Pain Points

How might you explain what customer friction is to someone without a business background? Easy, just talk about Amazon. The industry behemoth is such a dominant force in retail sales because they remove so much “friction”—driving to stores, waiting in lines, pushing through holiday crowds—from the buying process.

But your business doesn’t have to be an Amazon to make buying easier for your customers!

Customer friction may be those roadblocks and headaches that disrupt a seamless purchase, but you can take action to smooth things out for your customers. And the first step here is to identify their pain points.

Some core issues you should look out for that can cause customer dissatisfaction and lost sales are delayed decisions, unclear pricing, and complicated financing options.

Getting financing can be a huge source of customer friction. Common trouble spots in this particular area include:

  • Uncertainty around payment options
  • Long wait times for purchase approval
  • Hard-to-grasp financial terms

Each of these snags can cause buyers to hesitate or pull out altogether, thereby squandering precious sales opportunities for your business. Showing your customers a better way forward for financing can make a huge difference, both for them and for your bottom line.

Let’s look at the role a better financing path can play in clearing these obstacles and delivering smooth customer experiences and revenue growth.

Financing That Minimizes Buying Friction

At Team Financial, we recognize seamless financing as a game-changing sales tool for overcoming barriers. By supplying flexible options, we empower businesses to leap financial hurdles that can trip up deals.

Our mission to smooth the financing process transforms sales strategies. Fast access to capital does more than just ease transactions, it builds customer confidence. They know you understand their needs and see that you are invested in their satisfaction.

And that’s a big reason why we commit to streamlining the financing journey for your customers. So, how do we accomplish financing that reduces customer friction?

Communicating Payment Options Clearly

Transparency is key for positive experiences. We stress the importance of articulating financing in simple terms upfront, including rates, terms, and plans.

Presenting money matters straight, in an easily understandable manner, promotes trust and comprehension. We coach businesses on explaining critical financing details to ensure clients grasp the numbers fully before committing.

Forthright communication about all financing options distinguishes Team Financial as a reliable ally dedicated to smoothing acquisitions. When you want to offer an exceptional experience for your customers, this is an important consideration.

Customized Financing Aligns to Client Needs

Cookie-cutter doesn’t cut it at Team Financial Group. We go beyond one-size-fits-all financing. Custom plans aren’t just a service – they’re a strategy to wow customers.

By tailoring terms and schedules, businesses can sync financial offerings to customer capabilities and objectives, cementing relationships and closing deals.

Our goal? Supply the flexibility companies require to flourish. And because we understand diverse industries and models and take the time to learn your business and hear your needs, our tailored solutions set us apart. This is great for us because it has given Team Financial a leading reputation, but it’s even better for our customers.

Swift Financing Decisions

In business, wasted time means lost money. This is a major source of customer friction. We recognize the need for fast approvals, so your deals don’t lag.

Team Financial commits to rapid financing decisions, enabling ventures to proceed without unnecessary delays. In some cases, we even offer same-day financing, which can really smooth out the process and keep potential customers from exploring alternatives offered by your competitors.

By accelerating the process, we save businesses effort while delivering standout buying experiences. This dedication to quick approvals creates tangible benefits for companies seeking seamless customer journeys.

Inform Customers on Private Financing Benefits

Support goes beyond just providing capital. It requires educating buyers on private financing upsides like flexibility, customization, and potential savings. Positioning financing as a means of enabling customers’ goals builds partnership.

Offer an exceptional financing experience as a tool to say “yes” to more dreams. As advocates, we encourage businesses to leverage private financing for mutual growth.

Earn Trust and Loyalty Through Smooth Financing

Friction-free financing strengthens relationships beyond one-off sales. Prioritizing transparency, customization and speed cultivates goodwill and referrals.

We emphasize enduring value in delighting customers. Businesses earning reputations for seamless support enjoy repeat and word-of-mouth sales. As partners, Team Financial helps cement reliability, attentiveness and customer-focus.

Journey With Team Financial

Making purchases easy isn’t philosophy – it’s business strategy. Team Financial drives this transformation. From friction expertise to accessible offerings, tailored solutions and accelerated approvals, we redefine sales.

We’ve explored reducing friction via strategic financing. Now take the next step. Become a vendor-partner and unlock potential. Let’s build not just transactions but meaningful connections powering your growth. Contact us today to start the journey.

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Top Considerations for Choosing the Right Equipment Financing Partner https://teamfinancialgroup.com/blog/top-considerations-for-choosing-the-right-equipment-financing-partner/ Fri, 10 Nov 2023 14:43:31 +0000 https://teamfinancialgroup.com/?p=14570 In the ever-evolving landscape of business, choosing the right equipment financing partner is a pivotal decision. This choice isn’t just about securing the funds to acquire essential assets; it’s about setting the course for your business’s success. And you need a partner who understands your unique needs, aligns with your industry, and shares your vision. […]

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In the ever-evolving landscape of business, choosing the right equipment financing partner is a pivotal decision. This choice isn’t just about securing the funds to acquire essential assets; it’s about setting the course for your business’s success. And you need a partner who understands your unique needs, aligns with your industry, and shares your vision.

But with numerous financing options and providers vying for your attention, how do you navigate this important decision? To answer that, let’s walk through the top considerations for selecting the ideal equipment financing partner. Whether you’re upgrading machinery, expanding your operations, or launching a new venture, these insights will help you make an informed choice.

Clear Understanding of Your Equipment Needs

Before embarking on your quest for the perfect financing partner, pause and reflect on your equipment needs. What tools, machinery, or technology does your business require to thrive? Having a clear understanding of your needs is the first step in finding a partner who can meet them.

Consider the type, quantity, and lifespan of the equipment you need. Are you in a rapidly evolving industry where equipment quickly becomes obsolete, or do you require long-lasting assets? Your specific requirements will influence your financing options and the terms that best suit your business.

Remember, the right financing partner should not only provide funds but also offer guidance based on your unique situation. With a clear vision of your equipment needs, you’re better equipped to explore financing solutions that align with your goals.

Evaluate the Financing Options

Equipment financing comes in various forms, each with its advantages and considerations. It’s essential to understand the available options and choose the one that best suits your business model and financial situation.

Loans: Traditional loans offer a lump sum for equipment purchase, which you repay over time with interest. This option provides ownership from day one, but it can tie up capital and may require a significant down payment.

Leases: Leasing allows you to use equipment without ownership responsibilities. It often requires lower upfront costs and provides flexibility, but you won’t own the equipment at the end of the term.

Vendor Financing: Some equipment suppliers offer financing directly, streamlining the acquisition process. While convenient, this option may limit your choices to the supplier’s offerings.

Each financing option has its merits, and the right one depends on your business’s unique circumstances.

Consider the Partner’s Industry Expertise

Selecting the right equipment financing partner extends beyond mere financial transactions; it’s about choosing a collaborator who understands the nuances of your industry. Industry expertise is invaluable when it comes to tailoring financing solutions that align with your business’s unique challenges and opportunities.

Why does industry knowledge matter? Consider this scenario: Your business operates in a highly specialized field with unique equipment requirements and regulatory considerations. A financing partner well-versed in your industry not only understands these intricacies but also anticipates potential hurdles.

By leveraging their industry expertise, they can structure financing agreements that accommodate your industry’s cyclicality, technological shifts, and growth patterns. They speak your language, ensuring that financing terms and conditions resonate with your specific needs.

Review the Partner’s Reputation

In the digital age, reputation is a currency of its own. Before committing to an equipment financing partner, take the time to research and assess their reputation in the industry. A stellar reputation isn’t just a badge of honor; it’s a testament to their reliability, transparency, and commitment to client success.

Start by checking online reviews, client testimonials, and industry ratings. What are previous clients saying about their experiences? Look for patterns in feedback, paying close attention to factors like responsiveness, fairness in pricing, and the ease of the financing process.

Additionally, seek referrals and recommendations from trusted colleagues or industry peers. A reputable financing partner should have a track record of delivering on promises and fostering long-term client relationships.

Remember, choosing a financing partner is akin to entering a partnership. A partner’s reputation serves as a reliable indicator of their trustworthiness and their dedication to helping your business thrive.

Transparency in Terms and Conditions

Transparency is the cornerstone of a healthy financing relationship. When evaluating potential partners, pay close attention to the clarity and openness of their terms and conditions. Hidden fees, ambiguous language, or convoluted agreements can lead to unforeseen financial challenges down the road.

A reputable financing partner should provide a detailed breakdown of all costs, including interest rates, fees, and any additional charges. They should be willing to answer your questions and clarify any aspects of the agreement that may seem unclear.

Moreover, a transparent partner will openly discuss your responsibilities and obligations throughout the financing period. This ensures that you have a comprehensive understanding of your commitments, allowing you to plan your finances effectively.

As you explore your financing options, keep transparency as a guiding principle. Partners who prioritize openness not only build trust but also create a foundation for a successful and mutually beneficial relationship.

Assess Interest Rates and Costs

When it comes to financing, the numbers matter—a lot. Assessing interest rates and overall financing costs is a critical step in choosing the right equipment financing partner. These numbers can significantly impact your business’s bottom line, so it’s essential to examine them carefully:

  1. Total Financing Costs. Beyond interest rates, consider the total cost of financing. This includes fees, closing costs, and any other charges associated with the financing. Understanding the full financial picture will help you make an informed decision.
  2. Flexible Terms. Look for partners who offer flexibility in terms of interest rate structures. Some may provide fixed-rate financing, while others offer variable rates. Understanding the pros and cons of each can help you choose a financing structure that aligns with your business’s financial strategy.
  3. Interest Rates. Interest rates determine how much you’ll pay for the privilege of using the financing. They can vary based on the financing option and the lender. Lower interest rates mean lower overall costs, so it’s crucial to compare rates offered by different partners.
  4. Negotiation Opportunities. Don’t hesitate to negotiate. Financing partners can be open to discussing terms, especially if you have a strong credit profile or a history of successful partnerships. Negotiating for better rates or terms can lead to more favorable financing conditions.

Remember that the goal is to secure financing that not only meets your immediate needs but also fits within your long-term financial strategy. By carefully assessing interest rates and costs, you can make an informed decision that benefits your business.

Customer Support and Service

Exceptional customer support and service are hallmarks of a reliable equipment financing partner. When you encounter challenges or have questions during the financing process, knowing that you have a responsive and knowledgeable team to turn to can make all the difference.

  1. Responsive Communication. A trustworthy financing partner should be easily reachable. Whether you have inquiries about your agreement or need assistance, prompt communication is vital. At Team Financial Group, we take pride in our commitment to responsiveness, ensuring that your concerns are addressed promptly.
  2. Guidance Throughout the Process. Navigating the world of equipment financing can be complex. Look for a partner who offers guidance and support from start to finish. From clarifying terms to assisting with paperwork, a supportive partner can simplify the process.
  3. Tailored Solutions. Your business is unique, and your financing solution should reflect that. Partnering with a team that understands your individual needs and then tailors solutions accordingly can set you on the path to success. Team Financial Group specializes in customized financing solutions designed to meet your specific requirements.

Flexibility in Financing Structures

Flexibility in financing structures can be a game-changer for your business. The ability to tailor financing to your unique circumstances can enhance your financial management and growth strategies.

Seek a financing partner who offers customized solutions. At Team Financial Group, we believe in flexibility, allowing us to create financing structures that align with your business goals and cash flow requirements.

In the ever-changing business landscape, adaptability is key. Look for a partner who can adjust financing terms when needed, accommodating unexpected challenges or opportunities that may arise.

Explore partners who offer a range of financing options, allowing you to choose the structure that suits your needs best. Whether you prefer leases, loans, or vendor financing, having options empowers your decision-making.

By working with a partner who prioritizes flexibility, you can ensure that your financing arrangements evolve with your business, providing the agility needed to navigate changing market conditions.

Long-Term Relationship and Collaboration

Choosing an equipment financing partner is not merely a transaction; it’s the beginning of a long-term collaboration. Choose a partner who shares your vision for sustained success and is committed to building a lasting relationship.

  1. Beyond the Transaction. Look for a partner who emphasizes collaboration and ongoing support. At Team Financial Group, we view our relationships as partnerships, and we’re dedicated to your business’s growth beyond the initial financing agreement.
  2. Growth-Oriented. Consider a partner who actively seeks opportunities to support your business’s growth. We understand that your success is our success, and we work diligently to provide financing solutions that fuel your expansion.
  3. Trust and Reliability. Building trust and reliability are cornerstones of a lasting partnership. Team Financial Group is built on a foundation of trust, transparency, and integrity, ensuring that you have a reliable partner by your side.

Your Path to Success Begins Today

Your journey to securing the right equipment financing partner starts now. The decisions you make today will shape your business’s future, and we’re here to guide you every step of the way. At Team Financial Group, we believe in forging enduring partnerships built on trust, flexibility, and a shared vision for success.

Ready to Take the Next Step?

Contact us today to explore how Team Financial Group can be the catalyst for your business’s growth. Our team of experts is dedicated to understanding your unique needs, providing tailored financing solutions, and fostering long-term collaborations that propel your business forward.

Don’t settle for ordinary. Choose a financing partner that shares your commitment to excellence and your aspirations for a prosperous future. Your success story begins with a single decision, and we’re here to help you make it the right one.

Let’s embark on this journey together. Contact Team Financial Group and unlock the doors to a world of possibilities for your business. Give us a call at 616-735-2393 or fill out our online contact form and we’ll do the rest.

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How Customized Equipment Financing Solutions Benefits Your Business  https://teamfinancialgroup.com/blog/how-customized-equipment-financing-solutions-benefits-your-business/ https://teamfinancialgroup.com/blog/how-customized-equipment-financing-solutions-benefits-your-business/#respond Mon, 09 Oct 2023 20:26:39 +0000 https://teamfinancialgroup.com/?p=14567 In the fast-paced and ever-evolving landscape of modern business, staying ahead often means embracing innovation and adaptation. This applies not only to products and services but also to the financial strategies that drive growth. For businesses of all sizes, securing the right equipment is not merely a necessity; it’s a strategic move that can shape […]

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In the fast-paced and ever-evolving landscape of modern business, staying ahead often means embracing innovation and adaptation. This applies not only to products and services but also to the financial strategies that drive growth. For businesses of all sizes, securing the right equipment is not merely a necessity; it’s a strategic move that can shape the future.

Enter the world of customized equipment financing solutions—a game-changer in the way businesses acquire the tools they need to thrive.

In this article, we’ll look at the significant advantages of tailoring financing options to meet your specific business needs and goals. We are going to explore how flexibility, optimized cash flow, enhanced budgeting, and a competitive edge can all be achieved through customized financing.

Today’s business environment demands agility and the ability to seize opportunities as they arise. One size does not fit all, and traditional financing often falls short of meeting the diverse and dynamic needs of modern enterprises. Customized equipment financing solutions empower businesses to make strategic decisions that align with their unique circumstances, industry dynamics, and growth aspirations.

Join us on this journey as we uncover the transformative power of customized equipment financing and discover why Team Financial Group stands out as a trusted partner in delivering tailor-made financial solutions that make sense for your business.

The Power of Customization

Business landscapes evolve rapidly, so the ability to adapt and customize becomes a strategic advantage. Customized equipment financing solutions offer businesses like yours the power to tailor financial strategies to unique needs, goals, and circumstances.

And flexibility is at the core of this approach.

With flexible financing, businesses can choose options that align with their cash flow, allowing them to maintain a healthy financial position while investing in essential equipment. Whether we’re talking about adjusting repayment schedules, choosing lease structures, or opting for variable rates, customization ensures that financing is not a one-size-fits-all model.

Customized financing also enables businesses to optimize cash flow and preserve working capital. Instead of tying up capital in equipment purchases, they can allocate resources where they are needed most—whether it’s for operational expansion, marketing initiatives, or unforeseen opportunities. This agility is invaluable in today’s dynamic business environment.

By embracing tailored financing solutions, businesses enhance their budgeting and financial management. With predictable and flexible financing structures, they can create budgets that accurately reflect their financial commitments. And this clarity leads to better decision-making and more effective financial planning.

Optimizing Cash Flow and Working Capital

A key advantage of customized equipment financing solutions is their ability to optimize cash flow and preserve working capital. For businesses, maintaining a healthy cash flow is essential for day-to-day operations, growth initiatives, and seizing new opportunities.

Traditional financing models often require substantial upfront capital for equipment purchases. This can strain a business’s cash reserves, limiting its ability to respond to unexpected expenses or invest in growth areas. Customized financing, on the other hand, allows for more flexible payment structures.

Businesses can choose financing terms that align with their cash flow patterns, ensuring that monthly or periodic payments are manageable. This flexibility liberates working capital, providing the financial freedom to allocate resources strategically. Whether it’s expanding the workforce, launching a new product line, or seizing a time-sensitive market opportunity, preserved working capital is a valuable asset.

Additionally, optimized cash flow can enhance financial stability and resilience. It minimizes the risk of liquidity problems, which can be detrimental to business operations. With a healthier financial position, businesses are better prepared to navigate economic uncertainties and weather unexpected challenges.

Enhanced Budgeting and Financial Management

One of the most compelling advantages of customized equipment financing solutions is the transformative impact on budgeting and financial management. Businesses thrive when they have clear visibility into their financial landscape, enabling them to make informed decisions and allocate resources effectively.

Customized financing brings this clarity to the forefront. By tailoring financing structures to match specific business needs, it becomes easier to create accurate and predictable budgets. Businesses can factor in financing commitments seamlessly, ensuring that they have a clear picture of their financial obligations.

This enhanced budgeting empowers businesses to make strategic choices confidently. They can allocate funds with precision, prioritizing areas that drive growth and profitability. It also facilitates long-term planning, allowing businesses to map out their financial journey with greater certainty.

Likewise, customized financing solutions simplify financial management. With predictable payment schedules and terms, businesses can streamline financial operations. This reduces the administrative burden associated with tracking multiple financial commitments, ultimately leading to improved operational efficiency.

In essence, customized equipment financing solutions become a strategic tool for businesses, enabling them to achieve financial clarity, make informed decisions, and manage their finances with precision.

Gaining a Competitive Edge

In today’s fiercely competitive business landscape, gaining a competitive edge is paramount. Businesses that can adapt swiftly and invest strategically are often the ones that outpace their competitors. Customized equipment financing solutions play a pivotal role in this equation.

Having the right financing structure can provide a significant competitive advantage. It allows businesses to seize opportunities, whether it’s upgrading to the latest technology, expanding production capacity, or diversifying product offerings. These strategic moves can set businesses apart from competitors and capture a larger market share.

On top of that, customized financing empowers businesses to align their equipment with industry trends and customer demands. It ensures that their equipment is up to date, efficient, and capable of delivering high-quality products or services. This not only enhances customer satisfaction but also strengthens brand reputation, a valuable asset in competitive markets.

Why Team Financial Group?

While the advantages of customized equipment financing solutions are clear, the choice of the right financing partner is equally significant. Team Financial Group stands out as the ideal partner for businesses seeking tailored financial solutions that make sense for their unique circumstances and goals.

This starts with our collaborative approach to financing. We understand that no two businesses are alike, and their financing needs may vary widely. That’s why we work closely with our clients to identify the right financing structure that aligns with their specific objectives. Our dedicated team practically becomes an extension of your business, ensuring that the solutions we provide are not just financially sound but also strategically beneficial.

Our streamlined application and approval processes are designed with efficiency in mind. We know that time is of the essence for businesses, and delays can hinder progress. With Team Financial Group, you can expect a swift and seamless experience from application to funding. We take the complexity out of financing, so you can focus on what matters most: growing your business.

Furthermore, our commitment to collaborative solutions means that we strive to ensure that financing makes sense for all parties involved. We believe in creating win-win scenarios where businesses can thrive while preserving their financial health.

Streamlined Application and Approval Processes

Navigating financing can sometimes feel like a cumbersome and time-consuming process. We recognize the value of your time and resources, which is why we’ve designed our application and approval processes to be streamlined and efficient.

Our application process is straightforward and user-friendly. It allows you to submit your financing request with ease, saving you valuable time. Once your application is received, our dedicated team works diligently to review it promptly. We understand that waiting for financing approval can be stressful, so we prioritize quick responses.

Our goal is to make financing fast, flexible, and easy for small-to-mid-sized businesses. In many cases, we can offer same-day approval and funding on a request for an equipment loan, lease, or financing agreement. This ensures that your business can act swiftly on opportunities and secure the equipment you need without unnecessary delays.

Our commitment to efficiency extends to all aspects of the financing journey. We believe in providing a hassle-free experience that empowers your business to thrive.

Collaborative Solutions

At Team Financial Group, we understand that financing is not a one-size-fits-all proposition. We believe in the power of collaboration and creating financial solutions that make sense for all parties involved. When you partner with us, you’re not just accessing financing; you’re joining forces with a team dedicated to your business’s success.

Our collaborative approach means that we take the time to understand your unique circumstances, industry dynamics, and growth aspirations. We work closely with you to identify the financing structure that aligns with your specific objectives. Whether it’s adjusting terms, tailoring payment schedules, or exploring creative financing options, our goal is to ensure that your financing solution is not just financially sound but strategically beneficial.

We take pride in fostering win-win scenarios where businesses can thrive while preserving their financial health. After all, you deserve a partner who is invested in your success and dedicated to delivering custom financing solutions that empower your business to reach new heights.

Unlock Your Business Potential with Customized Financing Solutions from Team Financial Group

The benefits of customized equipment financing solutions are profound. They empower businesses to adapt swiftly, optimize cash flow, enhance financial management, and gain a competitive edge. And at Team Financial Group, we’ve made it our mission to deliver tailor-made financial solutions that make sense for your business.

Are you ready to experience the transformative power of customized financing? Contact Team Financial Group today to explore how we can help you secure the right equipment financing solution. Simply call 616-735-2393 or fill out our online contact form and let’s work together to drive your business forward.

Don’t let financing stand in the way of your success—partner with Team Financial Group and unlock the full potential of your business!

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Common-Sense Lending Principles: Why They Matter in Equipment Financing https://teamfinancialgroup.com/blog/common-sense-lending-principles-why-they-matter-in-equipment-financing/ https://teamfinancialgroup.com/blog/common-sense-lending-principles-why-they-matter-in-equipment-financing/#respond Thu, 28 Sep 2023 16:37:29 +0000 https://teamfinancialgroup.com/?p=14562 In the dynamic world of business, where every decision counts and every resource matters, there’s no room for financial missteps. For businesses of all sizes, obtaining the right equipment is not merely a transaction—it’s an investment in growth, efficiency, and competitiveness. This type of strategic move shapes the future of your business. And this is […]

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In the dynamic world of business, where every decision counts and every resource matters, there’s no room for financial missteps. For businesses of all sizes, obtaining the right equipment is not merely a transaction—it’s an investment in growth, efficiency, and competitiveness. This type of strategic move shapes the future of your business.

And this is where the concept of common-sense lending principles comes into play. In this article, we will dive into why these principles matter profoundly in equipment financing and how they can be the guiding force behind your business’s success.

Imagine a scenario where every financial decision aligns seamlessly with your business goals, where your financing partner is not just a provider but a collaborator in your journey to success. This is the world we’ll explore—a world where common-sense lending principles are the foundation of every transaction, and where choosing the right financing partner is paramount.

The Significance of Common-Sense Lending Principles

Common-sense lending principles should serve as the guiding light in the world of equipment financing, fostering fair and transparent financial transactions. And these aren’t just abstract concepts we’re talking about. Rather, they translate into tangible benefits for businesses seeking financial solutions:

  1. Fair and Transparent Terms. Common-sense lending principles demand that financing terms and conditions are fair, transparent, and easy to understand. This means no hidden fees, complex jargon, or unexpected surprises. When you partner with a financing provider who abides by these principles, you can trust that the terms of your financing agreement are crystal clear.
  2. Customization for Your Needs. Every business is unique, and common-sense lending principles recognize this. A reliable financing partner will tailor solutions to meet your specific needs. Whether it’s adjusting repayment schedules to match your cash flow or offering flexible terms, customization ensures that your financing aligns with your business goals.
  3. Competitive Interest Rates. Fair and competitive interest rates are a hallmark of common-sense lending. Your financing partner should offer rates that align with industry standards and reflect your creditworthiness. Transparent pricing ensures that you get a fair deal without overpaying on interest.
  4. Collaborative Partnership. Beyond the transaction, common-sense lending principles foster a collaborative partnership. Your financing provider should not be just a service, but a strategic collaborator invested in your business’s success. That takes an understanding of your industry, growth aspirations, and long-term objectives.
  5. Support and Exceptional Service. Exceptional customer service is a non-negotiable aspect of common-sense lending. Your financing partner should be accessible, responsive, and supportive throughout your financing journey. Whether you have questions, need assistance, or want to explore new opportunities, they should be by your side.

When a financing partner adheres to these principles, it means that the terms and conditions of your financing agreement are designed with your business’s best interests in mind. It means that your partner understands the unique dynamics of your industry, your growth aspirations, and your financial health. It means that your financing journey is not just a transaction but a strategic collaboration.

Navigating the Equipment Financing Landscape

To fully appreciate the significance of common-sense lending principles, it’s essential to understand the context in which equipment financing operates. The world of equipment financing is always moving, where businesses across various industries seek to acquire the tools and machinery necessary for their operations.

But equipment financing is not merely about procuring assets; it is a strategic move that fuels business growth and sustainability. Whether you are upgrading technology, expanding production capacity, or launching new products and services, the right equipment can propel your business ahead of the competition.

However, the equipment financing landscape presents its own set of challenges. Businesses must navigate through a sea of options, ranging from traditional lenders to specialized financing providers. They must decipher complex financing terms and evaluate the impact of these terms on their cash flow and profitability.

In this landscape, common-sense lending principles serve as a beacon, guiding businesses to make informed decisions and choose financing partners who prioritize fairness, transparency, and long-term success. And selecting the right financing partner in this landscape is critical.

Choosing the Right Financing Partner

Selecting the right financing partner is a decision that can shape the trajectory of your business. This strategic partnership can support your objectives and values and is more than simply a matter of obtaining funds. And the consequence of choosing the wrong partner can hinder growth and jeopardize financial stability.

Imagine a scenario where your financing partner’s terms are opaque, laden with hidden fees, and skewed in their favor. Or a scenario where the interest rates are exorbitant, leaving you burdened with unnecessary costs. Such scenarios are not uncommon when businesses do not prioritize common-sense lending principles from their equipment financing partner.

Choosing the right partner means opting for a collaborator who upholds these principles, ensuring that your financing terms are clear and tailored to your unique needs. It means working with a partner who respects your long-term goals and actively contributes to your business’s success.

Team Financial Group: Your Smart Choice for Common-Sense Financing

When it comes to navigating the complex terrain of equipment financing, selecting the right partner is essential. Team Financial Group is the smart choice for businesses seeking a financing partner that exemplifies common-sense lending principles.

At Team Financial Group, we don’t just provide financing: we foster collaborative partnerships that align with your business’s success. Our unwavering dedication to common-sense lending principles is a key reason we stand out in our industry. When you partner with us, you can trust that your financing terms are designed with your best interests in mind because we believe in fairness, transparency, and customized solutions for your unique needs.

Because we are committed to these principles, we go well beyond the transactional approach many lenders take. Our team works alongside you to identify the financing structure that complements your objectives and facilitates growth. And by understanding your industry, goals, and challenges, we almost become an extension of your business.

The Team Financial Group Difference

Something else that sets Team Financial Group apart is our firm commitment to providing exceptional customer service and support throughout your financing journey. Here’s how we make a difference:

  1. Accessibility. We’re here when you need us. Our accessibility ensures that you can reach out to us whenever you have questions, need assistance, or want to explore new opportunities. Your business’s success is our priority.
  2. Responsive and Supportive. We understand that your financing needs may evolve. We’re responsive to your changing requirements and provide ongoing support to ensure that your financing solution continues to align with your goals.
  3. Real-Life Success Stories. Our track record is a testament to our commitment. We share real-life examples and case studies that illustrate how businesses like yours have thrived with Team Financial Group as their financing partner.

By choosing Team Financial Group, you’re gaining a partner who is invested in your business’s growth, understands the significance of common-sense lending principles, and is committed to your long-term success.

Your Roadmap to Smart Equipment Financing Starts Here

In this journey through the world of common-sense lending principles and their profound impact on equipment financing, we’ve explored the significance of fairness, transparency, and collaboration. We hope you can see that choosing the right financing partner is not just about securing funds; it’s about securing your business’s future.

The equipment financing landscape is rich with opportunities, but it’s also riddled with complexities. Common-sense lending principles act as your compass, guiding you toward partners who value your success as much as you do. When these principles are woven into the fabric of your financing journey, you’re not just making transactions; you’re building relationships that last.

In Team Financial Group, you’ve discovered a partner who embodies these principles. We believe in fairness, transparency, and customization. Our collaborative approach ensures that your financing solutions are as unique as your business, aligning perfectly with your goals and aspirations.

Elevate Your Financing Strategy With Team Financial Group

Now that you’ve explored the world of common-sense lending principles and learned why choosing the right financing partner is crucial, it’s time to take action. Contact Team Financial Group today to embark on a financing journey that prioritizes your business’s success.

Whether you’re looking to upgrade equipment, expand operations, or seize new opportunities, our team is here to support you every step of the way. Let’s turn common-sense lending principles into tangible success for your business.

Feel free to contact us online or by calling 616-735-2393 and our team will be happy to start working with you.

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What Can You Do When a Bank Turns You Down for Equipment Financing? https://teamfinancialgroup.com/blog/what-can-you-do-when-a-bank-turns-you-down-for-equipment-financing/ https://teamfinancialgroup.com/blog/what-can-you-do-when-a-bank-turns-you-down-for-equipment-financing/#respond Wed, 02 Aug 2023 18:06:44 +0000 https://teamfinancialgroup.com/?p=14512 Facing rejection from a bank for equipment financing can be disheartening and frustrating, especially when you have a solid business plan and a clear vision for your company’s growth. As a business owner, you understand the importance of acquiring the necessary equipment to enhance productivity, expand operations, and stay competitive in the market. However, a […]

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Facing rejection from a bank for equipment financing can be disheartening and frustrating, especially when you have a solid business plan and a clear vision for your company’s growth. As a business owner, you understand the importance of acquiring the necessary equipment to enhance productivity, expand operations, and stay competitive in the market. However, a bank’s decision to decline your loan application should not be the end of your pursuit.

At Team Financial, we recognize the challenges that business owners like you encounter when seeking traditional lending options. Banks often have strict requirements and may reject loan applications based on factors such as limited credit history, insufficient collateral, or being a startup without an extensive financial track record. While these criteria are used to assess risk, they can leave many deserving businesses without the financing they need to thrive.

That’s where alternative financing options come into play. Team Financial Group is here to provide a smart and reliable solution to help you overcome the setback of a bank rejection. As a private company specializing in equipment financing for small and medium-sized businesses, we offer flexible and tailored financing options that align with your unique needs and circumstances.

We understand that a bank’s decision doesn’t define your business’s potential for success. Our mission is to bridge the gap between business owners and the equipment you require, ensuring that the lack of traditional financing doesn’t hold back your prospects for growth.

Understanding the Reasons for Bank Rejection

When a bank turns down your equipment financing request, it’s essential to understand the reasons behind their decision. Common factors that may contribute to rejection include:

  • Limited credit history
  • Insufficient collateral
  • Being a startup without an extensive financial track record

While these reasons can be discouraging, it’s important to remember that they don’t reflect the potential of your business or its viability.

At Team Financial Group, we empathize with the challenges business owners face when seeking traditional lending options. We believe that a bank rejection should not deter you from obtaining the necessary equipment to drive your business forward.

By understanding the reasons for bank rejection, you can strategize and explore alternative financing options that cater to your specific needs and circumstances.

Explore Alternative Financing Options

Rather than dwelling on a bank’s rejection, it’s important to explore alternative financing options that can provide a pathway to acquiring the equipment your business needs. Alternative financing offers flexibility, tailored solutions, and a more personalized approach compared to traditional lending institutions.

By partnering with a reputable private financing lender like Team Financial Group, you gain access to solutions designed to meet the unique needs of small and medium-sized businesses. Benefits of taking this approach include:

Flexible Terms and Customized Solutions

Team Financial Group understands that each business is different, and a one-size-fits-all approach doesn’t work. We offer flexible terms and customized financing solutions tailored to your specific circumstances and growth objectives. Our experienced team takes the time to understand your business plan, cash flow, and equipment requirements to create a financing plan that aligns with your goals.

Quick and Efficient Approval Process

Unlike the lengthy approval process often associated with traditional banks, Team Financial Group streamlines the financing process to provide quick and efficient approvals. In many cases, we can offer same-day approval and funding for equipment loans, leases, or financing agreements. Our goal is to make financing fast, flexible, and easy for small-to-mid-sized businesses, so you can acquire the equipment you need without unnecessary delays.

The Benefits of Choosing Private Financing

Choosing a private financing company like Team Financial Group as your financing partner comes with several significant benefits:

  • Expertise and Industry Knowledge. Our team of financing experts specializes in equipment financing for small and medium-sized businesses. With extensive industry knowledge and expertise, we can guide you through the financing process, providing valuable insights and advice along the way. We understand the challenges you face and are dedicated to finding solutions that work for your unique business circumstances.
  • Access to a Broad Network of Vendor Partners. Team Financial Group has developed strong partnerships with a broad network of vendor partners across various industries. These partnerships open up opportunities for you to connect with trusted equipment suppliers who understand the value of financing. Through these relationships, we can help you find the equipment you need while ensuring a smooth and seamless financing experience.
  • Competitive Rates and Flexible Terms. At Team Financial Group, we strive to offer competitive rates and flexible terms to meet your financing needs. We work closely with you to structure a financing solution that aligns with your cash flow and business goals. Our aim is to provide you with the financial resources necessary to acquire the equipment you need, while ensuring affordability and long-term sustainability.
  • Streamlined Application and Approval Process. We understand that time is of the essence for businesses, and we value efficiency. Our streamlined application and approval process make it easier and faster for you to secure the equipment financing you require. Our dedicated team works diligently to review your application promptly, providing quick responses and minimizing delays.

Steps to Secure Equipment Financing With Team Financial Group

When you choose Team Financial Group as your equipment financing partner, we strive to make the process as seamless and straightforward as possible. Follow these steps to secure the financing you need:

  1. Assess Your Equipment Financing Needs: Determine the specific equipment required for your business operations and estimate the financing amount needed. Take into account factors such as equipment type, quantity, and desired repayment terms.
  2. Gather Necessary Documentation: Prepare the necessary documentation for the financing application. This typically includes financial statements, bank statements, business tax returns, and any other relevant financial information.
  3. Submit Your Application: Complete and submit the online application form on our website or reach out to our experienced team directly. Provide accurate and detailed information about your business, equipment needs, and financing requirements.
  4. Application Review and Approval: Our team will review your application promptly. We may reach out to clarify any details or request additional information if needed. Once your application is approved, we will work with you to finalize the financing terms.
  5. Financing Agreement and Documentation: Once you have selected the equipment, we will prepare the financing agreement and necessary documentation for you to review and sign. We ensure transparency and clarity in all contractual terms and conditions.
  6. Equipment Delivery and Funding: After the financing agreement is signed, your equipment will be delivered by the vendor. We will promptly release the funds to the vendor, ensuring a smooth and timely transaction.

At Team Financial Group, we are committed to supporting your business’s growth by providing tailored financing solutions and a seamless process from application to equipment acquisition.

Contact Us Today!

If you have any questions about what it would mean to offer financing for your customers, get in touch with us. We’d love to work with you to find a solution that makes sense based on your customer base and business needs.

Ready to get started? Give us a call at 616-735-2393 or fill out our online contact form and we’ll do the rest.

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Why a Vendor Partnership With a Private Finance Lending Company Is a Smart Choice https://teamfinancialgroup.com/blog/why-a-vendor-partnership-with-a-private-finance-lending-company-is-a-smart-choice/ https://teamfinancialgroup.com/blog/why-a-vendor-partnership-with-a-private-finance-lending-company-is-a-smart-choice/#respond Tue, 11 Jul 2023 16:53:57 +0000 https://teamfinancialgroup.com/?p=14508 In the competitive world of business, one of the most significant challenges that companies face revolves around the age-old question: How do you get paid? For businesses operating as suppliers or distributors, ensuring timely payment from customers can be a perpetual struggle. Late payments, cash flow gaps, and unreliable revenue streams can put immense strain […]

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In the competitive world of business, one of the most significant challenges that companies face revolves around the age-old question: How do you get paid? For businesses operating as suppliers or distributors, ensuring timely payment from customers can be a perpetual struggle. Late payments, cash flow gaps, and unreliable revenue streams can put immense strain on a company’s financial stability and hinder its growth prospects. 

While these challenges may seem insurmountable, there are opportunities for businesses to overcome them and establish a more reliable and streamlined payment process. One such opportunity lies in forging a strategic vendor partnership with a private lending company like Team Financial Group. 

With Team Financial, businesses can unlock a range of benefits that address the very pain points you face when it comes to getting paid. From closing more sales and receiving payments faster to gaining access to the full selling price upfront and mitigating transaction risks, a vendor partnership with a reputable private financing company offers tangible solutions to the payment challenges that have long plagued businesses. Additionally, this can significantly enhance your company’s reputation, foster stronger client relationships, and position it as a reliable and trusted partner in the eyes of your customers. 

Let’s take a look at how a strategic vendor partnership with an independent equipment financing company can empower your business, transform the way it operates, and pave the way for a more secure and prosperous future. 

Key Benefits of Vendor Partnerships 

If you are seeking an alternative to traditional financing options (banks, credit unions) for your equipment needs, you have choices. Something that separates Team Financial from the pack, though, are our vendor partnerships. 

A strategic vendor partnership offers businesses a multitude of advantages, revolutionizing the way you handle payments and boosting your overall financial stability. Five key benefits from this kind of partnership include: 

  1. Closing more sales. By offering financing options through a vendor partnership, businesses can expand their customer base and attract more clients. Access to flexible financing solutions becomes a powerful selling point, helping overcome cost barriers and enabling businesses to secure deals that might have otherwise been lost. 
  2. Getting paid faster. Private lending companies streamline the payment process, ensuring businesses receive payments in a timely manner. By providing quick access to funds, a vendor partnership accelerates cash flow, reduces the burden of waiting for customers’ payments, and allows businesses to reinvest in growth initiatives promptly. 
  3. Receiving full selling price upfront. In a vendor partnership, businesses can receive the full selling price of their products or services upfront, even if customers opt for financing. This eliminates the risk of delayed or partial payments, providing immediate access to working capital and allowing businesses to manage their finances more effectively. 
  4. Removing the risk from transactions. Partnering with a private lending company transfers the risk of non-payment from the business to the lending institution. This mitigates the financial risks associated with defaults, bankruptcies, or unforeseen circumstances, offering businesses greater peace of mind and protection against potential losses. 
  5. Improving reputation and client relations. Offering convenient financing options through a trusted lending partner enhances a business’s reputation. It signals reliability, flexibility, and a commitment to customer satisfaction, fostering stronger client relationships and positioning the business as a preferred supplier in the market. 

Hopefully this gives you an understanding of how a vendor partnership with Team Financial Group can transform your business and pave the way for sustainable growth and success. Now, let’s walk through what it’s like to work with us in a vendor partnership. 

RELATED ARTICLE: How Easy Equipment Financing Helps Grow Your Business 

What Does Working With Team Financial Group as a Vendor Partner Look Like? 

At Team Financial Group, we take pride in our commitment to delivering exceptional service to our valued vendor partners. Our success lies in the careful balance we strike between employing streamlined, standardized processes to maximize efficiency and providing the flexibility necessary to meet the diverse needs of each vendor.  

We understand that every vendor operates uniquely, and we tailor our approach accordingly, ensuring that our financing solutions align perfectly with your requirements. By blending efficient processes with the right amount of flexibility, we foster strong and collaborative relationships with all our vendors, enabling us to provide you with the best possible financing experience. Our goal is to support your growth, enhance your business operations, and contribute to your overall success. 

While every relationship is unique in certain regards, the two main approaches we use in our vendor partnerships are: 

Passive Partners 

Some of our valued vendor partners prefer to focus solely on their core business operations and leave the financing aspect to us. When a potential customer expresses interest in equipment financing, these vendors simply reach out to us via phone or email, and we take care of everything from that point forward.  

This collaborative arrangement relieves our passive vendor partners from the burden of handling additional paperwork or managing the intricacies of financing, allowing them to seamlessly offer financing options to their customers. By entrusting us with the financing process, they can concentrate on what they do best while still providing a convenient and hassle-free financing solution to their clientele.  

Active Leads 

Other vendor partners prefer to take the lead and retain control over the financing process, and we can fully support their approach. In such cases, we assist by taking on the underwriting responsibilities and preparing the documentation. Once the paperwork is in order, the vendor takes charge of communicating with their client and managing all aspects of the financing arrangement.  

This collaborative partnership allows vendors to maintain a direct relationship with their customers while benefiting from our expertise in financing and documentation. By working hand in hand, we empower vendors to navigate the financing landscape confidently, ensuring a seamless and efficient experience for their clients.  

Partner With Team Financial Group and Offer Your Customers Flexible, Affordable Financing Options 

If you have any questions about the potential benefits and implications of offering financing options to your customers through a vendor partnership with Team Financial Group, please feel free to reach out to us.  

Our team is passionate about collaborating with businesses like yours to identify the most suitable financing solution that aligns with your specific customer base and unique business needs. And we are happy to answer any questions you might have about this kind of partnership, and what it can mean for your company. 

Don’t hesitate to contact us today by calling 616-735-2393 or filling out our online contact form to explore the possibilities and discover how our customized financing solutions can contribute to your business’s success! 

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The Commercial Electric Vehicle (EV) Charging Station Market (and How To Finance These Projects) https://teamfinancialgroup.com/blog/the-commercial-electric-vehicle-ev-charging-station-market-and-how-to-finance-these-projects/ https://teamfinancialgroup.com/blog/the-commercial-electric-vehicle-ev-charging-station-market-and-how-to-finance-these-projects/#respond Fri, 21 Apr 2023 16:34:12 +0000 https://teamfinancialgroup.com/?p=14504 Commercial electric vehicle charging stations can make your business more attractive to potential customers, and the benefits of providing charging stations will only increase as the EV market continues to grow. Between local and federal financial incentives, widespread adoption of standardized charging equipment, and a massive increase in embracing EV technology from the public, there’s […]

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Commercial electric vehicle charging stations can make your business more attractive to potential customers, and the benefits of providing charging stations will only increase as the EV market continues to grow. Between local and federal financial incentives, widespread adoption of standardized charging equipment, and a massive increase in embracing EV technology from the public, there’s never been a better time to add EV charging stations to your business.

Despite the financial incentives and array of options for commercial EV charging stations, you may find that EV charging stations cost more than the capital you’re willing to spend outright. If so, you’re not the only business who feels that way – which is why there are also some great programs for financing charging stations.

If you aren’t already familiar with equipment financing, check out our FAQs on equipment financing here. You might find that you’d benefit more from a lease than a loan, depending on the specifics of your business. For Michigan-based businesses, you can potentially get an even better deal through the MI Saves program. (Team Financial Group is a MI Saves financing partner, and we’ll explain what that means for you shortly.)

The Benefits of Adding Commercial EV Charging Stations to Your Business

If you already drive an electric vehicle, then you are part of a fast-growing group of owners who don’t need further convincing that EV is the way to go. And it probably won’t surprise you to learn that for gearheads across the nation, taking vintage vehicles and converting them to electric has become a popular new hobby. On top of that, the USPS has announced that it is on its way to owning the largest electric vehicle fleet in the world, with intentions to have over 60,000 Next Gen Delivery Vehicles on the road by 2028. At this rate, gas stations could soon be a thing of the past!

With such widespread adoption of electric vehicles, the need for charging stations is set to grow commensurately. Adding commercial EV charging stations to your business can provide you with numerous benefits:

  • EV charging stations attract new customers (and talent): Not only will you have new customers who arrive because they need to charge their electric car but installing charging stations is a sign that you’re more forward-thinking than your competitors. That’s important because younger generations prefer to patron modern, tech-savvy companies. If your business doesn’t have a retail store (where customers would frequently visit), installing EV charging stations can still help you attract top talent for the same reasons.
  • Increase the time your customers spend at your location – and how much money they spend: One business found that customers who plugged into their charging stations spent 3 times as much time in the store than other customers, and in doing so ended up spending more money.
  • It’s good for the environment: Supporting green energy initiatives helps lower the carbon footprint of your business. In fact, if you combine your EV charging station installation with solar power installations, you could even end up canceling out any potential additional energy costs related to providing EV charging.
  • Standardized technology makes it easier than ever: New commercial EV chargers must have a standardized connector type, per the latest from the White House. This means that the EV charging stations you install now will have the widest user base and best chances for longevity, with a standardized user experience. Previously installed stations may only work for one brand of car, or require higher installation costs to ensure flexibility of connection type, power levels, etc., so this is a great time to look at new charging stations.
  • Promote the local economy: Commercial EV charging stations funded through the Bipartisan Infrastructure Law must be made in the USA, which supports local businesses and the greater US economy.
  • It might not be as expensive as you think: Numerous grants, federal programs, state and local programs, tax credits, and more are available to help cut down on commercial EV charging installation costs and make financing easier and more affordable.

While electric vehicle supply equipment may be an exciting project for your business, the out-of-pocket cost – especially for DC fast chargers – can make you do a double-take. That means it’s worthwhile to learn about all the financial incentives available to you and your business.

A qualified financing partner can help you find every cost saving advantage in your local area, like the ones listed below.

RELATED: 7 Tips for Purchasing New Equipment for Your Business

Financing Commercial EV Charging Stations in Michigan

Team Financial Group is here to help you find the best opportunities for financing your commercial EV charging station. We can help you take advantage of many of the regional incentives, and as a MI Saves-authorized lender we can help you get a better interest rate on your clean energy projects.

Michigan Saves (Green Bank)

Any commercial property user or owner can utilize MI Saves for better financing for their clean energy projects, including EV charging stations.

A big benefit is that MI Saves has a network of authorized contractors to help you ensure the quality of workmanship, as well as timeliness of installation.

In addition, since MI Saves functions as insurance for independent lenders, your financing partner can offer you better interest rates on your charging station loan. This includes upgrades to existing electrical infrastructure, net metering system software, and related projects.

RELATED: How To Save Money With MI Saves Financing

Charge Up Michigan Program

This grant is specifically for increasing the availability of DC fast charging stations across Michigan by providing funding to qualified applicants. To be eligible, an organization must simply host publicly accessible charging stations.

The program is currently prioritizing funding for projects in more remote areas of Michigan, to ensure there are no “unfulfilled nodes” or EV charging station deserts. The grant is for either 33.3% of the total cost or a direct match of what the electric utility is paying (up to $70,000), whichever is the lesser amount, for eligible EV charging equipment.

As with many grants, there is some red tape to jump through. Awardees are expected to provide monthly progress updates and site metrics, as well as documentation of expenditures. While larger organizations might have the bandwidth to meet these requirements, small to medium businesses might not have the resources to dedicate to detailed monthly reports.

If you’ve been turned down for this grant or can’t justify the resources to meet the program requirements, you can always turn to Team Financial Group for fast and flexible financing. Even without this grant, you may be able to take advantage of other incentives, like the recently extended Inflation Reduction Act tax credit for your commercial charging stations. Contact Team Financial Group to learn more!

RELATED: A Smarter Way to Finance Equipment for Business

Power Up Your Business With Shockingly Affordable Financing

Finding the right financing partner for your commercial EV charging station doesn’t have to be a challenge. Team Financial Group is well-versed in green energy projects like the DC fast chargers needed for the fast-paced electric car industry. We can help you right-size your commercial EV chargers for your location and find you the optimal financing to make the project affordable.

If you already have the project scoped out and just need some help with the EV charging station cost, Team Financial has the flexibility to get you what you need – we often can even get same-day approvals on your equipment financing loan.

Get in touch with us today for any questions about federal and local incentives for commercial EV charging station installations, or to talk about the different financing options that can help power up your business.

Our team of financing experts is here to help you transition to an electric future, just give us a call at 616-735-2393 or fill out our short online contact form to connect with us.

References

ChargePoint, Inc. (2015). Leading Retailer Partners with ChargePoint to Attract and Retain Loyal Customers. Campbell, CA: ChargePoint. Retrieved from https://www.chargepoint.com/files/casestudies/cs-retail.pdf

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What Does It Take to Get Business Loans From Banks? https://teamfinancialgroup.com/blog/what-does-it-take-to-get-business-loans-from-banks/ https://teamfinancialgroup.com/blog/what-does-it-take-to-get-business-loans-from-banks/#respond Mon, 17 Apr 2023 21:27:12 +0000 https://teamfinancialgroup.com/?p=14501 Growing or establishing a small business requires money, and usually more than most small business owners have on hand. When it comes to acquiring a small business loan—something that can be important for leasing or buying equipment—most people think of going to a bank to borrow money. Banks generally offer the best interest rates, but […]

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Growing or establishing a small business requires money, and usually more than most small business owners have on hand. When it comes to acquiring a small business loan—something that can be important for leasing or buying equipment—most people think of going to a bank to borrow money.

Banks generally offer the best interest rates, but the application process can be cumbersome and lengthy. Even if you’ve got a successful business model that is very profitable, and a great credit score, you still might not check all the right boxes for the bank’s approval.

What does it take to get approval on a business loan from a traditional lender like a bank? Keep reading to find out!

However, if your business doesn’t meet the qualifications, there are still some great financing options that can work to your advantage. Team Financial Group, with more than 20 years of financing experience, will take a holistic look at your business finances and work with you to find a business loan solution that fits your business – even if the bank has turned you down.

Bank Requirements for Business Loans

Banks can be attractive places to get a loan because they can offer the best interest rates and are traditionally thought of as safe and secure lenders. But in order to remain safe and secure, they often have more stringent requirements for business term loans than alternative lenders, particularly because they cannot lend to businesses that they deem “risky” or likely to default.

Therefore, most banks want to see a solid history of profitable business before they’ll approve a bank business loan. And they establish this by looking at the following factors.

Credit Score

Not only must the business have a high credit score, but since bank loans are often required to be personally guaranteed by the owner, the bank will want to see the owner’s personal credit score as well. For small business loans with the best interest rates, credit scores of 690 or above are preferred.

To get approval for Small Business Administration (SBA) 7(a) loans for equipment, the SBA is the guarantor instead of the business owner. If your own credit score isn’t great, this might help you gain approval on a bank loan.

Business History

Typically, banks only lend to businesses who have been in business for a minimum of two years. If you don’t have the business history to qualify, a nontraditional lender will probably be a better fit for your financing needs.

Annual Revenue

In order to secure a small business bank loan, you’ll need to show that your small business has consistent cash flow. The amount will vary by lender, but some banks expect to see an annual revenue from $50,000-250,000 to approve business loans.

An alternative may be to apply for a business line of credit, which can act like a credit card for your business to borrow money against.

RELATED: How Much Working Capital Do I Need for My Business?

Collateral

Depending on the type of bank loan you’re applying for, and how good your credit score is, you might be asked to put up business assets as collateral. If you default on your loan, the bank has the right to seize these assets. Collateral is not required for unsecured loans, but an unsecured business loan may have greater requirements for a personal guarantee from the owner(s).

Business Plan

After the bank has dug into your past financials, they’re going to want to see how you’ll use this loan to improve your future. Your business plan should include how you expect to use your small business loan to achieve your goals, and how you expect to repay the loan. This is a way to see if you have the cash flow to cover all your expenses, plus the monthly payments for the loan.

RELATED: How to Cut Your Business Costs: 9 Tips

Loan Approval Period

After you’ve double-checked and submitted all your paperwork, there’s still a waiting period to see if the bank has approved your application. This can be about 2-4 weeks for most bank business loans. For SBA loans – even if you’re working with an SBA-preferred lender – the approval can take as long as 3 months. If you’re rejected, you may have to start over from scratch. That might not fit your timeline, in which case you’ll need to look at other business financing options.

Alternative Options for Small Business Loans

If you’re struggling with bank approvals for small business loans, there are plenty of other options. If you have the option to refinance commercial properties, that can be a way to raise capital for business expenses. Online lenders can offer easier and faster approvals for loans, and local credit unions may also be an option. Private lenders can also be a good choice, especially if you are looking for a lender with extra flexibility.

Unlike a bank, Team Financial Group can take a big picture look at your company and see that even though you don’t meet a bank’s requirements for business history, your business plan and credit score are both excellent and you have a promising future. In fact, that’s exactly what we did for Walnut Grove Excavating after they were turned down by the banks.

In addition, Team Financial can help you find financing fast: we often can get same-day approvals for your business. Plus, we may find that a standard term loan is not the best fit for your business. We can offer equipment leasing which will protect you from rising interest rates and help you save money on a down payment. We want to get to know you and your business, so that we can figure out the best way to help you succeed!

RELATED: 20 Questions: Here’s How Equipment Financing Works

Get Started With Fast, Flexible Financing Today

If the banks have turned you down, or you are looking for a faster, more flexible option, give us a call.

Team Financial Group’s mission is to apply common-sense lending principles to small businesses, unlike traditional banks which have strict requirements. We’ll dig into the details of your business so that we can see what the banks missed: if you’ve got a solid business plan and need a financial boost to achieve success, we’ll try to help you get there.

If you’d like to learn more about what sets Team Financial Group apart from traditional lenders like banks, give us a call at 616-735-2393 or fill out our short online contact form. Our expert team is always happy to help!

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