Twin brothers Nathan and Norman Miller put their dreams on the line in 1998 when they built a new workshop and entered the firewood industry with the creation of DYNA Products.

The Millers centered DYNA Products around their strong faith, building a robust company culture dedicated to providing quality products at a fair price and backed by superior customer support. Thanks to that approach, DYNA Products is now one of the top manufacturers of world-class firewood processing equipment, with a 37,000-square-foot facility located in Millington, Michigan.

More recently, DYNA Products has enjoyed significant growth in both the manufacturing sector and the rental market. As a result, they needed additional equipment that required significant capital. That’s when they turned to Team Financial Group.

equipment financing

Team Financial Group Helps DYNA Products With Crucial Funding

The seasonal nature of DYNA Products’ business, along with complexities related to depreciation and equipment life cycles, often made it difficult for them to work with a bank. They wanted to find a partner who would understand their strategy and direction, and then could provide tailored terms to help maintain their growth.

After listening carefully to DYNA Products’ needs, Team Financial Group was able to provide fast, flexible financing that helped the company buy updated manufacturing and expand its rental fleet.

“We appreciate the values that Team Financial Group adhere to and the company’s emphasis on personal relationships,” DYNA Products CEO Nathan Miller says. “Ultimately, Team Financial Group

understood our needs and core business strategy and believed in us. They offered competitive rates and service that blew the banks out of the water.”

“I would advise other companies to take a look at Team Financial Group and let them have a chance to prove their value,” Nathan says.

RELATED: Achieving Rapid Growth at Scale

team financial group

Team Financial Group: Fast Financing and Trustworthy Advice

At Team Financial Group, we offer a variety of fast, flexible financing terms and options to meet your business’ needs. Whether you need to finance heavy equipment, new office furniture, or have other specific needs, you can count on Team Financial Group to offer sound advice and sensible solutions.

Ready to get started? Apply for financing now, using our quick and easy online application, or give us a call at 616-735-2393 if you have questions.

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts. 

 

 

 

 

 

Leasing equipment is a popular way for small businesses to acquire the assets they need to operate without purchasing these items upfront. While this can be a cost-effective strategy to foster growth, it’s important to understand all the details and options available before entering into a lease agreement.

The differences between capital and operating leases can be confusing but nonetheless it’s important to know the different nuances involved to help you make the right choice for your business.

Below, we’ll outline the differences between a capital and operating lease, along with the benefits associated with each. If you still aren’t sure if one of these options is best, you can consult with an experienced lender like Team Financial Group to help determine your next step.

Many Businesses Take Advantage of Both Types of Leases

There are a number of key differences to note if your business is trying to determine if it wants to use either an operating lease or a capital lease.

Operating leases

Operating leases are similar to renting, with lease payments treated as operating expenses. Lessees can obtain and use assets for a set period of time, but there is no transfer of ownership rights. Common assets for operating leases include technology, vehicles, and office equipment.

Capital leases

Compared to operating leases, a capital lease are treated more like a loan and would be considered debt. Assets are owned by the lessee rather than the lessor and typically are used for equipment that will be kept long term. To be classified as a capital lease, these conditions must be met:

The accounting treatment between an operating lease and capital lease is also handles differently. For operating leases:

For capital leases, which sometimes are referred to as “finance leases”:

Depending on your equipment requirements, your business may choose either an operating or a capital lease — or maybe even a combination, depending on the types of assets you need.

RELATED: Equipment Financing and Leasing Solutions

Which lease is right for your business? Well, it depends.

There are a number of benefits associated with both operating and capital leases that might influence the decision-making process for your business.

Here are some of the advantages of using an operating lease:

Meanwhile, the benefits of a capital lease include:

Here’s an example that might resonate: You could use an operating lease for a copier or other technology for your office, while a capital lease may make more sense for a bulldozer or telehandler if you are in the construction industry. Ultimately, the decision is very unique to your business and all considerations need to be taken into account when determining which is best for you.

Related: Purchasing Used Equipment? Use This Checklist Before You Buy

Contact Team Financial Group to Learn About Your Equipment Financing Options

Need assistance determining which type of financing lease option makes the most sense for your business? We can help you learn more about a capital vs. operating lease and determine if one is right for you. We also specialize in offering fast and flexible equipment financing for a wide range of small businesses.

Call Team Financial Group today at 616-735-2393 or fill out our contact form to talk with a financing expert. If you’re ready to apply for financing, fill out our short online application and we’ll get the process started.

The content provided here is for informational purposes only. For personalized financial advice, please contact our commercial financing experts.

 

While the long-lasting effects of the coronavirus pandemic will continue to be felt for months and years to come, there is reason for optimism as we head into the summer months. That is certainly true when it comes to commercial lending.

According to the Equipment Leasing and Finance Foundation (ELFA), COVID-19 may have “accelerated digital adoption by seven to 10 years.” The result? An estimated $1.8 trillion is expected to be spent on capital goods and fixed business investments this year, with many of those assets needing some sort of financing solution.

In this blog, we’ll outline how businesses have adjusted their operations due to the coronavirus and why they are re-examining their equipment needs. If you need help determining if your business needs to re-think its leasing and financing strategy, you may want to reach out to an experienced independent commercial lender like Team Financial Group to learn more about your options.

RELATED: We Make Equipment Financing Fast, Flexible, and Easy

Businesses Are Still Adjusting Their Equipment Needs Due to the Coronavirus

One of the biggest impacts that COVID-19 had on businesses of all sizes, was an increase in the mobile workforce and how operations subsequently reconfigured their technology equipment to continue running smoothly. With many employees forced to work out of their home for long stretches, businesses had to quickly adjust their resources so remote workers could continue to do their jobs.

As remote workers are starting to return to the workplace, businesses will need to determine if their technology equipment needs to be updated or expanded again. Even businesses that embrace a hybrid work model will need to evaluate if their equipment is flexible enough to allow workers to successfully operate both remotely and at the office.

And how are businesses going to acquire that technology equipment? The vast majority – nearly 8 in 10, according to the ELFA – will use some sort of equipment financing solution to modernize operations and boost growth.

4 Factors to Consider When You’re Exploring Commercial Lending Options

The coronavirus pandemic forced many businesses to rethink their business operations. While things haven’t necessarily returned to normal just yet, more companies are beginning to invest in equipment and software to meet increased demand and build for the future.

As a result, here are four commercial lending trends that we’ll be keeping our eye on throughout the rest of 2021 and beyond:

RELATED: How to Choose the Right Commercial Lender For Your Business

Contact Team Financial Group to Learn About Your Equipment Financing Options

Need help determining how recent commercial lending trends might affect your business? We can help you stay ahead of the curve. We specialize in offering fast and flexible equipment financing for a wide range of small businesses.

Call Team Financial Group today at 616-735-2393 or fill out our contact form to talk with a financing expert. If you’re ready to apply for financing, fill out our short online application and we’ll get the process started.

References

For Construction Pros. (2021, January 25.) “Top 10 Trends That Will Influence Equipment Acquisition in 2021.” Retrieved from: https://www.forconstructionpros.com/business/business-services/financing-insurance-leasing/press-release/21244352/equipment-leasing-and-finance-association-top-10-trends-that-will-influence-equipment-acquisition-in-2021 

Vogt, A. (2020, November 18.) “5 Ways COVID-19 is Shaping the Equipment Finance Company of the Future.” Equipment Licensing and Finance Association. Retrieved from: https://www.elfaonline.org/news/industry-news/read/2020/11/18/5-ways-covid-19-is-shaping-the-equipment-finance-company-of-the-future

 

The content provided here is for informational purposes only. For personalized financial advice, please contact our commercial financing experts.

Tommy’s Boat Group has been putting people on the water since 1981. Over the course of the past 40 years, Tommy’s Boat Group has expanded to become the largest dealer of Malibu boats and Axis wake boats in the world, with nine locations in the United States providing a variety of sales, service, and rental services.

With its mission to be the top full-service provider to water-sports enthusiasts at all levels, Tommy’s Boat Group is consistently seeking long-term stability and growth that also allows them to give back to the communities they serve.

Team Financial Group Helps Tommy’s Boat Group With Its Honest, No-Nonsense Approach

Speed is one of the biggest challenges facing Tommy’s Boat Group. Tommy’s has experienced a lot of growth as of recent years and is constantly needing to obtain equipment quickly to prevent downtime at dealerships. That’s where Team Financial Group stepped in to lend a hand.

Team Financial Group provided the type of smooth and efficient financing solutions that were ideal to help Tommy’s Boat Group enjoy steady growth in a fast-paced industry.

“Our work with Team Financial has always been no-nonsense and to the point,” Tommy’s Boat Group Corporate Controller Nick Rehkopf says. “There is not a myriad of hoops to jump through to move the process forward. They are straightforward with their approach and willing to answer any questions or concerns if and when they arise.”

Rehkopf has known Team Financial Group President and CEO Matt Maczka and his family for more than 30 years. Rehkopf appreciates the honest, down-to-earth principles that Team Financial Group uses to guide their business.

“The customer service and ease of doing business puts Team Financial Group a step above other financing lenders out there,” Rehkopf says. “Team Financial Group offers competitive rates and options for your financing needs.”

RELATED: Achieving Rapid Growth at Scale

Get Fast Financing and Trustworthy Advice With Team Financial Group

At Team Financial Group, we offer a variety of fast, flexible financing terms and options to meet your business’ needs. Whether you need to finance heavy equipment, new office furniture, or have other specific needs, you can count on Team Financial Group to offer sound advice and sensible solutions.

Ready to get started? Apply for financing now using our quick and easy online application, or give us a call at 616-735-2393 if you have questions.

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.

Equipment financing is often a complicated topic. You might have a lot of questions and waiting for the answers can be frustrating.

That’s why we’ve compiled 20 of the most common questions we hear from small business owners about how the equipment financing process works. Hopefully, this will help you understand all the leasing and loan options and benefits available to you. If you still have questions when you’re done reading, please reach out to us. You can use our online contact form to get in touch.

Equipment Financing 101: Answers to Your Most Frequent Questions

1. Why Would I Finance Used Equipment?

Regardless of whether you are buying used or new equipment, financing allows you to keep cash and working capital available for building inventory or managing receivables and payables. Many successful businesses like to follow the “long-term financing for long-term assets” rule. If the equipment you are acquiring has a useful life cycle of three years or greater, then conserve your cash as working capital for short-term business needs and use long-term financing for those long-term assets (like equipment).

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

2. How Is a Lease Different Than a Loan?

For tax, and accounting purposes, a $1 buyout lease is identical to a loan. You own the equipment, and it depreciates. Team Financial Group simply takes a lien, or security interest, in the piece of equipment as collateral. With a fair market value (FMV), or “true lease,” Team Financial Group owns and depreciates the equipment, and the client can expense the monthly payments for tax purposes.

RELATED: $1 Buyout Lease vs. FMV Lease: What’s the Difference?

3. Are There Any Tax Advantages Associated With Equipment Leasing?

You should consult your tax advisor for details about how the different types of equipment leases may affect your taxes. However, it is important to note that many of the “tax advantages” advertised by various lenders are more a matter of timing when your accountant will be expensing or writing off the equipment. With FMV leases, the expenses are in the lease payment itself.

On the other hand, $1 buyout lease expenses are tied to monthly interest AND depreciation. With depreciation, there is some flexibility with timing, so your tax liability often can be deferred. Again, consult your tax advisor to determine what is best for your company.

RELATED: Get These Tax Benefits With Commercial Equipment Financing

4. Is Collateral Necessary to Obtain a Loan or Lease?

Yes, it is. Your equipment will be used as collateral for your loan. There will be some differences depending on the type of lender (asset-based vs. credit risk, for example), but all will require some sort of collateral for your loan.

5. If I Apply for Financing, How Long Is the Approval Process?

Team Financial Group frequently can approve and fund loans in less than 24 hours. That being said, there are instances when we may need to wait for additional financial information from a customer or equipment information from the vendor and that may require additional time.

6. What Do I Need to Apply for Financing?

If you have been in business for several years, we generally will be looking for a short, one-page application for requests less than $150,000. For larger requests, we might also need copies of your tax return and financial data.

We may be able to take your application over the phone, which only takes arounds 5-10 minutes.

RELATED: What Do I Need to Prepare Before Applying for a Commercial Loan?

7. What Are Your Approval Requirements?

For small businesses, we typically look at the owner’s credit history as the basis for loan approval and financing terms. For larger deals, we may need financial statements or tax returns. However, compared a bank, we have more flexibility and will consider your business’ overall health rather than a single metric.

8. How Will My Interest Rate Be Determined?

Your interest rate will be finalized by your strength of credit (aka credit risk), loan or lease terms, and collateral valuation. Your strength of credit is determined by a combination of factors, including the age of your business, industry, cash flow, credit reports, annual revenue, and—with larger deals—an evaluation of financial statements.

RELATED: 5 Tips to Improve Your Personal Credit Score

9. Are There Any Application Fees?

Only when the deal closes. Typical “Origination/Documentation” fees are $200-$500, depending on the size and complexity of your transaction.

10. Do You Finance Vehicles?

Yes, when used for a commercial application. Below is a more in-depth list of business equipment we’ve financed:

11. Are There Any Requirements Related to Equipment Vendors?

We don’t have any specific requirements, and we work with many different vendors. We employ streamlined, standardized processes when working with our vendor partners, which helps us maximize efficiency. We try to balance this approach by offering as much flexibility as each vendor needs.

RELATED: 5 Reasons to Become a Vendor Partner for Equipment Financing

12. What Can I Do If I Have Bad Credit?

We do our best to approve deals even if your credit is not perfect. Sometimes, additional collateral or a significant down payment can help a deal get done.

That said, we do have to pass on deals at times. Even when that is the case, though, we will provide feedback and guidance to improve your credit so you can secure financing in the future. We want to provide resources and information to customers we haven’t worked with yet so that we can hopefully work with them in the future. We have compiled many of these resources on our blog and we are always open for a conversation.

RELATED: 5 Tips to Improve Your Personal Credit Score

13. What if We Want to Finance More Equipment in the Future?

The longer we have an established relationship and get to know your business, the easier the entire process will be. We strive to make every transaction smooth and easy. On a monthly basis, nearly 50% of our originations are repeat clients because they have found that it saves them time and money to work with Team Financial Group. A simple phone call or email can get things rolling.

When necessary, we can even get deals approved, documented, and closed within only a few hours.

RELATED: Equipment Financing FAQs

14. How Long Should I Finance My Equipment?

We suggest that you finance equipment over its “useful life,” which typically matches the depreciable life of the asset.

15. Do You Have Any Maximum or Minimum Leasing Amounts?

Generally, $5,000 is our minimum and $5,000,000 is our maximum for leasing and loan amounts. However, we have made exceptions.

16. Do You Lease Software or Maintenance?

Yes. However, software and maintenance leases provide no collateral value, so strong business credit is necessary in these situations.

17. Do I Need to Insure the Equipment?

Yes. Team Financial Group needs to be added as a loss payee in case of fire, theft, etc.

18. Can I Pay Off My Account Early?

Yes. Sometimes, paying off a loan or lease is a smart decision, especially if it reduces your debt-to-income ratio or reduces the amount of interest you’ll pay.

RELATED: Should I Pay Off My Equipment Loan Early?

19. What Happens at the End of a Lease?

After the final payment with a $1 buyout lease, Team Financial Group will release any liens on the equipment and you will own it, free and clear.

With a FMV or Fixed Purchase Option lease, you will need to inform Team Financial Group of your intentions 90 days before the end of the lease. This might include equipment purchases, equipment returns, or continuing to rent the equipment on a month-to-month basis.

20. What is a Sale-Leaseback?

A sale-leaseback is a means to acquire capital for your business by using equipment that is owned free and clear.

RELATED: What Is a Sale-Leaseback, and Why Would I Want One?

Contact Team Financial Group to Learn About Fast, Flexible Financing

Still have questions? Let us know. We’ll be happy to work with you to identify and customize business financing solutions that meet your unique needs. Team Financial Group’s commercial equipment financing options can improve your business’ cash flow and overall financial health.

To get fast, flexible financing today, please complete this brief online application.

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.

Founded in 2012, Darby Metal Treating, Inc. is a manufacturing company based in Plainwell, Michigan. It provides heat treatments for the aerospace, automotive, and medical industries. Darby Metal Treating’s goal is to exceed customer expectations with the quality and overall value of the services provided.

No matter the size of the company, the Darby Metal Treating team strives to treat all its customers like family and give them on-time delivery with the best service possible.

Team Financial Group Financing Helps Boost Year-Over-Year Growth

Darby Metal Treating’s general manager, Tom Darby, first worked with Team Financial Group on equipment financing when he was president of a sister company named TMD Machining, Inc. A couple years later, Tom founded Darby Metal Treating with his daughter, Adrien, and turned to Team Financial Group to help fill up their facility with heat-treating equipment.

As a new company, Tom and Adrien thought that initial financing would be challenging, but Team Financial Group proved to be flexible, creative, and easy to work with, just as they were with the more seasoned TMD Machining.

The heat-treating company had ambitious goals, and it needed to invest in advanced equipment and technology to succeed. With help from Team Financial Group, Darby Metal Treating could buy much-needed equipment and help its business expand.

“My father’s experience with Tim and Joe at Team Financial Group was always positive, so it made sense to reach out to them for our start-up company, Darby Metal. Despite the limited sales volume at the time, Team Financial trusted our plan and provided the financing to acquire the critical equipment needed to grow our capacity,” Adrien says. “They are extremely responsive and approach our business as if they are a team member. Their financial expertise and passion to help their clients succeed clearly showed with how they have serviced both our companies. They provide more than just financing to us. We really value their insights and opinions related to the economy and our company’s long-term growth objectives.”

Team Financial Group took the time to learn more about the challenges and opportunities faced by Darby Metal Treating. Both Tom and Adrien Darby annually meet with Team Financial Group to discuss long-term goals, year-over-year growth, and capital expenditure budgeting.

Adrien knows that Team Financial Group is a valued partner who cares about her company’s success.

“You won’t be disappointed if you work with Team Financial,” Adrien says. “They are fast, friendly, knowledgeable, and take the time to really understand your business.”

RELATED: Financing That Gets the Job Done

Get Fast Financing and Trustworthy Advice With Team Financial Group

At Team Financial Group, we offer a variety of fast, flexible financing terms and options to meet your business’ needs. Whether you need to finance heavy equipment, new office furniture, or have other specific needs, you can count on Team Financial Group to offer sound advice and sensible solutions.

Ready to get started? Apply for financing now using our quick and easy online application, or give us a call at 616-735-2393 if you have questions.

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.

 

Applying for a small business loan is often a stressful process. It can be confusing to navigate the application process and the sheer volume of options available may feel overwhelming.

The Small Business Administration (SBA) was established to support owners and entrepreneurs with a variety of programs designed to help build and grow businesses. Two of the most popular are the SBA 504 and SBA 7(a) loan programs. But it’s sometimes hard to differentiate between the two programs, and an SBA loan isn’t right for everyone.

Here, we’ll outline the key differences between SBA 504 and 7(a) loans, the benefits your business may enjoy with a small business loan, and why partnering with an experienced lender like Team Financial Group for your equipment financing might be an even better option.

SBA 504 and 7(a) Loans: The Essentials

The 7(a) Loan Program is the SBA’s most common loan program and is often used when commercial real estate is included in the purchase of a business. According to the SBA, it also is used to provide help with:

SBA 504 loans, meanwhile, are available through Certified Development Companies (CDCs), which are often nonprofit corporations that serve their local communities and are regulated by the SBA. SBA 504 loans are targeted at business growth and job creation. This can be accomplished in a variety of ways, including:

You should note that a 504 loan cannot be used for working capital, inventory, consolidating, repaying, or refinancing debt, or rental real estate.

It’s also important to point out that the SBA doesn’t lend directly to small business owners. Instead, the SBA helps businesses obtain both loan types by partnering with lenders and agrees to repay a portion of the loan if the business defaults. That means you’ll need to meet both the SBA’s eligibility criteria and the bank’s requirements to qualify for a loan.

RELATED: Business Health: How Equipment Financing Can Help Your Cash Flow

What Are the Differences Between 7(a) and 504 Loans?

The SBA sets guidelines that are intended to both reduce risk for lenders and make it easy for small businesses to access capital. Here’s a quick breakdown of the differences between 7(a) and 504 loans:

Maximum Loan Amounts

Eligibility Factors

To qualify for a 7(a) loan, your business must:

As a 504 loan borrower, your business must:

Interest Rates

Terms and Conditions

Alternatives to SBA Loans

SBA loans are a great option, but they aren’t right for every small business. The requirements for 7(a) and 504 loans can be hard to meet, especially if you don’t have collateral to secure your loan. We’ve seen businesses with strong revenue streams and business plans get denied by the banks. And some business owners are unwilling to put liens on their personal property (like their homes) in exchange for an SBA loan.

But that doesn’t mean that you don’t need financing for equipment and other improvements.

If you’re looking for flexible alternatives to a 7(a) or 504 loan, Team Financial can help. We offer fast, flexible options for equipment financing, including EFA/$1 buyout leases and FMV leases. And because we’re not a bank, we can take a more holistic approach when assessing your eligibility for financing.

When we evaluate a small business’ financing options, we look at many factors: your credit history, debt service coverage ratio, your business’ financial health, and industry conditions. Our goal is to help your business grow and thrive, so we will also provide you with feedback on your application quickly.

RELATED: A Handy Guide to Equipment Financing Language

Contact Team Financial Group to Learn About Your Equipment Financing Options

Need help figuring out which financing option makes sense for your business plan or whether you should apply for an SBA loan? We can help. We specialize in offering fast and flexible equipment financing for a wide range of small businesses.

Call Team Financial Group today at 616-735-2393 or fill out our contact form to talk with a financing expert. If you’re ready to apply for financing, fill out our short online application and we’ll get the process started.

References

7(a) loans. (n.d.) Small Business Administration. Retrieved from: https://www.sba.gov/funding-programs/loans/7a-loans

504 loans (n.d.) Small Business Administration. Retrieved from: https://www.sba.gov/funding-programs/loans/504-loans

 

The content provided here is for informational purposes only. For personalized financial advice, please contact our commercial financing experts.

 

 

 

Matt Maczka knows the value of relationships. It’s one of the reasons why he returned to his hometown, Grand Rapids, Michigan, in 2012 and joined Team Financial Group. He was named President in 2015 and then succeeded his father, Tim Maczka, as CEO, in November 2020.

Founded in 2001, Team Financial Group has provided over half a billion in funds for businesses towards the goal of helping our customers’ businesses grow. Team Financial Group’s mission is to deliver efficient, flexible financing while applying common-sense lending principles. Matt leads Team Financial Group’s business operations and is heavily involved in the sales arena, where he develops strong vendor and client relationships.

Here, we catch up with Matt, who tells us a little more about himself and his goals for Team Financial Group in the future.

RELATED: About Us: Who Is Team Financial Group?

Can you tell us about your background before you joined Team Financial Group?

Prior to Team Financial Group, I worked as a Project Manager for a large, family- and employee-owned construction company in Indianapolis. My education is in civil engineering, and although I had an engineering degree, I was never really an engineer. I was more of a people manager. I went back to Butler University and got my business degree after about five or six years at the construction company with the idea that I would eventually become CFO.

How did you end up at Team Financial Group?

There was no succession plan at Team Financial Group at the time, and I wanted to move back to West Michigan. So, my wife and I decided to leave Central Indiana and give it a shot. It was a big change for our family, but it was a pretty low-risk move in 2012.

What was it like to transition to President and CEO?

I’m a fast learner, and I have no problem doing the work. For the first four or five years, I was really just learning the business. When I became President, I was comfortable. It was a good transition. I only became CEO about a year ago, and Tim still comes to work every day and is the majority owner of the business. We don’t really get too hung up on roles and titles. We run this as a team.

How have you seen Team Financial Group change in the past few years?

We’ve continued to build our portfolio and the size of our customer base. We’re really in the repeat and referral business. Always have been. We can only be in this business if we treat people fairly with honesty, dignity, and respect Business gets a lot simpler when you treat people with respect, and it’s snowballed over the last seven or eight years.

We measure ourselves like any bank or lender would in total outstanding loans. We went through a major milestone recently; we have crossed the $100 million mark in our loan portfolio.

The world has gotten a lot smaller. That’s something that’s changed a lot in the past seven years—we’re doing a lot more deals outside of the state.

What’s been one of your biggest challenges?

In many ways, what we’re trying to do is grow our book of business, find more of the right people, but not change our culture. That sounds kind of goofy, but what differentiates us is we take care of people. The challenge is how can we bring on more employees but still have the expertise and maintain the “we’ll-take-care-of-you” atmosphere. A lot of people say we can’t grow [and preserve that culture], and maybe they’re right—but we’re going to find out.

What’s the one thing you wish people knew about Team Financial Group?

What our customers value is we take care of them in an efficient manner, but we’re looking out for their best interests as well. A lot of lenders out there are more worried about getting the current deal done and then moving on. We want to take care of people because we know that they’re going to call us back year after year after year. We don‘t just act as lenders. Our customers see us as consultants, helping them address their business’ evolving needs and goals. We’re going to take care of them. We want our relationship to grow and stand the test of time.

What do you like to do away from the office?

I like to do stuff outside: hunt, fish, golf, play sports with my four boys. We’ve got a lot of kid sports going on right now. Lacrosse, basketball, golf, football, baseball, tennis. You name it, we’re doing it.

Partner With Team Financial Group for Fast, Flexible Financing

At Team Financial Group, we work with clients to identify and customize financing solutions that meet their unique needs. Our commercial equipment financing options can improve your business’ cash flow and overall financial health.

To get fast, flexible financing today, please complete this brief online application.

 

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts

 

 

 

 

 

 

 

 

As the world becomes a smarter, more environmentally conscious place, there are plenty of opportunities for individuals and business owners to minimize our footprint and help ensure a healthy planet for our children. Investing in energy efficiency can also save you money in the long term , so it’s a win-win situation.

That’s why Team Financial Group encourages businesses to apply for loans for energy efficiency improvements. We’ve also partnered with local nonprofit organization Michigan Saves to help Michigan businesses finance their energy efficiency projects.

The process is simple and can cover many potential updates, from LED lighting systems to HVAC systems and equipment. Please keep reading to learn more about loans for energy efficiency improvements and how you can work with a financing partner like Team Financial Group to get approved quickly.

What Energy Efficiency Improvements Are Available?

In Michigan, there are plenty of options when it comes to commercial energy efficiency. From demand control ventilation to lighting occupancy sensors to green roofing, there’s almost nothing you can’t make more environmentally-friendly — and more cost-efficient and effective.

By seeking out competitive financing from trusted lenders, you can overcome some of the most common barriers to improved energy efficiency, such as:

RELATED: Team Financial Group Finds Energy Savings Opportunities for LaLonde’s Market 

Are Energy Efficiency Loans or Leasing Right for Your Business?

There are a few things you’ll want to consider when exploring potential financing for commercial energy efficiency improvements.

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

How to Get a Quote for Qualifying Commercial Energy Improvements

To apply for commercial energy efficiency financing, simply complete our secure, online form. From there, we will begin a pre-approval process by evaluating your business’ financial history, including your income and any existing debt. However, unlike banks, our financing team doesn’t use inflexible standards; we look at the full picture, not just a few metrics when evaluating your eligibility.

At the same time, we’ll ask you questions and learn about your business’ needs and the energy efficiency improvements you want to finance. Based on all this information, we’ll craft a customized financing solution for you. Depending on your business’ unique goals, it might involve a loan, lease, or equipment finance agreement.

Because we’re not a bank, our equipment leasing and energy efficiency financing processes are streamlined, fast, and flexible.

RELATED: What Is an Equipment Finance Agreement?

Contact Team Financial Group for All Your Commercial Financing Needs

At Team Financial Group, we offer custom leasing and financing options that meet your unique business needs. We are committed to your sustained success and are eager to help your organization thrive through flexible financing and personalized service.

Interested in learning more about how Team Financial Group can help you apply for and receive lucrative energy efficiency financing to accelerate your company’s growth? Simply call (616) 735-2393 today or complete this brief form to speak with one of our commercial financing experts!

Your business depends on equipment to function, but it might seem like you need a crystal ball to figure out what equipment to buy, when to buy it, how to buy it, how to maintain it, and when to dispose of it. Equipment and machinery won’t last forever, so it’s important to understand how to plan for choosing, purchasing, and discarding your business equipment.

That’s where the equipment life cycle comes in. It’s the process that manages the purchase and maintenance of equipment by implementing sound planning at all stages of the equipment lifetime — from acquisition to usage to disposal.

Read on to learn about the equipment life cycle and how to finance equipment purchases to get the best machinery for your business.

What Is an Equipment Life Cycle or Obsolescence Plan?

Equipment, whether it’s in a factory, office, or construction site, eventually wears out, becomes outdated, or is too costly to repair. Because equipment is a major investment, you should take a proactive approach, building the costs of preventive maintenance, repairs, and replacement into your business’ financial plan.

As part of your equipment life cycle plan, ask yourself the following questions:

Some businesses use IoT (Internet of Things), automation, software, and algorithms to monitor their equipment’s health and asset life cycle management plan. However, if you’re just beginning your life-cycle cost analysis, asking these questions and crunching the numbers is a good start.

Why Is the Equipment Life Cycle Important for Your Business?

There are several benefits to your business having a strong equipment life cycle management program. Here are some tips for implementing an equipment life cycle plan and an outline of the benefits:

Equipment life cycles play a huge role in your business’ operational efficiency and budget. Toward that end, it’s important to make sure that the equipment life cycle plan is communicated to key stakeholders throughout your organization.

Related: Get the Financing You Need to Improve Your Workplace Safety

What If You Don’t Have an Asset Management Plan?

It may seem to make sense to wait for equipment to break down before you decide to repair or replace it, but this mindset could be costly in the long run. If a vital piece of equipment goes down unexpectedly and you have unplanned repair or replacement costs, your business could suffer. Emergency maintenance costs, forced downtime, employee and/or customer dissatisfaction, and rental costs (depending on the equipment) are just some of the possible expenses and challenges that can result from a lack of planning.

Unplanned expenses can lead to lost revenue and may potentially damage your relationship with your employees and customers. Instead, you should be implementing a life cycle plan that plots the end-to-end stages of your business equipment and how you can incorporate financing into that plan.

Match Financing With Your Equipment’s Life Cycle

From photocopiers to heavy machinery, buying equipment outright can put a huge strain on cash flow. Equipment financing can be the ideal solution — whether you’re looking to keep your company functioning at optimal performance or expanding to meet increased demand. If you understand roughly how long each piece of equipment will last and how much it will cost to maintain and replace that machinery, you can make informed decisions about how to finance your equipment.

In some cases, depending on the equipment, leasing might make more sense than financing. Whether you decide to lease or finance a purchase, it’s important to understand all the implications of any transaction you are considering — including the true cost of financing and any special considerations for disposal when your machinery reaches the end of its equipment life cycle.

If you’re not sure which type of equipment financing is right for your business needs, get in touch with our experts. We’ll speak with you to learn more about your company and your business needs. Then we’ll develop a financing strategy that makes sense for you.

Partner With Team Financial Group for Fast, Flexible Financing

At Team Financial Group, we work with clients to identify and customize financing solutions that meet their unique needs. Our commercial equipment financing options can improve your business’ cash flow and overall financial health.

To get fast, flexible financing today, please complete this brief online application.

The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts

 

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