As a growing business, you need to get your operations up and running as quickly as possible. However, you might quickly discover that related expenses exceed your cash on hand. Rent and utilities for office spaces are an obvious drain for small business owners, but office equipment and furniture costs also can add up in a hurry.
For example, depending on your specific business needs, you may need to supply each employee with a computer, desk, and chair. There also can be shared equipment like printers, copiers, servers, and maybe even a refrigerator and fancy coffee maker for your office break room.
Running a small business is expensive. But there are solutions available that can help you get off the ground, and one of those options is financing your office equipment.
Here, we’ll outline the benefits of office equipment financing and why it might make sense for you. If you need help with an equipment loan for your small business, the experienced lenders at Team Financial Group can help you find financing solutions tailored to meet your unique needs.
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Your Small Business Office Equipment Shopping List Can Grow Long
Even if your office isn’t that large, there is a wide variety of business equipment you could consider adding to your shopping list. In addition to the examples listed above, here are some other potential items you could choose to finance:
- Cubicles
- Scanners
- Phone and call center systems
- Wireless point-to-point systems
- Video conferencing systems
- Video surveillance
- Security systems
- File cabinets and storage
- Plant and warehouse equipment
- Digital signs
- Smaller vehicles, such as delivery vans or forklifts
- Furniture for conference rooms, break rooms, and lobbies
As you can see, it doesn’t take much for office equipment costs to stretch into the tens of thousands. That’s why many new and small businesses explore the flexibility that comes with equipment financing.
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Your Business Can Enjoy the Benefits of Office Equipment Financing
Instead of renting your office furniture and equipment, which is typically too expensive to be a viable long-term option, take advantage of these five key benefits that come with business equipment financing:
- No large initial investment: Buying office equipment outright will make a big dent in your budget and can potentially derail strategic initiatives before they get started. An equipment lease, on the other hand, often requires only a small down payment and allows you to get operations running faster.
- Cash flow flexibility: Your loan terms and monthly payments usually can be structured to meet your specific needs, which is extremely useful for new companies and startups that may not have built up a long business credit history yet, have low credit scores, or are seeking consistent payment options for long-term planning.
- Keep pace with technology: Replacing obsolete equipment can be a drain on capital. Financing solutions, however, make it easier to return or upgrade equipment to reduce—and sometimes even eliminate—replacement costs.
- Interest rates: In relative terms, interest rates have been very low for the past few years, making financing more appealing and easier to obtain for all types of new equipment, including office furniture. Additionally, fixed interest rates can protect you against possible increases down the road.
- Tax deduction and credit benefits: Equipment leasing can help small business owners with their accounting and balance sheets. For instance, Section 179 is a tax incentive for businesses looking to make equipment purchases. Section 179 allows you to treat qualifying assets as business expenses and expense the costs of those assets immediately.
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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 specific needs. Our commercial and office equipment financing options can improve your business’ cash flow and overall financial health.
If you’re not sure which type of equipment financing option is right for your business, just get in touch with our experts. We’ll talk with you, learn about your company, and come up with a financing strategy that makes sense for you. To discover how your business can 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.