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Friday, 31 May 2013
Business finance has become one of the most popular terms today because there are a lot of entrepreneurs out there who have big ideas and would like to share with society the products and service that they themselves have to offer. While it is true that businesses need a bigger amount of capital today to start a business, the manner in which these capitals may be acquired have become a lot easier thanks to the availability of funds that financial institutions have to offer. Business finance companies are very important in doing business especially if you're new or struggling. Business owners are able to seize good loans for their business because of better interest rates that these banks and other financial institutions have to offer. One probable reason for good interest rates today is the fact that there are a lot of businesses that need to loan capital that there is also an increase in competition between these banks that provide the loans. Securing loans through business finance companies is easy. There are certain documents that have to be prepared and presented when seeking a business loan. Documents such as the balance sheet, income statements, and the cash flow documents are the very basic documents needed. It is also important that the entrepreneur can secure proof that the loans that are to be given will be used for the sole purpose of the business itself. Today, there are many business finance companies that are willing to lend you a hand. In order to choose the right one, you better look for a company with competitive packages and reasonable rates. You also need to know the terms and conditions before making your final decision. Hope you enjoyed reading this article.
Leasing your equipment can be a great option for your company when you need to expand or upgrade your equipment. While financing the lease can be done through the manufacturer or retailer, an equipment financing company many times is the best way to go. Not only are they more experienced in the process and make it easier, they many times have more flexibility when it comes to the terms. As you start looking for equipment financing companies here are 5 things you should ask them: What is the total costs including lease payments? Because you are leasing equipment and only paying for the time you are using the equipment and not the total cost of the equipment, lease payments can be much lower per month than if you purchased it and financed it. Don't let the lower cost prevent you from asking what the total costs will be. Make sure that you are on the same page for any and all costs. Find out about late payments, security deposits, surcharges and taxes. They could add up and although lease financing may be the right choice you should be aware of any unanticipated costs. Are there any other costs that are not included in the lease? Make sure that there are not any additional costs associated with the lease. Sometimes you may be responsible for any taxes, fees or surcharges. Make sure that you don't have any maintenance, management or replacement charges. For example, if you are leasing vehicles are you responsible for tires, oil changes or cleaning. What happens at the end of the lease? Do you want an option to purchase and what would be the price? You might grow attached to the equipment and if it still might have a good life ahead it might be an option to buy it from the equipment finance company or you might want to extend the lease. Things to consider include the price, value of the equipment to base the price on and anticipated life of the equipment. It is much better to figure these items out at the beginning then at the end. Can I Upgrade or Add Equipment? You may find that you need to upgrade or add more equipment down the line and unless you have a master lease if you want to do this you will have to create and negotiate an additional contract or lease agreement. If you are thinking about upgrading or adding more equipment then you should look into a Master Lease. What Do I Need To Do When I Return the Equipment? Find out exactly what you need to do at the end of the lease. Do you need to drop the equipment off and walk away? Where do you drop it off at? Who is responsible for shipping or delivery? Do you need to return the owner's manual? Do you need to bring in any records that you maintained the unit for any warranty issues? Make sure that you cover that when you negotiate the contract so you are not hit with any surprise charges at the end.
ew research from the Finance & Leasing Association has revealed that asset finance companies are cautiously optimistic about business lending over the next 12 months in spite of the troubles many firms have experienced in recent months. Its most recent quarterly Asset Finance Confidence Survey, which questioned senior executives of the FLA's Asset Finance Division earlier this month, found that 74% are expecting an increase in business lending in the next three months. This is 6% higher than the corresponding study undertaken three months ago. An even higher proportion expect a rise in lending over the next 12 months (77%) in the hope UK businesses find it easier to access the funding they need in order to grow and therefore boost the economic recovery. The figures follow other recent news from the FLA that its members advanced £2.9 billion of new finance to SMEs in the final quarter of 2011 for investment in equipment and machinery. This, coupled with the latest figures from the Asset Based Finance Association revealing £16 billion was released to its members' clients in Q3 2011, demonstrates just how effective asset based finance has been at plugging the funding gap that Project Merlin has failed to fill, according to Bank of England statistics. As a result, 72% of those surveyed expect a slight improvement in domestic economic conditions over the next 12 months, which is up 2% on the previous survey, which was conducted in November 2011. Geraldine Kilkelly, Head of Research and Chief Economist at the Finance & Leasing Association, said: "The cautious optimism shown in the survey reinforces our message to the Government that asset finance has a key role to play in improving the supply of credit to SMEs. "Asset finance helps small businesses get the equipment they need to compete in tough trading conditions. It is an affordable alternative source of finance for a huge variety of products and equipment." Asset finance includes facilities such as hire purchase and finance leases, enabling businesses to purchase new equipment, plant and machinery to support growth without tying up valuable cash - a significant challenge facing the UK's SME community in recent times. While hire purchase allows firms to hire an asset from a leasing company in return for regular payments, giving your company full ownership of the asset following the completion of the hire contract, finance leases allow businesses to use an asset a specific time period.
The very mention of the term "bank loan" to a business owner is often enough to elicit a very strong and visceral response and the simple truth of the matter is that the average business bank loan is a fairly contentious and controversial subject within the business community. On one hand, a bank loan will provide the business owner with a source of capital that they otherwise would not have, which in turn can mean that bold ambitions of expanding and developing the business in a particular direction can be more fully achieved and accomplished with a minimum of disruption. This is especially significant in highly competitive sectors of the market, as any measure of delay can ultimately result a business that chose to postpone any sort of development or alterations to the manner in which they do business being overtaken by a rival. The downside here however, is that the loan will be required to be paid back and so if the business is struggling to generate enough revenue, or worse yet, is already in debt, then the repayment maybe too much of a burden for its finances. Furthermore, in order to actually gain access to a bank loan, a business will typically be required to secure assets that it owns as collateral, and so a noncompliance with the terms of the loan will ultimately mean that the assets secured as collateral maybe seized by the lender. Thankfully, there is an alternative strategy for the struggling business owner who is looking to secure another external source of capital finance to provide their company with a much needed kick start: a receivable financing company. A receivable financing company, or a factoring agency as they oftentimes referred to within business parlance, is a business entity that will purchase outstanding invoice accounts from a company and then provide the client company with a sum of money upon receipt of the invoices. The receivable financing company will then assume full, legal responsibility for the collection process of the money owed by the client specified on the invoice. Once the client has paid the full balance owed to the receivable financing company, the factoring agency will then release the remainder of the funds owed to the client company....with a small deduction made from the funds received from the client in order to cover the expenses that they have incurred. One of the major benefits of using a factoring agency is that the client company will be guaranteed to receive a fairly large amount of money in a very short space of time indeed which effectively eliminates and protects against the risks that an unpredictable and capricious degree of cash flow will pose to a client company. Furthermore, this method of business financing will effectively mean that the agency is responsible for the collection process thereby freeing up the time and money of the client company who will not have to contend with the chasing up of fees or commissions owed.
As you look at different options to get the equipment you need to either expand or keep up with the competition, you may look into leasing used equipment. If you can operate used equipment, this may be a great option for you since it is much cheaper and you do not pay for the expensive first few years. Financing used equipment is a little different than financing new equipment and as you look into equipment financing companies there are several things you should be aware of. First of all make sure that the equipment financing company actually offers used equipment loans. Due to the increased paperwork and effort in financing used equipment, inventory and dealing with agents and older equipment, many financing companies do not offer used equipment loans. Look for a company that not only does loans on used equipment but sells equipment from their inventory. This could help on lease terms and financing options if they want to get rid of some of their inventory. Make sure the company isn't too rigid on their loan terms and don't have too many restrictions. Some companies have strict rules on the financing used equipment. They may only make loans on equipment that is 5 years old or newer, less than 100,000 miles or limit the terms to 36 months or less. You business or needs may not fit into the companies criteria. If they can't meet your needs there are companies that can. Each company is different and may be in different financial situations. You are trying to build a relationship with the finance company and they should be able to meet your needs. Choose an equipment financing company that doesn't use a third party appraisal. This is especially true for loans under 150,000. The company should be familiar enough with the equipment that they would not need to get a third party appraisal and more importantly have you pay for the appraisal. You should be able to effectively convey to the condition of the equipment so that the appraisal isn't necessary.