Learn why equipment financing could be a game changer for your construction company.
As construction businesses rely on equipment in their daily operations, having this specialized equipment is an absolute necessity. Unfortunately, many smaller businesses do not have the resources to buy this equipment outright. Luckily, the Equipment Leasing and Financing Association (ELFA) explains that small construction businesses have the opportunity to access complete equipment financing. In ELFA’s words, “equipment financing offers flexible, budget-friendly options that can help with cash flow and keep their equipment up to date.” Here are some of the benefits of financing your equipment as identified by ELFA.
No Down Payment
Oftentimes, small construction businesses can get 100% financing for their equipment without a down payment. This is beneficial because it allows businesses to put their money towards other expenses. For instance, this money can go towards financing more immediate needs, such as new projects, marketing schemes, and so on.
No Ownership Risk
Another benefit of equipment leasing is that it eliminates the risk of actually owning construction equipment. When you own your own equipment, then you are responsible if it is damaged or stolen. However, when you choose to finance this equipment, then the financing company is the entity that absorbs the risk of losses.
Access to the Newest Tech
Finally, leasing your equipment gives you the opportunity to secure the newest technology for your company. Because you do not have to pay for it outright, you can actually afford to pick out more expensive pieces of equipment for your company. Additionally, as many financing agreements allow businesses to update their equipment, financing also allows your business to stay on the cutting edge.
These are some of the major benefits associated with equipment financing. Are you looking to find a contractor who has access to the most innovative tools and technology to work on your next commercial construction project? Then contact the experts at Proforma Construction. Serving Pleasanton and the surrounding California area, our highly trained and experienced team is ready to make your commercial construction dreams a reality.