Take out a Fairstone loan between November 17th to 30th, 2021, and you won’t have to make a loan payment until next year.
Being one of Canada’s three prairie provinces, it’s no wonder that some of Alberta’s main economic resources include agriculture and livestock farming. Alberta also has a booming real estate industry, due to high employment wages and proximity to many natural resources. This makes cities like Calgary very desirable places to live. Whatever type of Alberta industry your business happens to be a part of, there’s a strong possibility that you will one day need a good equipment loan to help you get the right tools for profit-boosting.
Read this if you’d like to know more about loans in Alberta.
You may also need an equipment loan in Alberta for:
- Leasing equipment when you don’t want to purchase it completely
- Upgrading to new pieces when your current equipment wears out or breaks down
- Buying additional equipment to increase your business’s productivity
- Leasing or buying heavy equipment/machinery
Using Your Equipment as Collateral
Wondering how you can use the equipment you already own to expand your business in Alberta? Well, if your lender in Alberta makes an evaluation of your equipment and determines it’s valuable, you can then leverage it as collateral. If approved, you’ll be able to secure an appropriate amount of money with a more reasonable interest rate than a typical unsecured (non-collateral) loan, which you can then spend on:
- Investing, advertising, and marketing plans
- Paying your current employees and/or hiring new staff
- Financing repairs, additions or renovations to your workspace
- Your general business expenses (licensing, supplies, property taxes, etc.)
Here are some types of equipment and properties that can often be used as collateral in Alberta:
- Cars, trucks, tractors, and other vehicles
- Commercial properties and other real estate
- Medical machinery, tools, technology, etc.
- Farming, livestock, and harvesting equipment and tools
Click here for some information about farm equipment loans in Canada.
Other Businesses in Alberta That Can Benefit From an Equipment Loan
While farming and natural resource production are two of the main economic drivers in Alberta, almost any kind of business can use an equipment loan in some way. For instance, you might need reliable equipment if your business is:
- A bar, restaurant, coffee shop, bakery, or another sector of the foodservice industry
- A hunting, fishing or camping store
- A body-shop or mechanic’s garage
- An office environment
- A medical or dental clinic
- A medical supply distribution warehouse (or warehouse of any kind)
- A gym, yoga/dance studio, boxing arena, or another type of fitness club
- A day spa or other type of wellness centre
Equipment Financing in Alberta For Your Industry
Other Benefits You Can Receive in Alberta With an Equipment Loan
When you apply for equipment financing through Loans Canada, we’ll put you in touch with professionals in Alberta that understand your industry and your need for the right tools. Not only will you be able to finance the needs of your business, but you’ll also be:
- Making otherwise expensive equipment, tools, and materials more affordable, so you’ll have money left over for other areas of your life.
- Able to negotiate a payment plan that works well for your finances.
- Aware of exactly how much your loan (plus interest, fees, etc.) will cost you over the course of your payment term, which will help you create a proper budget.
- Building, fixing, or improving your credit with every on-time loan payment you make.
- Helping your business thrive, since you’ll have more time and money to invest in it.
Want to know more about business loans in Alberta? Take a look at this.
Can I get an equipment loan with bad credit in Alberta?
What documents do I need to apply for an equipment loan?
What’s the difference between a finance lease and an equipment loan?
Loans Canada is Your Gateway to Alberta Equipment Financing
Your Alberta business is important to you. Because of that, it’s best that you always have access to the right equipment and the right financing for it. No matter what type of industry you specialize in, you’ll be happy knowing that Loans Canada is on your side and here to connect you with loan providers that know the value of your enterprise.