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The economy of Edmonton, like much of Alberta, is dominated by the oil industry. However, Edmonton is also home to many tourism, metal fabrication, transportation, and environmental engineering services, all of which requires significant specialized equipment to function efficiently.
The problem is that most equipment can cost hundreds, if not thousands of dollars, and not every business can spare that kind of money, especially when it’s just getting off the ground. If you find yourself with a lack of funding, an equipment loan might be the perfect solution.
Looking for a business loan in Edmonton? Be sure to read this.
How to Use Your Existing Equipment
Before we move on to what you can do with an equipment loan in Edmonton, let’s discuss one of the best ways to use the items you already own. That’s right, if you currently have tools, vehicles, or technology that’s worth some money, you can always have it evaluated, then offer it as collateral to secure additional financing in Edmonton.
Leverage farming equipment, trucks, and vehicles, or any other commercial asset that a lender can find value in. Not only will offering up collateral help you access a larger amount of financing, but it can also earn you a better interest rate.
You’re then free to invest your newly acquired financing on any aspect of your business in Edmonton, such as:
- Hiring additional employees
Producing more stock
Paying off business debt you’ve accumulated
Repairing or renovating your work area
- Opening more business locations
- Fueling and servicing your company vehicles
Click here if you’re interested in asset-based leasing and financing.
Expanding Your Edmonton Business With Equipment Financing
Now that you know what you can do with your existing hardware, let’s talk about the ways an equipment loan can help you expand your Edmonton business. Although not all lenders in Edmonton offer this kind of service, there are many whose operations revolve specifically around equipment lending.
Typically, your equipment loan is deposited as a lump sum directly into your bank account several days following the approval of your application. However, some lenders will list several payment options, such as e-Transfer, cheque, or to send the funds straight to the equipment dealer.
Once you have the loan in your account, you can:
- Upgrade from any damaged or outdated equipment you already own
- Lease or purchase the latest tools, gear, and technology
- Lease or purchase heavy machinery and work vehicles (forklifts, tractors, etc.)
- Acquire multiple equipment pieces to increase productivity
Types of Equipment You Can Lease or Purchase in Edmonton
What some business owners don’t realize is that the term ‘equipment’ isn’t limited to the large-scale items you would see in a factory. Actually, most tools, machines, vehicles, and pieces of furniture pertaining to almost any business can be eligible for coverage under equipment financing.
Here are just some of the things you can finance with an equipment loan in Edmonton:
- Desks, computers, water-coolers, etc. (for an office)
- Weights, cardio machines, showers, etc. (for a gym or fitness studio)
- Shelving units, security systems, display racks, etc. (for a retail shop)
- Massage tables, jacuzzis, tanning beds, etc. (for a wellness spa)
- Refrigerators, ovens, deep fryers, etc. (for a kitchen)
- Cages, tanks, grooming/health supplies, etc. (for a pet store)
Need a reliable truck for your business? Check this out.
Additional Benefits of Equipment Financing in Edmonton
One of the main advantages of this kind of financing is that it allows you to lease and purchase your business equipment over time, rather than shell out the money all at once. That said, there are a number of other benefits you’ll receive once you’re approved, including but certainly not limited to:
- The chance to work with a lender that specializes in your particular business
- Adjustable repayment terms so you can maintain a prosperous cash flow
- An easier time budgeting and planning for the future
- Less stress and wasted time, allowing you to focus on the needs of your operation
Look here if you’re trying to consolidate business credit card debt.
Other Edmonton Businesses That Need Equipment
Despite Alberta’s capital being a hub for environmental and industrial activity, like any major Canadian city, there are countless other enterprises that can succeed with a proper business plan and, of course, the right amount of equipment financing.
Those businesses include, but certainly, aren’t limited to:
- Restaurants and food trucks
- Bars and nightclubs
- Limousine, shuttle, and transportation companies
- Hiking, fishing, and camping outlets
- Barbershops and beauty salons
- Piercing and tattoo parlours
- Plumbing, electricity, and home repair services
- Software and web-based corporations
Read this if you want to make your business greener.
Equipment Financing at Your Doorstep
Running a business in Edmonton often means you don’t have a lot of free time on your hands. If that’s the case, you shouldn’t have to deal with old or malfunctioning equipment too. Instead, why not reach out to Loans Canada? We’re always here to connect you with lenders that understand the needs of your business. Contact us today or apply below when you’re ready to get started!