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With Winnipeg being a major prairie city, it shares a similar economy to the rest of Manitoba, in the agricultural production is one of its driving industries. That said, the city is also one of Canada’s larger transportation and railway hubs, which also makes the shipping, manufacturing, and retail industries boom. And, of course, none of those businesses would be where they are without the right equipment to get the work done.
Looking for more information about the loan process in Winnipeg? Check this out.
The only problem is, any equipment or machinery, new or used, can definitely be through the roof in terms of its cost. Which is why an equipment loan might be the thing you need to jumpstart your Winnipeg business.
Potential Borrowing Power
Before we look into equipment loans in Winnipeg, let’s talk about another loan product that you can get approved for when you’re willing to offer up your used equipment as collateral.
Essentially, if you already have the equipment, you can have it appraised and, if it turns out to have some value, you can use it as security in exchange for an installment loan. Once you pay off the full outstanding balance of your secured installment loan, your collateralized equipment will be returned.
Properties/Items you can leverage as collateral:
- Light or heavy machinery
- Computers or other valuable tools
- Trucks, tractors and other work vehicles
- Commercial assets (real estate)
Click here if you’re interested to learn about commercial leasing.
With an installment loan backed by collateral, you can:
- Compensate any employees on your payroll
- Hire and train new employees
- Update, repair, or renovate your work facilities
- Buy or lease additional properties
- Buy or lease advertising space
- Cover any company vehicle costs (if you’re not leveraging them)
- Pay for utilities, property taxes, business license, and other company costs
Equipment Loans For Other Winnipeg Industries
While agriculture, manufacturing, and transportation are the main economic forces in Winnipeg and Manitoba, it’s rare to find a business these days that wouldn’t benefit from an equipment loan.
Tools and machinery are often necessary for:
- Motels, bed and breakfast spots, and other hospitality businesses
- Gyms, yoga studios, and other fitness clubs
- Car and vehicle dealerships
- Vehicle body-shops and mechanic garages
- HVAC repair (heating, ventilation, air conditioning)
- Plumbing companies
- Coffee shops, bakeries, restaurants, and other service industries
- Construction businesses
Types of equipment you would need for those industries:
- Televisions, mini-refrigerators, personal safes, etc.
- Cardio machines, stereo-systems, proper lighting, and ventilation, etc.
- Revolving platforms, signage, desktop computers, etc.
- Vehicle hoists, pressure gauges, safety gear, etc.
- AC units, heat pumps, technician’s toolkits, etc.
- Drain cleaners, loading carts, utility pumps, etc.
- Coffee makers, stoves/ovens, freezers, etc.
- Cement mixers, jackhammers, hydraulic lifts, etc.
Wondering how you can make your business greener? Find out here.
Advantages of an Equipment Loan
when you choose Loans Canada for equipment financing, we’ll put you in touch with lenders that understand the needs of your particular business and offer the best rates in your area.
You can also use your Winnipeg equipment loan to:
- Upgrade from old equipment when it becomes unreliable or unsafe
- Purchase or lease supplementary equipment for productivity-boosting
- Help maintain a proper budget (you’ll know how much your payments will cost)
- Secure an adjustable and affordable payment plan
- Solve work-related issues and get back to focusing on your business strategy
Look here to see some of our business loans and financing options.
Need Equipment Financing in Winnipeg?
If so, your search is at an end, because you’ve discovered Loans Canada. We offer reliability and convenience for all your financing needs. Don’t hesitate to contact us today or apply for an equipment loan below!