Saskatchewan receives more hours of sunlight than anywhere in Canada. It also contains more than 40% of the country’s best farmable land. So, it’s no wonder that one of Saskatchewan’s main economic sectors belongs to the farming of crops, grains/cereal, livestock, and organic materials. The province’s most populated city, Saskatoon is also home to a booming manufacturing industry, with plans to boost sales in the region to more than $25 billion by 2025.
Interested in a loan for your Saskatchewan business? Check this out.
Businesses That Could Benefit From an Equipment Loan
While it’s true that farming does rank at the top of Saskatchewan’s list of main industries, there are plenty of other business types that could certainly benefit from an equipment loan in Saskatchewan, including but not limited to:
- Sports retailers (hunting, fishing, hiking, organized sports, etc.)
- Farming and agriculture supply wares/retailers
- Food and beverage service locations (restaurants, coffee shops, etc.)
- Pet stores and pet grooming locations
- Medical facilities (dental practices, chiropractors clinics, etc.)
- Hospitality-based locations (motels, vacation rentals, etc.)
Ways to Use Equipment Loans In Saskatchewan
Any type of equipment can be costly, especially if it involves heavy-duty or high-quality products. However, with a good equipment loan on your side, you will be able to:
- Lease or rent equipment with affordable payment plans
- Lease or rent heavy machinery (tractors, assembly lines, appliances, etc.)
- Buy computers, furniture, and other technology for your office
- Dispose of your old equipment, the lease or buy upgraded versions
- Lease or rent multiple items to improve your productivity margin
Leveraging Your Equipment to Get a Loan
While the methods above are some of the main ways to use an equipment loan in Saskatchewan, you can actually use any equipment you own to access varying amounts of secured loan money, as long as your lender can determine that there’s some market value to it. You can even leverage other properties, such as:
- Cars, trucks, boats, and other company vehicles
- Tractors, plows, balers, and other farming machinery
- Commercial assets (buildings, silos, other real valuable structures, and land)
Read this if you’d like to learn more about loans using collateral.
Once you’ve secured your loan, you can use it on almost anything, including:
- Repairing or maintaining other equipment you have
- Renovating or fixing up your workspace
- Leasing or purchasing a new location or multiple locations
- Paying your employees
- Building a roadside stand for product sales
- Buying new livestock, grains, feed, and other farming supplies
- Buying bait, tackle, crawfish cages, and other fishing supplies
- Dishware, cutlery, food stock, cooking supplies, etc.
Interested in applying for a business loan in Saskatchewan? Take a look at this.
Additional Benefits of Saskatchewan Equipment Loans
Besides being able to finance the best equipment for your trade, equipment loan in Saskatchewan come with other benefits. For instance:
- We offer negotiable payment plans and affordable rates.
- You’ll know exactly how much your loan will cost you in advance, which will help you start budgeting accordingly and give you time to generate more income.
- You’ll be connected with lending professionals that understand the needs of your Saskatchewan business.
- Your credit score will be affected positively whenever you make a complete, timely payment.
- Your ever improving credit will help you secure future loan products, as well as lower interest rates for your future installments.
Look here if you want to know more about installment loans in Saskatchewan.
Is collateral needed for an equipment loan?
What is the lowest interest rate for equipment loans in Saskatchewan?
If I have bad credit, can I still get an equipment loan in Saskatchewan?
Need an Equipment Loan In Saskatchewan? Loans Canada Can Help
When you apply for financing through our network, you’ll be taking advantage of all the benefits that come with a good equipment loan in Saskatchewan. Contact us today and watch your Saskatchewan business thrive!