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Regina, the capital of Saskatchewan is home to countless businesses, many of them revolving around the farming and agricultural sector. However, that isn’t the only type of industry that thrives within the city. Steel and manufacturing, energy production, environmental services, and information technology are all major contributors to Regina’s economy. Many of these businesses would have trouble operating without the right kind of equipment to work with.
The problem is, any kind of equipment, whether small or heavy, simple or advanced, can cost a lot to purchase and maintain. The good news is Loans Canada can help find you the right equipment loan in Regina Saskatchewan, regardless of the industry you’re in.
Looking for another type of loan in Regina? Check this out.
Industries Where Equipment is Needed
While farming, manufacturing, and technology are some of the more notable industries in Regina, most other businesses could benefit from having the necessary equipment close at hand, such as:
- Animal and livestock businesses
- Gyms and fitness clubs
- Factories, warehouses, and shipping locations
- Motels and other hospitality-based businesses
- Law firms and other office environments
- Hospitals and other health facilities
- Dental and medical practices
Common Equipment Types
As we mentioned, almost any industry in Regina requires proper equipment to function efficiently and increase profit margins. Here are a few of the equipment types that can be fairly pricey and where an equipment loan would come in handy:
- Computers, printers, and other office-related technology
- Industrial ovens, refrigerators, and other restaurant appliances
- Tractors, harvesters, and other agricultural machinery
- Televisions, furniture, and other hospitality-related items
- Exam tables, x-ray machines, and other medical equipment
Read this if you want to make your business greener with energy efficient equipment.
Using Your Equipment to Secure a Loan
Before we move on to Regina equipment loans in the traditional sense, let’s talk about something you can do with the equipment itself. What many business owners may not realize is how you can use their tools and machinery to borrow. That’s correct! If you have equipment that’s worth money, you can offer it up as collateral and potentially secure a loan of equal value. Not only that but securing your financing with collateral is a good way of saving money because, unlike with unsecured loans, you’ll potentially receive a lower, more affordable interest rate.
Here are some of the assets you can offer to secure financing:
- Heavy machinery and equipment
- Trucks, cars, and other business-related vehicles
- Commercial properties (buildings, real estate, etc.)
Want to learn about commercial leasing? Click here.
Once you’ve secured that financing, you can then use it in other avenues of your business, including but certainly not limited to:
- Hiring and/or training new employees
- Paying or augmenting the wages of your current employees
- Marketing strategies and advertising costs
- Fixing up or renovating your workspace
- Leasing or purchasing additional space
- Increasing productivity or the services your business provides
- Dealing with shipping and handling costs
Look here for more information about asset-based leasing and financing.
Using Your Equipment Loan in Regina
Now let’s discuss the more traditional use of equipment loans in Regina. Once your application has been approved, you should receive your loan in cash directly in your bank account. You’ll then be able to use that loan money to expand your business in almost any way you can imagine, such as:
- Leasing or financing the latest, state-of-the-art equipment
- Repairing any damaged equipment you already have
- Upgrading from your used equipment
- Leasing or financing additional equipment to increase productivity
- Leasing or financing heavy machinery or vehicles
Read this if you’re planning to apply for a loan.
Why Equipment Financing is the Right Choice
Besides helping you purchase or lease what might otherwise be unaffordable technology, appliances, and gear, an equipment loan in Regina comes with all sorts of added benefits. For instance:
- Loans Canada can set you up with a lender that understands your various business requirements and financial needs.
- You and your lender can negotiate an affordable and adjustable payment plan.
- Since you’ll know exactly how much your payments and interest rate will cost in advance, you’ll have an easier time budgeting appropriately.
- You’ll no longer have to worry about the dangers and inconveniences of old or malfunctioning equipment.
- Best of all, with the latest, greatest equipment on your side, you can stop worrying about your finances and have more time to focus on your business.
Looking For An Equipment Loan in Regina?
If you’ve been looking for the right source of equipment loans in Regina, you can rest easy knowing that Loans Canada has your back. Contact us today or fill out an application below!