Equipment Loans Ottawa
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Written by Kale Havervold
Best Equipment Loans Ottawa (Online) January 2021
There are many great places in Canada to start a business, but Ottawa is without a doubt one of the best. Not only is it one of the largest cities in the country, but surveys have shown that entrepreneurs in Ottawa have a mindset that correlated with startup success and success when it comes to scaling. As a result, many businesses that start in Ottawa have a good chance of succeeding.
However, before your business can scale or succeed in Ottawa, you need to get your feet off the ground. Oftentimes, starting a business can cost a lot of money. You will need funding for hiring, securing office space, and even purchasing equipment. Thankfully, many lenders in Ottawa will provide equipment loans to help founders and companies get the equipment they need.
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Types of Equipment You Can Get in Ottawa
So what type of equipment can you get with an equipment loan in Ottawa? The good news is, there are really no rules or limits as to what types of equipment you can and cannot get with an equipment loan. Most types of equipment that a wide variety of industries use can be purchased with an equipment loan.
This includes, but is not limited to:
- Farming equipment
- Construction equipment
- Office equipment
- Manufacturing equipment
- Transportation equipment
This is not an extensive list and therefore if you don’t see the type of equipment you need, you should still be able to get approved for an equipment loan just be sure to ask your lender in Ottawa beforehand. Also, be sure the equipment loan you take out is one you can afford. These need to be paid back in full, plus interest, so don’t put your company at risk by taking out a loan that you cannot afford to pay back.
Check out this article to learn how to deal with small business debt.
While this type of financing is a great option for most businesses that require expensive, specialized, or unique equipment, it’s important to make sure whatever you plan to purchase is a necessity and will benefit the overall success of your company in Ottawa. If it isn’t that important or needed right now, consider saving up for it or getting it in the future.
Benefits of Choosing Equipment Financing in Ottawa
While you can technically use a standard business loan for equipment, there are many benefits to choosing equipment financing over a standard business loan. These include:
- Working with experts who know your industry in and out and know what you need.
- You will be able to stick to your budget and choose the best types of equipment for your needs.
- You will save time, which is always a good thing when running a business.
- Many of these equipment loans have customizable repayment plans to ensure you can make payments when you have cash flow, and not when you don’t.
Now, this isn’t to say that standard business loans are bad, far from it in fact. But if you are looking to get equipment, going with an equipment loan or another type of equipment financing is your best option.
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Use Your Equipment to Borrow Money
If your company in Ottawa owns any equipment that has some value, you can use it as collateral to gain access to other forms of business funding (click here for more information about secured business financing). You can leverage anything from vehicles to real estate, to a wide range of equipment to get the funding your business needs to grow and expand.
Not only will this help you get the money you need, but will also be cheaper than unsecured financing. This is because you are less risky to most lenders in Ottawa due to your equipment acting as collateral. If you don’t pay back your loan or default, the lender will be able to take possession of the equipment you used to borrow money. Because of this, it is important to take these types of loans seriously, as losing an important and valuable piece of equipment could have a negative impact on your business.
Asset-based financing can be used for a wide range of different things including:
- Hiring new employees or training current ones
- Invest more in marketing or other important business areas
- Move to a new facility or upgrade your current location
- Increase the products or services you offer
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A Great Equipment Loan For Your Needs in Ottawa
Are you in the market to purchase some new equipment for your business in Ottawa? Are you unsure where to get the right financing? Loans Canada can help match you with a lender in Ottawa that specializes in equipment financing and can help guide you through the process.