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Seattle Construction Monthly

Seattle Construction Monthly

HOW TO USE YOUR

HOW TO USE YOUR EQUIPMENT FINANCING Also included in that same ELFA report were figures for office machines (4.2%) and material handling (2.8%). Whether your startup is focused on tech or agriculture, office machines are vital to your startup. For example, you can use your equipment finance loan to purchase the following necessities for your business: • Printers • Scanners • Copy machines • Communication devices like fax machines and phones • Desktop computers and laptops • Paper shredding machines • Servers • Internet routers and modems • Lamination machines However, it’s important to note that computers eventually become obsolete over time. Therefore, you may find yourself already needing an upgrade as soon as you’ve paid off your equipment loan. That’s why we recommend considering financing office equipment with longer life cycles. On the other hand, material handling equipment doesn’t have short lifecycles like Macbook pros or Dell laptops. Material handling equipment is used across all industries, especially in the transportation, construction, agricultural, and manufacturing sectors. • Shipping palette trucks • General industrial trucks • Automated pickers • Side loaders • Cranes More material handling equipment includes storage-related products like stacking equipment, shelving, drive-in storage racks, and frames. Material handling equipment is also vital to restaurants and other culinary-related startups. If you’re launching a new food startup, you may want to consider using your equipment financing loan to purchase commercial refrigerators, freezers, commercial toasters, and ovens for example. EQUIPMENT FINANCING: NEXT STEPS What’s great about being a new startup is that you can receive your equipment financing fast to get the ball rolling. In fact, you could even get approved by the end of one business day. We suggest creating a long laundry list of equipment you need to get your startup off the ground. It’s also important to get your finances in order to make sure you don’t fall into “negative equity” during those first few years of your business as you pay off your loans. As a new business owner, you can take advantage of low equipment finance rates and pay off your loans over a 5-year span as you work to generate those early sales. THIS TYPE OF EQUIPMENT TYPICALLY INCLUDES THE FOLLOWING: • Conveyor belts • Silos for agriculture • Automated Guided Vehicles 12 CONSTRUCTIONMONTHLY.COM

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