Business Equipment Financing
Five reasons to upgrade your equipment with small business loans
Whether you're looking to purchase an editing suite for your special effects agency or need a new fork lift for your construction company, small business loans make it possible for you to update and replace crucial equipment.
Having the most advanced, efficient and reliable equipment can be the difference between your company's success and failure. Not only can out-of-date equipment cost you money and productivity, but defective equipment can cause severe injury to your employees and customers. So, don't let broken, inefficient machinery break down your morale and your bottom-line. Equip your business with the best tools by applying for a small business equipment financing option like a Business Flex Loan.
Check out these top reasons to replace equipment now and improve your small business' performance with a business equipment loan.
Improve productivity with higher performing equipment
If equipment is broken down or worn out, it's time to replace it. Not only can older equipment affect your productivity negatively, the cost of continual repairs can actually cost you more over time than simply replacing it. Luckily, replacing old, inefficient equipment is easy to do with Citizens Bank small business loans designed for business equipment financing.
Avoid work-place injuries with properly functioning equipment
If you are working in a vital field, like medicine, it's imperative that your machines and equipment are reliable and safe. Some malfunctioning equipment can cause severe injury to both employees and even customers. According to a recent study by the Bureau of Labor Statistics, nearly 3 million non-fatal and 4,609 fatal workplace injuries occurred in 2011. The most common workplace injuries and illness occurred in nursing, labor, maintenance (janitors), transportation (truck drivers) and law enforcement.
Cut back on energy costs with a business equipment loan
Did you know that growing businesses in the U.S. spend more than $60 billion a year on energy costs? According to Energy Star, you can save money and cut down your electricity bill by 10 to 30 percent by simply updating your older equipment with newer, more energy-efficient models. Although the cost of this equipment up front might be high, you'll save in the long run. And with small business equipment financing, like a Flex Loan, your business can afford to make the investment.
Become more competitive with the newest technology
If you want to remain competitive, you have to make sure your equipment is up-to-speed. Whether you run a creative agency and need high-end computers and new software for your graphic designers, video editors and developers or you have a manufacturing firm and need precision technology to create your signature products, a business equipment loan can help you get the technology you need while retaining your liquidity.
Take advantage of tax breaks and incentives
Did you know that your small to medium-sized business may be eligible for tax-breaks if you decide to buy or lease new equipment? Under Section 179 of the Small Business Jobs Act, your business can write-off up to $500,000 of the cost of qualified equipment upgrades. What kind of equipment qualifies? General equipment for business use, such as commercial ovens, forklifts, fax machines, computers, off-the-shelf software, and vehicles that weigh more than 6,000 lbs. all qualify. See if your next equipment purchase qualifies for the Section 179 tax deduction.
Apply for business equipment financing from Citizens Bank
If any of these reasons align with your business needs, it may be time to consider a small business equipment loan from Citizens Bank. Our Business Flex Loan starts with the flexibility of a line of credit, and after the draw period ends, transitions to the security and predictability of a term loan. This is great when you have multiple equipment expenditures over time or need to retain working capital as you grow. You can pay down the principle of the Business Flex Loan during the draw period and re-borrow as you are able, or pace your borrowing. Learn more about small business equipment loans from Citizens Bank today.