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How Equipment Financing Can Help Your Small Business Grow

As an individual that is just beginning to establish a small business, you may find it challenging to furnish your office space with the proper equipment you need to operate continuously without interruption. From office desks and filing cabinets to simple furniture for guests to use while visiting your business, there are a number of expenses that you may not be able to handle on your own. Fortunately with equipment leasing through Lease Genie, it is now easier than ever to get approved for financing so that you can furnish your office’s interior without worrying about exceeding your limited budget. In today’s article, we will be taking a look at why small business financing may be suitable for your company’s needs.

If you are a small- or medium-size business that is looking for the right equipment to help you operate efficiently, Lease Genie is here to help address your various needs. We know that no two businesses are alike, which is why we cater to a wide variety of industries for your convenience. From industrial equipment financing to kitchen equipment leasing, we make it easy for business owners to find the financing options that are suitable for their day-to-day operations. If you would like to learn about how Lease Genie can help your small business grow through equipment financing, consider reading more below.

Allows You To Operate As A Normal Business

When opening a new business that is continuing to grow, some of your employees my find it difficult to perform at their best if they do not have the proper equipment to perform daily tasks. For this reason, some of your employees will be limited in their daily operations given that they only have a limited amount of resources at their disposal. For this reason, Lease Genie is here to help you receive the financing you need so that all of your employees can perform at their full potential.

Don’t Worry About A Lack of Funding

The first few years of starting up a new business are often the most difficult times for many business owners. In fact, within five years of officially opening for business, more than half of small business owners fail and are ultimately forced to dissolve their companies. While this can certainly be attributed to mismanaged day-to-day operations, many small business owners simply do not have the proper tools at their disposal to help them get their business up and running.

For this reason, Lease Genie has helped small businesses grow and succeed for more than 10 years. Our simple process for receiving financing has allowed us to work with small business owners around the country so that they can continue to operate their company without having to worry about a lack of startup capital. Visit our website today to learn how we can help your small business grow!

Vendor Relationships for The Best Prices

If you find that it is difficult to create relationships with vendors that offer the highest quality equipment for your business, you’re in luck. In fact, Lease Genie’s long-standing reputation within the financing industry has allowed us to offer the top vendors to our customers at a price that they love. With financing options ranging from $500 to more than $100,000, we know that you will be able to receive the funding that you require to get your business up and running with ease, and we urge all business owners that are interested in our equipment financing to visit our vendors page today.

Are you a small business owner looking to build your startup capital with ease? Instead of limiting your day-to-day operations, consider contacting Lease Genie today to learn more about how we can help your business grow with equipment financing. We work with a wide variety of companies and offer a number of financing options to choose from such as commercial vehicle financing and restaurant equipment financing.

If you would like to see if your business qualifies for our equipment financing program, reach out to our friendly representatives today. With more than 30 years of experience in leasing and financing, we are confident that we can help you become approved within a matter of minutes. Get funded now by visiting our website or calling us today at 402-281-9830!

Setting Up Your Restaurant with Equipment Financing

If you are considering opening a restaurant in your area for the first time, you may not know how much work must be completed up front before opening for business. From finding an ideal location that is suitable for your restaurant’s needs to furnishing your restaurant’s interior with tables, chairs, and kitchen appliances, there are a number of steps that must first be taken before welcoming new guests to your establishment. That’s why, in today’s article on equipment financing, we will talk a little more about how leasing your kitchen’s equipment can help save you money upfront so that you can start becoming profitable during your first few months of business.

At Lease Genie, we are your top online resource for equipment financing, construction equipment leasing, new business equipment, and so much more. With more than 30 years of experience in the financing industry, and having helped countless small and large businesses grow, we know that you will be pleased with what we are able to offer you. To learn more about how Lease Genie can help to ensure that your restaurant is ready on opening day, continue reading more on the subject below.

Get the Right Equipment

Many new restaurant owners may be strapped for cash, and for good reason. Not only do restaurants require a full offering of furnishings in the form of tables, chairs, and booths, they also need a fully functional kitchen to ensure that the business runs smoothly and efficiently. When combining these two substantial costs with the cost of renting or purchasing property, you can begin to see why opening a restaurant can put a significant strain on an individual’s wallet.

Receiving the proper restaurant equipment can also help you save on costs later down the road. Since it can be so costly to open a restaurant, many new business owners will opt for less than ideal equipment that may break down or fail altogether. If funding for your restaurant is lacking, it may be a good idea to invest in restaurant equipment leasing with Lease Genie. Not only will you receive the best restaurant equipment currently available, you will also receive peace of mind knowing that your financed equipment is built to last for countless years to come. This can help to maintain your business operations without having to worry about making costly repairs or replacements.

Accommodating All Guests

When opening a restaurant for the first time, it is not uncommon for new restaurant owners to work with limited equipment that ultimately restricts the amount of guests that they can effectively serve. Not only does this slow down your kitchen’s operations, it also creates unhappy guests that are required to wait extended periods of time before receiving their food. Instead of hamstringing your restaurant’s ability to service guests, consider equipment financing through Lease Genie.

With the right kitchen appliances, not only will you be able to get food out quicker to your guests, you will also be able to keep up with lunch and dinner rushes. By streamlining your kitchen operations, you will be able to rotate guests in and out of your restaurant much quicker, leading to an increased bottom line, positive reviews by guests, and a growth in your customer base that will continue to pay dividends in the form of repeat customers. For this reason, Lease Genie continues to be the best solution for new business owners that are looking to give their guests the most in service.

These are just a few of the many ways that Lease Genie is able to help small businesses continue to grow throughout the country. If you would like to learn more about our financing options that we offer to business owners, visit our website today! From commercial vehicle leasing and industrial equipment financing to financing for new business equipment, we know that you will be able to find what you are looking for on our website. To get a fast quote on how much financing you are eligible to receive, call our friendly team of lending professionals at 402-281-9830 today! Alternatively, you can simply visit our website, provide your name and email, and one of our team members will be in touch with you shortly regarding your leasing options. We look forward to speaking with you!

Learn How Easy It Is To Get Funded By Lease Genie

 

Whether you are a small construction company interested in leasing heavy machinery for your business, or a new restaurant that is in need of quality kitchen appliances that won’t let you down, there is a good chance that you will need to apply for some type of financing to help your business get its feet off the ground. Fortunately, when working with Lease Genie, it has never been easier for your business to apply for financing. During today’s article, we will be discussing the process of applying for a lease so that you can easily receive funding from one of our professional team members.

At Lease Genie, we have helped small and medium businesses grow for more than 10 years, and we continue to do so today. Our financing professionals are veterans in the equipment financing industry and they possess more than three decades of applicable experience to help you receive funding with ease. So whether you have bad credit or simply don’t want to go through the hassle of being funded by a bank, Lease Genie is here to help. If you are interested in learning about how easy our application process truly is, continue reading more on the topic below.

Applying

Applying for an equipment lease can sound daunting, but with the help of financing veterans at Lease Genie, it doesn’t have to be. When you begin applying for financing for your business, you will work directly with one of our financing professionals that will help you find the equipment you need to help your company grow. During this time, we will evaluate your credit history to determine if you are a good fit for receiving financing for your business. Once you have determined the equipment that is most suitable for your company’s needs, you will then be required to submit a financial package that will be carefully reviewed by a lender.

Submitting

After gathering the financial records necessary for review, your information will be sent to several lenders so that we may ensure that you receive the best rates and terms from multiple lending competitors. We know that it can be difficult to find a lending company that has your best interests in mind, which is why we work hard to connect you with several of the top lending companies in your area. During this time, you will be presented with a number of financing options that are free of hidden fees and obligations so that you can choose your lender without having to worry about additional strings attached.

Funding

Once we have determined that you are a good fit for receiving funding, you will be able to receive full funding within 24 hours of signing your funding paperwork. We know that time is of the essence when building a new business, which is why almost all of our applicants can receive funding the same day that they receive their lending documentation. If, for some reason, you are unsure about some of the paperwork that you are signing, our in-house legal team is more than happy to help you with any difficulties that you may be experiencing. This is just one of the ways that we are able to provide you with the most value possible.

Post-Funding

After you have received funding for your new business, you will be able to keep in contact with our team of professionals that can help you with services ranging from refinancing to reapplying for a new equipment lease. We know that you are looking for the best that there is to offer when it comes to financing your business, which is why Lease Genie always strives to offer our customers unmatched service and attention to detail.

At Lease Genie, we are always available to answer any questions or concerns that you may have about receiving startup capital in as little time as possible. We work with both small and medium businesses daily, and have helped countless companies receive funding for their company needs. If you would like to learn more about our full offering of services, or would simply like to begin applying for your equipment financing, reach out to our team of professionals today. We look forward to hearing from you!

Leases Vs. Loans

If you are planning on starting a small- or medium-sized business and are lacking the funding to properly operate your business without any hangups, you could benefit significantly from equipment leasing through a professional lender. If you are not familiar with leases and what they entail, you may think that leases are similar to loans. However, this couldn’t be further from the truth. In fact, there are many differences between leases and loans, which we will speak more in depth about today.

Receiving funding for new businesses can sometimes be difficult, especially if you don’t possess the credit required to be approved for your financing. We understand that you may be hesitant about applying for an equipment lease, which is why we work with all of our customers directly and help our clients receive funding in less than 24 hours after being approved. If you are interested in applying for an equipment lease, but would first like to learn about how it is different from a loan, continue reading more below.

How Are Leases Different from Loans?

Rates

When applying for an equipment lease, you may be wondering what kind of rates you will have to be mindful of during the duration of your lease. Fortunately, leases do not operate in the same way as loans and will rarely require an adjustable rate to be set in place. Alternatively, when applying for a loan, you will most likely have to agree to floating rates that fluctuate from month to month.

Financing Amounts

Those that are looking for complete financing for their business’s equipment will be relieved to learn that leasing is drastically different from loans. Many times, when applying for a loan, you will be required to have a down payment that is equal to a portion of the item’s total value. However, when leasing equipment for your business, you can finance up to 100-percent of the item’s total value. This is especially helpful for small business owners that have limited capital to allocate towards equipment costs.

Approval

One of the biggest differences between leases and loans is the time it takes to receive funding after filing your application and getting approved for financing. Typically, it is not uncommon for loans to take weeks before they are approved. With leases, however, you are able to receive full funding in less than 24 hours after your application is approved. For this reason, leasing is a great way for small business owners to receive the funding they need without having to wait for weeks to become approved.

These are just a few of the reasons why leasing is typically more suitable for small business owners that are looking to get funded quickly. If you would like to learn how you can receive funding for your business, or would like to view every industry that we serve, simply visit our website today and click the “Apply” button! To speak with one of our friendly team members today about submitting your equipment lease application with Lease Genie, simply call 402-281-9830 to get started.

THE BENEFITS OF EQUIPMENT FINANCING IN THE MIDWEST

The Benefits of Equipment Financing in the Midwest

Whether you are brand new in business or have been around for many years, figuring out how to buy or upgrade the equipment to keep your business growing can present a significant challenge. In many cases, equipment leasing can provide the solution you’re been looking for. If you have not considered the possibility of equipment financing for your Midwest small to large business, consider the following benefits:

Increases Your Cash Flow

Cash flow is the lifeblood of your business. If you do not have enough cash, you run the risk of not being able to make payroll, not being able to pay rent, or not being able to take care of your vendors or suppliers. With this in mind, it makes sense that you don’t want to have thousands of dollars tied up in your equipment. When you lease your equipment as opposed to buying it outright, you are able to make affordable monthly payments that fit into your budget, instead of coming up with a huge down payment that could be used in other areas.

Can Save You Money on Your Taxes

Section 179 of the tax code allows you to deduct the amount you spend on your equipment lease from your business taxes. The amount you deduct may even exceed the amount you spent on the lease payments throughout the year, making equipment leasing a win in every sense of the word.

Makes it Easier to Upgrade Equipment

When you shell out thousands of dollars on a piece of equipment, you can get pretty attached and end up using it far longer than you should. Old outdated equipment harms productivity and employee morale. When you lease your equipment, it’s easy to upgrade equipment without the hassle of selling old equipment or saving enough money to buy newer equipment outright.

Easier to Obtain Than Bank Loans

Having less than perfect credit can be a big hindrance for business owners who want to obtain equipment for their company. Lease Genie works with ALL credit qualities, accepting “A”, “B”, and “C-challenged” credits, offering bank rates without the bank hassle. Rest assured, Lease Genie has a lease program for any company, making it possible to have the best equipment for your business.

 

Do you have a business that is need of new equipment? If you’re experiencing credit issues or just want to make sure you have enough cash flow to keep your business running, your business should consider equipment leasing. If you have any questions about our leasing programs, please feel free to reach out!

Increase Sales by Offering a Payment Option to Your Clients

Why do business owners get frustrated with the complexity of offering finance programs to their customers?

  • Lots of paperwork
  • Bait and switch lenders
  • Customers being turned down
  • It can take a really long time to get paid

But the advantage of offering payments to customers is a key ingredient to success. With more than 90% of all small business equipment being financed, you HAVE to offer financing. But that doesn’t mean you have to be the expert in it.

OUTSOURCE!

Great finance people simply do it all for you. They handle the application, the financial and credit conversations, the documentation and paperwork, offer fast approvals and fast funding. They only win when you win, so they are ultimately motivated to make sure you and your customer are happy.

AN IDEA TO MAKE YOUR LIFE EASIER:

Consider a simple finance web landing page– yourcompany.com/finance or similar—that introduces your customers to financing. This lets them…

  • Calculate payments
  • Learn about financing and its benefits
  • Begin an application
  • Connect with your finance people

You are notified if a prospect fills out a form and your finance partner can keep you updated on the progress of the opportunity. This allows prospects to get comfortable with the concept of financing at their own pace without a hard sell. All you have to do is tell them you offer competitive financing and simply send them to the web link.

WE’RE HERE TO HELP

At Lease Genie, we believe in real partnerships and are happy to provide a secure online application branded to your company, at NO charge! We offer vendor finance programs for dealers that keep things downright uncomplicated. Contact us today to learn more.

5 Questions for Small Businesses Seeking Equipment

equipmentAre you a small business?
Are you looking to lease and finance equipment to help your business operate and grow?
Here are 5 questions to ask yourself so you can get started leasing or financing equipment to your strategic advantage:

How will you be using the equipment and how long will your company need it?

Perform a simple cost/benefit analysis by comparing the anticipated costs to the revenue you expect to generate from using the equipment.

Does your equipment finance partner understand your business?

It is beneficial to work with an equipment leasing and finance company that understands your particular market. It is also important for the company to understand your business’s tax and cash flow requirements and be able to set the residual rates. Your equipment financier can also serve as a valued consultant.

Have you calculated your total payments and costs?

Review the number of payments you will owe, the total monthly payment due and any additional costs related to insurance, taxes and other charges. Also, find out if there are costs associated with the lease or finance transaction that may occur during the course of the agreement term, including late payment fees and other surcharges.

Do you understand the terms of your agreement?

Review the provisions of the agreement with your equipment finance company representative. Make sure you understand your company’s liability and consider questions such as:

  • Who will assume the costs for the equipment’s insurance, taxes and maintenance?
  • Who is responsible for installation and maintenance cost?
  • Can you upgrade or add equipment under this agreement?
  • What are your options at the end of the lease agreement?
  • What procedures must you follow if you choose to return the equipment?
  • Are there any extra costs at the end of the agreement?

Close the deal.

Once you have answered key questions and determined that equipment leasing or finance can benefit your company, start enjoying the benefits

Understanding Hard vs. Soft Credit Checks

In today’s world, credit checks (also commonly referred to as “inquiries” or “pulls”) are commonplace, and we don’t always consider the pros and cons of letting lenders look into our reports. Understanding the difference between a hard and soft check can make all the difference.

Hard inquiries remain on your credit report for two years and are a sign that you are actively seeking new credit. While, soft inquiries aren’t visible on your credit report (except to you) and don’t impact your credit score and stem from a variety of causes.

When are Hard Inquiries necessary?

  • Opening an insurance policy
  • Applying for a mortgage, credit card or loan
  • Opening a checking account
  • Joining a credit union
  • Applying for utilities, such as cable, phone, gas or an electric account
  • Renting a car (particularly when you pay with a debit card)

When are Soft Inquiries necessary?

  • When you are pre-approved for a credit card (you typically will receive an offer in the mail)
  • Starting a new cell phone contract
  • Starting a new job (employer credit check)
  • Using a bike share program
  • Applying for an apartment
  • Working with a financial education organization (such as ClearPoint) who may pull your credit to provide personalized advice for you

At the end of the day, credit report pulls are common practice, but they do have an impact. To limit the negative effect of hard inquiries on your credit, try to avoid unnecessary credit accounts and be strategic when you shop for an equipment lease or working capital loan. Next time you’re asked to authorize a credit pull, be sure to ask what type it is, and move forward only if necessary.

To learn more about financing options for your business, contact Lease Genie today.

6 Reasons to Choose Equipment Leasing over a Loan?

In a world of ever-decreasing human interaction, why would someone seek the help of an unfamiliar leasing company when their local banker calls them by name? We’ll tell you why:

  1. Many banks often require the individual or business to have a non-interest-bearing secured reserve of 10 to 20 % of the loan amount. This is called the “compensating balance”. What this means is the advertised low interest rate is in reality often 2 to 3 times the quoted percentage. Why is that? It’s because banks are actually only lending you 80 to 90 percent of the money, while you provide the rest.
  2. Banks typically have a lengthy application process, and require personal and business financials, just to begin the funding/loan application process.
  3. Banks will generally file a blanket lien against all of your assets, not just the equipment you are financing. Leasing companies, on the other hand, will file a UCC against the single asset being leased.
  4. Banks will rarely finance the soft costs of installation, freight, or software. These are considered non-tangible assets and therefore, cannot be financed by a bank.
  5. A loan from a bank is often depreciated over 5 to 7 years. Depending on the lease structure, the equipment lease is normally a capital lease and can be 100% expensed. Lease payments, for the same equipment, are treated as a business operating expense, so there is no depreciation schedule to worry about.
  6. The Federal government regulates banks and that limits creativity, risk, and responsiveness when approving a loan. A bank’s approval process is historically slow and cumbersome.

Lease Program advantages:

A lease program’s credit approval and funding is generally done within hours for approval and funding within one or two days, with few financials or paperwork requirements. All costs including delivery, installation, training, hardware and software and services can be included in the lease. Tax advantages vary with the lease structure, so it is best to confirm these with your accountant.

David Craig, President of Lease Genie stated, “No matter what the customers’ unique financing requirements might be, such as progress payments, step-up payments, “soft” or intangible cost of training, installation, and software, Lease Genie can help. We will work with both the end-user and/or equipment vendor and are able to finance all the costs associated with the equipment.”

This important choice of loan versus lease should be based on your business’ requirements and circumstances. Lease Genie will take the time to get to know you and understand your business goals and objectives, and recommend a workable lease solution toward meeting your business goals. To inquire about how to get started, visit www.leasegenie.com/offer

How Do You Calculate Interest Rate?

This can be a burning question among many people including business owners. We put this together to help you break it down into pieces to make the process a bit simpler.

Can I find the interest rate amount on my loan paperwork?

  • You might find it on the note, next to the principal amount.
  • Usually the amount of the pre-computed interest can appear on installment loan documents. However, the lease document does not show the equipment cost or the interest rate.

When a loan is booked, the lessee books the equipment cost as registered as a capital equipment purchase. The equipment is depreciated under the Modified Accelerated Cost Recovery System (MACRS).

So how do I determine the equipment cost, and the interest rate in a Capital lease with a bargain purchase option?

GAPP has provided a procedure to determine these numbers:

  • First discount the lease payment (or rent if you prefer) at the incremental bowering rate (IBR) (average cost of money over like term on secured transactions) to determine the net present value (NPV) of the rent stream.
  • Then they subtract the NPV from the total rent to determine the interest.

If you discount the rent at your IBR, then the interest will be equal to the IBR. On occasion if the lessor’s actual return is higher than the lessees IBR it will become part of the NPV not the interest rate.

Here’s an example:

Consider a $100,000 loan at 10% over 60 months with payments of $2,124.70 in arrears. The equipment cost is clearly $100,000, and the total interest is $27,482.26. Now we will price a lease with a $1 purchase option with a $100,000 at 12% over 60 months with payments of $2,202.42 in Advance. The lessee would discount the rent of $2,202.42 at their IBR at let’s say 9%. The discount would yield a NPV of $106,893.76. This amount would be booked as the equipment cost, and after subtracting this cost from the total rent the interest would be $25,251.44 reflecting a 9% rate.

More questions? Submit your info here or shoot me an email david.craig@leasegenie.com