Monitor

Concern Rises as Small Businesses Borrow from Unregulated Online Lenders

by Industry News

DEC 31, 2019 – 7:00 am

The Wall Street Journal reported that small businesses continue to borrow from unregulated online lenders, raising concerns about “sky-high” rates and other costly terms.

In 2019, one-third of small businesses applied for a loan, up from 19% in the previous year, according to research from the Federal Reserve.

The Journal reported that tech-enabled lenders are meeting the needs of small businesses that banks are unable to serve, but often at the detriment of the borrowers who are often unable to repay their debts.

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READ:  There are Equipment Leasing Finance Companies, and There are Partners

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There are Equipment Leasing Finance Companies, and There are Partners

by AccoladesCompany News

If you’re a business owner with an equipment lease on the horizon, it’s in your and your company’s best interest to not only perform due diligence, but to choose an equipment financing partner for your lease, not just any provider.  

More often than not, your equipment can make or break your business in terms of growth and productivity, and the company that you choose to work with regarding financing the lease for that equipment should not only be reputable, but also a true partner in your success. 

At Global Financial & Leasing Services (GFLS), we value our clients, and we do everything within our power to their businesses grow and thrive. We truly exist to help our clients achieve their short- and long-term goals.

Our clients’ proudest business moments are our proudest moments. Take clients in the medical industry, for example…

“You are the best…so understanding of the complexities of this crazy industry, and compassionate enough to work with people in difficult circumstances.”

 J.H., Medical Vendor Rep

 “Thank you so much for all of your help and incredible speed. This new piece of equipment will be a game changer for my business. No one within 250 miles of me has one. I will crush my competition!”

D.W., Discovery Ultrasound

Medical equipment is expensive and technology advances at a rapid pace, which makes financing medical equipment leases popular with healthcare practice leaders. GFLS partners with medical professionals, both human and veterinary, to finance critical medical equipment leases. With essential or novel equipment, medical practices can attract patients and grow more quickly.

“I certainly appreciate all the effort and hard work that you put into our customers. Your dynamics show us even when the financial situations are shaky that you still come through with positive outcome.”

S.S., Medical Vendor 

“Not your average lender! Judi and her staff were very professional and prompt in helping us to grow our company. Very fair and willing to work with us through the entire purchase and assured that all vendors involved had fulfilled their orders and met my needs. We look forward to a long and successful partnership with Global Financial.” 

R.P., Pennington Designs

When it comes to your business, you put your heart and soul into it—not to mention time, energy, and money. That’s why it’s so important to work with those who will be more than just a leasing provider.

At GFLS, we understanding the nuances and needs of the industries in which we finance equipment leases. We always go the extra mile when needed to see our clients as more than their credit score, and we provide opportunities for those who have heard the word “no” a lot. That’s what makes us more than an average equipment lease finance company. We’re also a business partner to those who want to finance an equipment lease, build their company and gain an advantage (or at least keep up) with their competition. 

If you’re looking to finance an equipment lease, talk to us about being your business partner. Get started growing your business today by filling out our application.

 

A calculator on financial chart, financial concept.

Understanding Property Taxes on Your Leased Equipment

by What about Taxes?

No one enjoys paying property taxes on their leased equipment or otherwise. But, business owners do enjoy the impact that the equipment has on their productivity, efficiency and sales. If your company leases equipment, you may be wondering who’s responsible for paying the property taxes on it and if there is anything else you should know about the process. The following information is important for Global Financial & Leasing Services (GFLS) clients to know.

Who pays property tax on leased equipment?

The one whose name is on the agreement or as the owner of the business leasing the equipment is responsible for the property tax payments on the leased equipment.

However, the company you’re leasing from will be the middleman. For example, if you lease from GFLS, we receive the tax bill and pay it—and then you would reimburse us through a debit transfer from your bank account.

The reason that GFLS receives and pays for the bill directly is because we are the legal owner of the equipment being leased. This means that we’re responsible for reporting it to your local taxing jurisdictions and ensuring it’s paid on time, which brings us to the due date.

When are property taxes due?

Each state’s property tax due date is different, so it’s a good idea to verify the deadline in your state.

When GFLS receives the tax bill for the equipment you’re leasing, our team will send a copy of the bill to you at the address we have on record. We also will remind you that the tax amount will be deducted from your bank account.

Because we initially pay the property tax bill, you benefit from a little extra time. Having a few extra days to make that payment can make a big difference for a business owner and his or her cash flow. We also offer payment plans so that you don’t have to reimburse the entire bill to us at once—you can pay incrementally, which can reserve cash for your business.

Should my accountant be involved?

Sure! Although who pays property tax on leased equipment is clear, it’s important to many business owners for their accountant to be aware of and on the same page about all things financial.

As the property owners, we will set up, process, and post all property tax accounts and bills—so your business accountant won’t be doing this; we will. This cuts down on your accounting expenses because if you had to pay the property taxes directly, you would have to pay for your accountant’s time.

What other details will I be given?

When it comes to taxes, clarity and organization are key. That’s why we not only notify you about the property tax; we also verbally review the lease agreement with you so that there are no surprises about property taxes or otherwise.

Why is a responsible equipment leasing provider so important?

We know that your equipment is important for your business, and so is paying property taxes correctly and promptly on it. We take this responsibility very seriously, and we want you to know that we always pay on time.

At Global Financial & Leasing Services, we are happy to answer questions you may have about property tax on your leased equipment. Our goal is to make the tax-paying process as smooth and stress free as possible!

GFLS-12-11-18

Here We Grow

by Company News

GFLS, a Leading Equipment Leasing Finance Company, Moves to a New Scottsdale Location

Last October, Global Financial & Leasing Services (GFLS) hosted an open house at our new, larger Scottsdale location. More than 150 guests, including past and present clients, board members and fund investors attended the event hosted by GFLS’s employees, and owners, Jim and Judy Jenks, and Sean Duffy. Attendees enjoyed appetizers, beverages and raffle prizes.

For many companies, relocating to a larger space means that their business has outgrown its current location. For GFLS, the need for a larger office reflects our business is growing, too. However, our growth is a direct result of our clients’ business growth.

As a leading provider of equipment financing, our business IS helping our customers grow theirs, whether they’re small and mid-sized companies, startups or business owners with credit blemishes. The two are directly linked.

When the GFLS team can help business owners obtain the financing they need for leasing equipment essential to their services or product, they can expand into new areas, stand against competitors, make strides in efficiency and improve productivity—and in the end, boost their sales revenue.

GFLS works with equipment vendors and business owners in various industries, including:

  • Healthcare and Medical
  • Construction
  • Restaurant
  • Machinery and Manufacturing
  • Printing
  • Logging and Forestry

The equipment leases that GFLS finances in these fields are often a sizable investment with the potential to take a business to the next level. Typically, GFLS’s clients struggle to find the funding they need for new or used equipment due to tighter regulations and stricter requirements in traditional banking institutions. The Great Recession practically shut out many people without “A-type” credit from the equipment financing market. GFLS was created in 2009 to give those without perfect credit an option.

READ: Nearly 8 in 10 End Users Acquire Equipment Through Financing

As clients celebrated GFLS’s new location during the open house, they also were celebrating their own business successes and growth. The GFLS team takes pride in helping clients finance the leases for the equipment they need to grow. And, when it’s to a larger space, all the better.

Though GFLS’s address has changed, our motto, “When Other Lenders Say No, We Often Say Yes” is the same as it’s been and always will be no matter how often we outgrow our office space.

Contact the GFLS team to find out more about how we help business owners, who otherwise would be turned down by banks, finance equipment leases.

business-equipment

ELFF: Nearly 8 in 10 End-Users Acquire Equipment Through Financing

by Industry News

According to the 2019 Equipment Leasing & Finance Industry Horizon Report released by the Equipment Leasing & Finance Foundation, approximately 79% of businesses rely upon financing for at least part of their equipment and software purchases.

In a recent article, Monitor Daily summarized the 2019 report, which gives key industry performance data as well as a detailed analysis of recession risk.

You can read the full article from Monitor Daily here, and view the 2019 Equipment Leasing & Finance Industry Horizon Report released by the Equipment Leasing & Finance Foundation here.

Wood processing factory

The Role of Financing in the Forestry & Logging Industry

by Benefits of LeasingIndustry News

Although wood is used for a wide variety of products (crates, boxes, paneling, cladding, furniture, guitars, drum shells, frames, sports equipment, ladders, firewood, windows, doors, cabinets, shelving, and entire homes), and it seems as though construction is going on constantly, the logging industry can be surprisingly slow at times. And, when the demand for wood becomes too slow, many logging business owners find themselves having to sell equipment or are unable (financially or logically) to renew their logging equipment leases.

But, like any industry, the demand for logging goes up and down. There is seasonality to need, and when need becomes high, logging business owners can find themselves scrambling to find logging equipment again.

Having proper logging equipment such as delimbers, harvesters, loaders, logging trucks, processors, excavators, feller bunchers, forwarders, skidders, yarders, etc. is extremely important to a logging business if it is to meet demand regardless of market fluctuations.

The problem some logging company owners who need equipment when demand is high is that when the industry picks up again, they may run into problems when trying to secure leasing. Reasons could involve lack of longevity in business or not having the data and information that most leasing or lending companies or big banks require.

READ: What Lenders Want to See in a Business Plan Before Approving Your Equipment Financing Application

However, it’s possible to get lease financing for logging equipment if you know where to look.

Companies, like Global Financial & Leasing Services (GFLS), help owners of small- to medium-sized logging businesses acquire leasing for logging equipment in order to meet their customers’ needs when the demand for wood is high. Whether you need just one piece of machinery or a whole new fleet, lease financing for logging equipment is often the wisest choice because you can use the leased equipment to make a profit, which can amount to far more than the lease payment itself. If you purchase the equipment outright, your cash will be tied up in it.

With lease financing for logging equipment, business owners have the machinery to do the jobs without committing to a big purchase, and can change the equipment out for newer models when necessary, which will help them surpass their competitors who may be operating with older, less productive equipment that can become more expensive to operate in terms of maintenance.

Whether you’re looking to lease just one piece of logging equipment, you want to replace outdated or broken machinery, you want to expand your operations, or you want to get your hands on a new piece of equipment to have an advantage over your competitors, lease financing for logging equipment is a great way to obtain essential equipment while maintaining cash reserves.

At Global Financial & Leasing Services, we have expertise in the field of logging and forestry equipment financing, and we would love to help you start or expand your business. With us, you don’t need to provide a large down payment, and we are known in the industry for working with business owners who have a less-than-perfect credit.

If you’re interested in lease financing for logging equipment, please don’t hesitate to contact us.

Feller-Buncher

Financing for Feller Bunchers

by Industry News

When it comes to highly productive felling machines, feller bunchers are at the top of the list because they work well in thinnings and clearcuts. Plus, compared to manual felling, feller bunchers offer better control when felling trees, which can minimize residual stand damage.

What dictates the size of feller buncher that would serve your company’s demands (and how much financing for feller bunchers you will need)?

  • The type of forestry work your company is doing
  • Your productivity goals
  • Where you are going to use it
  • The impact on surrounding area

As one of the most practical logging machines, a feller buncher has the ability to cut multiple trees at the same time or in a row, gathering them up like a bouquet of flowers. A feller buncher can do this before the group of trees ever hit the ground—literally gathering up a “bunch.” This obviously saves your company a lot of time and energy (and therefore, money) because it makes the process go faster than gathering one tree at a time.

A feller buncher also is efficient for clearing wide areas of growth because it grabs the trees, saws them from their base, and stacks them in a manner so they can be more easily loaded onto a forwarder.

Because a feller buncher is practical and efficient, logging companies that have one or a fleet of them can gain a competitive advantage in the marketplace. However, feller bunchers are a hefty investment. According to numbers released by the U.S. Forest Service, hourly productivity ranged from 428.9 to 2267.7 ft3 per productive machine hour (PMH) for the feller buncher and 178 to 2186 ft3/PMH for the top/delimber. Hourly costs were estimated to be $99.68/PMH for the feller buncher and $28.23/PMH for the top/delimber.

Purchasing a feller buncher outright ties up a significant amount of your company’s cash. But not to worry. Lease financing for feller bunchers is a very popular option for logging and forestry business owners. And, you don’t even have to have excellent or even very good credit.

READ: You Need to Package Your “Story”

By financing instead of buying this critical piece of logging equipment, you can take advantage of its abilities without committing to the expensive outlay that purchasing requires. Working with a company, such as Global Financing & Leasing Services (GFLS), is a means to add a feller buncher to your equipment fleet and begin benefitting immediately from improved processes and productivity.

In addition, your cash can be reserved or budgeted for other important business objectives like hiring skilled labor, training, marketing and such.

Maybe you want to replace your outdated or broken feller buncher, move into a new area, or get a logging or forestry business off the ground. Whatever your business goals, lease financing for your feller buncher couldn’t be easier with GFLS.

We are experts in lease financing for feller bunchers and other logging and forestry equipment for small- to medium-sized businesses. If you are looking for a new feller buncher and you need to secure financing, you will appreciate our expertise with both tracked and wheeled machines.

In most cases, we don’t require a down payment, and we have a long history of helping business owners who have less-than-perfect credit. If you’ve had trouble getting financing from a bank or other lender, we may be able to help you.

As you build or expand your logging business, we have you covered when it comes to lease financing for feller bunchers and any other logging machinery. Please contact us today to learn about your lease financing options.

printing-equipment

How to Find the Right Financing in the Printing Industry

by Industry News

Nearly every type of business requires printing of some kind at some point, and there is no lack of options both brick and mortar and online print shops. Printing is a dog-eat-dog industry with customers won and lost on pricing and capability. Perhaps nothing is more important to a printing company’s survival is having the latest, most cutting-edge printing technology in order to stay competitive with other print shops.

However, if your presses aren’t able to print large-scale, high-volume, high-quality, commercial color items, then you simply won’t be able to take care of your customers’ needs—and that has led many printing companies to close their doors. Make no mistake. Companies are hyper aware of the “noise” they’re fighting against for attention whether they’re B2B or B2C. And, they insist on partnering with printing companies that have the solutions to help them stand out.

Adding state-of-the-art printing equipment is never a cheap proposition, and they represent one of the biggest expenses that printing company owners face.

Because of this, one of the main challenges that many print shop owners have to deal with is securing financing to get printers and other equipment. When it comes to lease financing for printers, a company like Global Financial & Leasing Services is ideal because we provide a variety of financing options to help owners acquire the printing equipment they need.

Lease financing for printers means that you, as a business owner, can stay on top of any new printing technology and offer it to your customers without investing cash reserves on it. You’ll have the opportunity to test out the newest equipment and see if it will benefit your print shop and customers without the long-term commitment of purchasing it. Offering the newest printing technology (such as 3D printers) will give you a huge advantage over your competitors.

It also means that you’ll cut down greatly on maintenance and supply costs because you won’t need to worry about excessive wear and tear on your equipment. You can simply upgrade older printers for new, more high-tech versions every few years.

By using lease financing for printers and other machines, your customers will be able to count on you to provide what they need for all their printing jobs, including digital printing, 3D printing, labeling, packaging, and more.

A problem that crops up with many printing business owners is that conventional lenders often have very strict underwriting guidelines. This means that it can be extremely difficult to get a loan from them.

In cases like this, help from a lender like Global Financial & Leasing Services is perfect, because we specialize in helping small- to medium-sized printing company owners with less-than-perfect credit scores.

Whether you’re opening up your first print shop or your current printing equipment is no longer meeting the needs of your customers, consider the benefits of lease financing for printers from Global Financial & Leasing Services to update your operations. Even if you’ve had bad luck in the past securing financing to lease equipment from big banks, we can help.

If you’re interested in lease financing for printers and other equipment for your print shop, please contact us at Global Financial & Leasing Services to learn more or get started today by filling out a credit application.

3d printer has printed model of an apple.

3D Printer Financing for Businesses

by Industry News

From the biggest corporations to the smallest startups, it seems like every business is harnessing the power of 3D printing to expand their offerings, not to mention their market share and sales.

Who would have ever believed that so many items could be printed in 3D, including clothing, musical instruments, equipment parts, food, and even a car. Companies are certainly taking advantage of the incredible 3D printers that have the technology to make almost anything.

3D printers are being used to make new products and improve on existing ones, and it’s becoming more and more mainstream. Just look at General Electric (printing fuel nozzles), Nike (cleats), Hasbro (toys), Ford (engine covers), Boeing (air ducts and hinges), and Hershey’s (chocolate). In 2015, the first 3D-printed car was unveiled.

Many industries are getting on board with 3D printing, including the medical, architectural, jewelry, food, toy, fashion, and automotive industries. And smaller businesses are no exception. Small- to medium-sized startups have also jumped onto the 3D printing band wagon. These companies do everything from creating prototypes to making jewelry and toys to printing miniatures for films.

In fact, it’s been predicted that in 15 years, 85% of all businesses will be using 3D printing in some way or another.

With all this said, it’s no surprise that 3D printing has elevated the printing industry to the next level. With no signs of 3D printing going anywhere anytime soon, if your business does any sort of printing and could progress by incorporating a 3D printer, you should most definitely determine how to add one to your arsenal, as well as how to pay for it.

Financing a 3D Printer as the Next Step in Business Growth

Having a 3D printer at your business will help either with your own products or your customers’ products. Either way, having this cutting-edge technology will both further your operations and give you a leg up over your competitors who are slower to adopt this technology.

Of course, high tech, top-quality 3D printers and equipment are not cheap. But don’t let this stop you as with all technology the prices for 3D printers eventually will come down. Plus, you don’t have to own one to profit from one—you only need to have access to one.

READ: Why Put Profit Above an Equipment Lease Payment

This is where lease financing for 3D printers can help. By leasing a 3D printer, you’re gaining critical technology that is key to the future compared to making a monumental investment if you were to purchase it outright. As 3D printing technology improves, financing a 3D printer lease offers a convenient way to upgrade more easily versus owning the printer.

No Stranger to the Printing Industry

At Global Financial & Leasing Services, we offer special lease financing for 3D printers that includes the printers, CAD software, scanners, 3D modeling software, and any materials you may need (such as plastic, glass, metal, and ceramics).

Whether you’re replacing older 3D printing equipment or investing in it for the first time, Global Financial & Leasing Services can help. We can provide lease financing for 3D printers that minimizes costs, while maximizing your return.

We have expertise in the field of lease financing for 3D printers for small- to medium-sized businesses, and we would love to speak with you. We don’t require any down payment, and we specialize in helping business owners who have less-than-perfect credit.

If you’re interested in lease financing for 3D printers and other equipment, please contact us at Global Financial & Leasing Services to learn more.

packaging-equip

The Longevity and Retooling of Packaging Machines

by Benefits of Leasing

Packaging EquipmentWhen you think about it, basically everything that consumers purchase comes in a package…and those packages were shipped in a package, and those packages most likely came in even bigger packages at one point.

The packaging industry affects nearly every other industry in one way or another, at some time or another and so it makes sense that packaging is considered to be the third-largest industry in the world. 

More Efficient

Packaging machinery makes unit production much more efficient. When you have a packaging business, every millisecond counts—and with the right machinery, production that may take one minute can be decreased, making profit increase. In other words, the quality and efficiency of packaging machinery generates or eats away at revenue.

As technology improves, it’s important to keep in mind that this valuable machinery must be kept updated.

Manufacturers of packaging machinery often upgrade this equipment to be even better, faster, and more efficient, which means that the companies that use that equipment will be better, faster, and more efficient as well. Upgrades mean that “bugs” are worked out of the machines and that improvements are made. Plus, packaging industry customers change formulas or packaging needs, which can require upgrading or retooling systems.

When a business is either being built or modernized, one of the most important elements of the budget planning is the packaging machinery’s lifespan. With the right equipment, a new packaging company can be thriving within a few months, and an established one can take production from good to the best.

Packaging machines are often necessary to the growth and progression of a company, because a company can grow with the upgrades. This is what makes them great candidates for financing: they can help a company generate revenue as they are being paid for.

READ: Why Put Profit Above an Equipment Lease Payment

Lease financing for the packaging industry has helped many companies because instead of buying packaging machinery outright up front, the machines can be financed and the extra money can be put into the business.

The first step is to determine what packaging machinery is needed (or will be needed for an upgrade), and then set up lease financing for your packaging industry business with a reputable lender who will help you determine the best plan for you. 

At Global Financial & Leasing Services, we have expertise in the field of packaging machine financing, and we can guide you in the right direction. We don’t require any down payment, and we specialize in helping business owners who have less-than-perfect credit.

If you’re interested in lease financing for the packaging industry, please don’t hesitate to contact us to learn more!