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Key Trends in Equipment Financing for 2024

by Business Advice

As we head into 2024, it’s essential to look forward to the trends shaping the landscape of equipment financing. This coming year is expected to bring exciting opportunities and challenges alike, as innovative technologies, evolving economic dynamics and new financing strategies intersect. (Oh, and let’s not forget it’s an election year, which tends to make people hold their breath until we know which parties control what.)

Trends effect most business owners in one way or another, but if you’re planning to buy or finance essential business equipment in 2024, here are a few trends to be aware of.

The Digital Frontier Continues to Revolutionize and Expand Financing

Expect to see an even more obvious digital revolution in equipment financing. Advancements in fintech are no longer just a convenience, but a transformative force. The adoption of sophisticated online platforms is slated to redefine the application process, making it more intuitive, faster and remarkably efficient.

This digital evolution goes beyond mere transactional changes; it’s about enhancing the very experience of securing financing, making it seamless for businesses of all scales, located anywhere.

AI and Machine Learning are Customizing Financing

Artificial Intelligence (AI) and Machine Learning (ML) are not just buzzwords; in 2024, they will become integral to personalized equipment financing solutions. These technologies will enable a deeper dive into a company’s unique financial landscape, offering more nuanced and tailored financing options.

For business owners with less-than-perfect credit histories, this could mean improved access to necessary funds, as AI-driven models provide a more comprehensive risk assessment. When choosing an equipment financing provider, AI and ML can help speed up the process, but nothing still outweighs the benefits of having a human review your story—someone you can talk to and work through your options with.

Green Financing: Aligning Equipment with Sustainability

Sustainability is no longer a choice but a necessity, and in some industries, mandated. In 2024 and beyond, we foresee a substantial shift towards green equipment financing. This trend is not just about meeting operational needs, but also aligning with broader environmental values. Financing options that cater to moving toward ecofriendly and sustainable practices will not only be popular but will also contribute to a company’s impact on the environment.

Given our equipment financing experience in the construction, logging/forestry and manufacturing industries, we’re seeing high demand for introducing new or replacing old equipment and gaining efficiency, productivity and energy savings.

Use the Power of Flexibility to Your Business’s Advantage

“Flexibility” is the keyword for 2024 in equipment financing. The economic landscape demands financing solutions that can adapt to the both the highs and lows of business, as well as global events, like we saw with the pandemic. Be it through adjustable payments, interest options or tailored equipment lease agreements, the ability to obtain financing customized to your needs will be important, particularly if you are managing the complexities of growth or a challenging credit score.

Again, gaining that power of flexibility depends on the type of lender you choose. Global Financial & Leasing Services (GFLS) provides equipment-financing solutions for a wide range of companies and a wide range of credits. We work with business owners who are often seeking to finance the equipment they need to launch, expand and/or grow their companies. Our customers include startups, emerging businesses, private equity-backed companies, “C” and “D” types, turnarounds and those with less-than-perfect credit. We specialize in making credit decisions based on an applicant’s potential. We see applicants as more than a credit score, and we look to uncover their value and create an equipment financing structure that will often work for them.

RELATED READING: The Role of Relationships in Equipment Financing Approval

Taking Advantage of Educational Opportunities to Become Financing Savvy

Perhaps more so than ever, becoming educated on equipment financing options is a competitive advantage for business owners. As options and strategies become more diverse, business owners who take advantage of resources and expert guidance can grow faster than those who do not. Understanding your financing options empowers owners to make informed, strategic decisions for their businesses’ futures.

At Global Financial & Leasing Services, we are excited for what 2024 will bring, offering our expertise and cutting-edge solutions to help you and your business thrive. If you’d like to learn more about equipment leasing and financing up to $1 million for an SMB, contact us.

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How GFLS Often Says “Yes” to Equipment Financing Applications When Traditional Lenders Say “No”

by Business Advice

In a world where securing the right funding can mean the difference between business growth and stagnation, Global Financial & Leasing Services (GFLS) stands out as a financing partner and path to opportunity. Since 2009, we’ve been pioneering equipment financing for small and medium-sized businesses, breaking down barriers that often hinder access to essential business equipment financing. Our mantra is clear: when other lenders say no, we often say yes.

A Veteran-Owned Company Offering Robust Equipment Financing Options

As a company proud of its veteran ownership, GFLS brings a unique perspective to the world of equipment financing. Our mission is to empower business owners, offering substantial funding ranging from $50,000 to a significant $5,000,000. This range demonstrates our commitment to supporting a diverse array of business needs.

Why Choose GFLS as Your Equipment Financing Partner?

At GFLS, we’re not just any lender. We’re a direct, story lender with an impressive variety of resources at our disposal. Our network, which includes over 200 private and public banks, allows us to offer financing solutions that many traditional banks cannot. We understand that every business has its unique challenges, whether it’s past bankruptcies, student loans, tax liens or less-than-perfect credit. Our approach is to work with you, not against you, in overcoming these challenges.

Our Simple and Effective Process for Obtaining Equipment Financing for Your Business

  1. Initial Consultation: Our process begins with a conversation. We dive deep into understanding your equipment needs, financial objectives and the specific nuances of your business. This initial consultation sets the stage for a tailored financing solution.
  2. Application and Tailored Solutions: With a comprehensive understanding of your requirements, we’ll guide you through our application process. Or, you can start it on your own here. We may request additional documentation, such as bank statements, financials or tax returns to ensure we have a complete picture. Our goal is to create a financing solution that aligns perfectly with your cash flow and overall credit risk, resulting in a manageable repayment process.
  3. Efficient Approval Process: Once we’ve tailored a solution that you’re comfortable with, our in-house credit committee takes over. Our efficient credit review and approval process are designed to minimize waiting times, quickly getting you a decision. If we receive your application and all the documentation we ask for, we often turn around a credit decision within 48 hours or less.

Learn more about how fast you can get equipment financing.

Unlocking the Potential of Direct Lender Financing

Don’t let funding limitations curb your business ambitions. With GFLS’s direct lending model, you gain access to significant financing, ranging from $50,000 to $5,000,000. This is your opportunity to unlock the potential of equipment financing directly from a lender that understands and supports your business goals.

Why GFLS Stands Apart from Traditional Banks

  • Direct Lender Advantage: Direct lending means quick decisions and more flexibility.
  • Personalized Service: We offer attentive, one-on-one service, ensuring that you feel supported and valued throughout the process.
  • Beyond Credit Scores: At GFLS, you are more than just a credit score; we look at the big picture of your business.
  • Support for Start-ups: We welcome start-ups, understanding the unique challenges and potentials they possess.
  • Diverse Equipment Financing: Most types of equipment are welcomed, allowing a wide range of businesses to benefit from our services.

In an industry often dominated by rigid lending criteria, GFLS has built a reputation as a direct lender that believes in the potential of every business. We are here to often say “yes” when others say no, offering you the financial support to move your business forward. Talk to one of our equipment financing experts and see the GFLS difference in equipment financing.

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The Future of Equipment Financing: Navigating New Trends

by Business Advice

In the last decade, the financial world has undergone a seismic shift, thanks to digital technology and fintech innovations. These changes have brought about easier access to financial services, improved efficiency and heightened security. Additionally, there’s been a notable increase in regulatory oversight, aiming for more transparency and better consumer protection. The rise of cryptocurrencies and advancements in AI and machine learning are reshaping investment strategies and risk management.

Despite these changes, equipment financing remains essential for companies aiming to start, grow, and innovate. This sector is evolving rapidly, influenced by technological advancements and changing economic priorities. For business owners, especially those with less-than-perfect credit, understanding these shifts is crucial for growth and seizing new opportunities.

Global Financial & Leasing Services (GFLS) Opens Doors for All Businesses

GFLS is at the forefront of ensuring that all businesses, including those traditionally hindered by credit blemishes, can benefit from these industry changes. By focusing on the unique needs of diverse businesses, GFLS can be your partner in accessing and maximizing the benefits of equipment financing. Our team can show you how equipment financing is more than just a way to fund business equipment—it’s a tool for achieving your business’s full potential.

The Blend of AI and Human Insight in Decision Making

The integration of AI in financial services has revolutionized how decisions are made, especially in credit assessment and risk analysis. However, in equipment financing, where every business owner’s story is important, the human touch is still vital.

GFLS exemplifies this blend of technology and human understanding. We consider your story beyond just a credit score. This approach is especially valuable for business owners with challenging credit histories, as it offers a more comprehensive view of their financial situation.

Key Trends Shaping Equipment Financing

  1. Digital Transformation: The move towards digital platforms and mobile applications is streamlining the application process, leading to quicker decisions and more transparency.
  2. Redefining Creditworthiness: Alternative and “story” lenders, like GFLS, are increasingly evaluating the overall health and potential of businesses, not just their credit scores. This shift opens opportunities for businesses with past financial challenges but strong business models and growth potential.
  3. Diverse Financing Options: The market is moving towards more flexible and personalized financing solutions, including leasing, pay-per-use models, and subscription-based financing.

Future Projections in Equipment Financing

  1. Blockchain and Smart Contracts: Blockchain technology will likely have a significant impact on equipment financing, streamlining transactions and contract management.
  2. Sustainability-Focused Financing: As environmental awareness grows, financing solutions that prioritize eco-friendly equipment will become more prominent.
  3. Customized Financial Solutions: The trend towards personalized financing will continue, offering solutions more aligned with individual business needs.

Navigating the Future: Tips for Business Owners

As a leader in equipment financing, our team is encouraging business owners to:

  • Embrace New Technologies: Adopt digital financing tools for efficiency but maintain personal relationships, especially with vendors and financial services partners, for tailored solutions.
  • Craft a Compelling Business Narrative: Your business story is vital in financing decisions for story lenders, like us. Highlight your business model, growth potential and the role of the equipment in your success.

Related Reading: How to Create a Strong Equipment Financing Application

  • Explore Various Financing Models: Be open to different financing options and understand how each aligns with your business strategy.

Looking Ahead: Equipment Financing’s Evolving Role

As equipment financing continues to transform, companies like GFLS, which prioritize understanding an applicant’s unique story, are leading the charge. For business owners, staying informed and adaptable is key to effectively using equipment financing for growth and success. In this new era, equipment financing is not just a financial tool—it’s a strategic asset that fosters innovation and growth.

GFLS is an established direct lender with the unique ability to finance almost any business seeking to acquire equipment. We have been providing equipment financing solutions since 2009 and have the ability to help business owners and startups who have been turned down by the banks. If you have any questions, please get in touch.

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How to Create a Strong Equipment Financing Application

by Business Advice

Securing equipment financing is a critical step for many business owners who want to expand, innovate or simply maintain their operations. However, obtaining that equipment financing can be difficult, especially if you’re a startup or have less-than-perfect credit.

Global Financial & Leasing Services (GFLS) is an alternative lender and our application process takes more than your credit score into account. No matter who you go through for equipment financing, you should always have a well-thought-out application ready that clearly communicates your needs, as well as and the benefits to the lender.

Here are a few pointers to create strong equipment financing proposal, including practical tips, essential elements to add and common pitfalls to avoid.

The Dos and Don’ts of Completing an Equipment Financing Application

The Dos

  1. Clearly Define Your Objectives: Start by clearly explaining why you need the equipment financing. What equipment are you looking to acquire, and how will it benefit your business? Be specific about how the equipment will contribute to your operations, enhance productivity or generate revenue.

  2. Provide a Detailed Cost Analysis: Lay out the financial specifics. Include the cost of the equipment, any associated implementation or training costs, and the expected return on investment (ROI). Being transparent about the numbers demonstrates financial literacy and helps build trust with the lender.
  3. Showcase Your Business’s Strengths: Use the application as an opportunity to highlight the strengths of your business. This could be your market position, your experienced team or your solid track record of revenue generation. Make it clear why your business is a safe and promising investment. Don’t ignore this section, even if you have less-than-perfect credit. Your story matters when working with an alternative lender, like GFLS.
  4. Demonstrate Repayment Capability: Lenders want to know that you can repay the loan. Provide comprehensive financial statements, cash flow projections and any other relevant financial information to demonstrate your business’s financial stability and repayment capability.
  5. Develop a Risk Mitigation Plan: Don’t forget to acknowledge potential risks. Do demonstrate that you have a plan to mitigate them. This could be market fluctuations, changes in technology or other industry-specific challenges. Showing that you have considered and planned for potential risks is a sign of a well-managed business.
  6. Communicate Effectively: Clarity is key. Ensure that your proposal is well-written, concise and free of industry jargon. Use clear headings and bullet points to make the document easy to navigate. Remember, the goal is to make it as easy as possible for the lender to understand your proposal and see the potential benefits.

The Don’ts

  1. Don’t Overcomplicate: Keep your proposal straightforward and to the point. Avoid the temptation to include unnecessary information that could distract from the main message.

  2. Don’t Underestimate the Importance of Presentation: First impressions matter. Ensure that your proposal is professionally presented, with no typos or grammatical errors. Use a clean, professional format and high-quality printing if submitting a hard copy.
  3. Don’t Be Vague: Vagueness can be a red flag for lenders. Be specific about your needs, your plans for the equipment and how you intend to repay the loan.
  4. Don’t Forget to Follow Up: Once you have submitted your proposal, don’t just wait for a response. Follow up with the lender to express your continued interest and offer to provide any additional information they might need. Keep in mind traditional lenders can take months to review and approve or deny your application. Our team reviews equipment financing applications and makes decisions in days versus weeks or months.
  5. Avoid Unrealistic Projections: While it’s important to showcase your business’s potential, avoid overly optimistic or unrealistic financial projections. Ensure that all claims are backed up with data and that your projections are based on reality.
  6. Don’t Neglect the Terms and Conditions: Be sure to thoroughly review and understand the terms and conditions of the financing agreement. Pay attention to the interest rates, repayment terms and any other obligations. Ensure that you are comfortable with the terms before proceeding. Don’t hesitate to ask questions if you’re unsure.

By following these practical tips and best practices, you can build a compelling case that showcases your business’s potential and demonstrates your ability to take on equipment financing.

Remember that preparation, transparency and effective communication are key. With a well-crafted application, you are one step closer to obtaining financing solutions that will support your business’s success. Global Financial & Leasing Services is here to guide you through the process, providing the support and expertise you want to get the equipment financing you need.

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Proactive Strategies for Managing Equipment Obsolescence: Using Equipment Financing to Stay Ahead of the Curve

by Equipment Financing

Technological innovation happens fast in today’s business world, quickly making equipment outdated and leaving companies scrambling to keep up. Equipment obsolescence is a pervasive challenge that impacts most every industry, affecting efficiency, productivity, and ultimately, competitiveness.

For business owners, it’s imperative to anticipate these changes as best they can and strategize effectively to ensure continuous growth and success. Let’s look at the intricacies of equipment obsolescence and how Global Financial & Leasing Services (GFLS) provides robust financing solutions to help your business stay ahead of the curve.

The Challenge of Inevitable Equipment Obsolescence

Equipment obsolescence is unavoidable, as technological advancements render older models less efficient and potentially obsolete. This change can impact various aspects of a business, from operational downtime to increased maintenance costs and lessened output quality. For businesses in highly competitive markets, the stakes are even higher, as failing to keep pace can lead to lost business opportunities and market share.

Being Strategic About Equipment Lifecycle Management

Effective equipment lifecycle management is critical, requiring businesses to assess, update and upgrade their tools and machinery on a regular basis. Being proactive ensures that operations hum along, and your company stays ahead of industry trends. However, this strategy can require a substantial financial investment, often creating challenges for business owners, particularly those with constrained budgets or less-than-perfect credit histories.

RELATED READING: Cutting-Edge Equipment for Business Advancement Through Lease Financing

Transforming Challenges into Opportunities with GFLS

GFLS helps business owners address these challenges with tailored equipment financing solutions that transform potential obstacles into opportunities for growth and innovation. Unlike traditional lender and big banks, we’re an alternative lender providing business owners of all credit tiers with the financing to obtain cutting-edge equipment and stay competitive.

Key Advantages of Partnering with GFLS to Combat Equipment Obsolescence

  • Capital Preservation: Our financing solutions help you to preserve your capital, so that you have funds available for other critical operations and investments.
  • Payment Plans: We recognize our clients’ diverse needs, so we work with you to create a payment plan that aligns with your company’s cash flow and financial structure.
  • Speed and Simplicity: In the fast-moving digital world, time is of the essence. Our streamlined application and approval processes ensure that you can access the financing you need. Our team works quickly, reviewing equipment financing applications and making decisions in days rather than the weeks or months it takes other financial institutions. In fact, the only thing that slows down our equipment financing credit decisions is missing or incomplete information on the applicant’s side.RELATED READING: How Fast Can I Get Equipment Financing?
  • Ensuring Competitiveness: With access to financing for the latest equipment, regardless of startup status or credit history, your business is better positioned to meet customer demands, improve operational efficiency and maintain a competitive edge in the market.
  • Sustainable Growth: Our equipment financing solutions are designed to support sustainable growth, providing you with the tools and resources needed to scale your operations and expand your business footprint.

The Only Constant in Life and Business is Change

Change is the only constant in life and business, so staying proactive in managing equipment lifecycle is crucial. GFLS is your trusted partner, providing alternative equipment financing solutions that help you stay ahead of the curve in equipment obsolescence and move your business forward. Contact GFLS today, and take advantage of how equipment financing can lead to innovation, growth and success.

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Beyond the Credit Score: Alternative Equipment Financing with Us

by Equipment Financing

Without perfect credit, finding a lender who’ll work with you on equipment financing can be an uphill battle, but it doesn’t have to be a losing one. At Global Financial & Leasing Services (GFLS), we take a more empathetic approach to evaluating your credit and approving applications for equipment financing.

We understand that your credit history doesn’t tell your whole story. Through a comprehensive and compassionate evaluation process, we look at various aspects of your business’s operations and financials to uncover the real story behind the numbers. GFLS, considered an alternative lender, is changing the game in equipment financing, ensuring that business owners of all credit backgrounds have access to the funding they need to grow their companies.

Related Reading: Tech Innovations: Cutting-Edge Equipment for Business Advancement Through Lease Financing

Traditional Credit Scoring Has Shortcomings

Credit scores have traditionally been the go-to metric for financial reliability. However, they can be rigid and unforgiving, not considering the unique challenges and circumstances business owners face. GFLS’s team recognizes that a credit score is a single chapter in your larger story.

A Holistic Approach to Understanding Your Business

At GFLS, we consider various factors to ensure a fair and accurate representation of your financial health and creditworthiness. Here’s how we do it:

  • Analyzing Cash Flow: Your cash flow tells a story of resilience and management savvy. We analyze your cash flow trends, knowing that stability and consistency can sometimes speak louder than a credit score.
  • Valuing Industry Expertise: Longevity and experience in your industry signify stability and expertise. We take stock of the years you’ve dedicated to honing your craft, acknowledging that your industry acumen is a vital component of your creditworthiness. On the other hand, we also work with startup business owners to fund their equipment purchases or leases. We believe being new to one business doesn’t mean you’re new to business ownership or managing financial responsibility.
  • Comprehensive Financial Review: We go below the surface, analyzing your business’s complete financial picture. From income and expenses to profitability, we assess facets of your financial performance to gain a true understanding of your fiscal health rather than make credit decisions based on a single number—a credit score.
  • Considering Collateral and Assets: Assets and collateral provide an additional layer of security and trust. We evaluate the resources at your disposal, since your assets play a crucial role in securing your equipment financing.
  • Assessing Customer Feedback and Reputation: Your interactions with customers paint a picture of your business’s integrity and quality. We might skim customer reviews and testimonials, understanding that a stellar reputation is a testament to your reliability and excellence in service. We note trends. No one can please all the people all the time. And one or a few bad reviews are expected business practice. In fact, GFLS received a bad review from a client who had us confused with another company with the same/close name.
  • Leveraging Personal and Business References: References offer a unique perspective on your business operations and reliability. We might consider both personal and business references as integral components of our holistic credit assessment.

Related Reading: With Small Business Loan Approvals Hard to Come By, Alternative Financing Offers Hope

The GFLS Advantage: Your Future Business Success Doesn’t Have to Hinge on Your Past

At GFLS, we are committed to breaking down barriers, providing equipment financing solutions tailored to your unique business story. Our approach to credit assessment ensures that you are not defined by your credit score, but rather by the potential and resilience of your business.

Your access to equipment financing should not be hindered by the constraints of traditional credit scoring. Explore the possibilities with GFLS, and partner with a financing provider that sees beyond the numbers. Contact us today and take the first step towards unlocking the equipment financing your business deserves.

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A Strategic Guide for Franchise Businesses on Mastering Equipment Financing

by Equipment Financing

Successfully navigating the complexities of franchise ownership demands a strategic approach, especially when it comes to equipment financing. Much like industries that are heavily regulated, such as healthcare, cannabis and construction, franchise businesses operate within strict frameworks, adhering to brand standards while striving to remain profitable and competitive.

Our team at Global Financial & Leasing Services (GFLS) understands the intricacies of equipment financing tailored specifically for franchise businesses, offering invaluable insights and strategies to align your equipment needs with brand requirements and growth goals.

The Franchise Framework: A Balancing Act

Owning a franchise means more than just managing day-to-day operations; it involves maintaining brand integrity through consistency and quality across all facets of the business. This extends to the equipment that powers your franchise, from kitchen appliances in a restaurant to computer systems in a retail outlet.

Each piece of equipment plays a critical role in upholding brand standards and delivering exceptional customer experiences. Ensuring that every upgrade or new equipment acquisition aligns with franchisor protocols is not just a legal agreement or brand compliance issue—it’s essential for business success. After all, part of the appeal of buying a franchise business is that the business plan and operations flow is already set, tried and true—turnkey map to success.

Understanding Equipment Financing in the Franchise Context

Franchise business owners face a unique set of challenges, like those in regulated sectors like healthcare and cannabis. Selecting the right equipment financing provider is crucial, as it requires a partner with a deep understanding of the franchise landscape. At GFLS, we bring our expertise and industry knowledge to the table, ensuring your equipment financing strategy is in perfect alignment with your franchise agreement and sales goals.

Specifically…

The right equipment financing partner can make all the difference. Look for a provider with a track record of working with franchise businesses, as they will have a better understanding of brand requirements and industry standards. At GFLS, our team is well-versed in the unique needs of franchise operations, providing tailored financing solutions that match your business objectives and brand guidelines.

Just as industries such as recycling and construction require adaptable equipment solutions to navigate ever-changing technology and regulations, franchise businesses need financing options that support scalability and growth. Our financing solutions are designed to provide the flexibility required to upgrade or add equipment as your franchise evolves, all while ensuring terms that support your business’s financial health.

Franchise operations come with a set of brand standards that must be adhered to, including equipment specifications and supplier requirements. It’s imperative to choose a financing provider that understands these standards and can work seamlessly with your equipment suppliers. Our team at GFLS ensures that every equipment financing plan we provide aligns with your franchisor’s specifications, maintaining your business’s compliance and enhancing operational efficiency.

Recognizing the distinct equipment financing needs of franchise businesses, we offer specialized solutions to cater to a wide array of industries. From cannabis, recycling/waste and healthcare to transportation and restaurant franchises, our financing plans are tailored to meet your specific requirements, ensuring that you have the resources needed to thrive in your area.

Equipment Financing for Franchise Owners in a Nutshell

Franchise ownership, while rewarding, requires strategic planning and informed decision-making, especially when it comes to equipment financing. At GFLS, we help empower franchise business owners with the knowledge, flexibility and customized solutions needed to drive success. Our equipment financing options are designed to align with brand standards, support growth and provide the financial agility needed to adapt to your business landscape. Contact us today to get started on your journey to strategic equipment financing.

Navigating Regulatory Challenges: Equipment Financing in Highly Regulated Industries

by Business AdviceEquipment Financing

In a highly regulated world, industries like healthcare, cannabis, recycling, construction and mining stand out. These sectors among others, which are legally required to follow specific regulatory frameworks, constantly grapple with the need to maintain compliance and the goal of remaining competitive and profitable.

The healthcare industry, for instance, isn’t just about providing care. It’s also about ensuring that patient data is protected, medical equipment meets specific standards, and that services are delivered within the defined protocols. Every upgrade or equipment addition becomes a matter of ensuring it fits within these defined boundaries, as well as helps deliver exceptional patient care.

Similarly, the cannabis industry faces changing regulations that can differ between states and the federal level. The right equipment, whether it’s for specialized lighting, extraction, transportation, packaging, cultivation, etc., is essential. However, it must be balanced with the ever-evolving compliance requirements.

The recycling, construction and mining industries have multiple health and safety, plus environmental rules and regulations guiding them. Of course, operations are key, but essential business equipment is important to keeping employees, the public and the environment safe. It’s a lot to stay on top of, even for those who’ve been in the industries for years.

Global Financial & Leasing Services (GFLS) can help you navigate the maze of regulations. Our equipment leasing services extend to a variety of industries, including:

  • Automotive
  • Cannabis
  • Construction
  • Forestry/Logging
  • Healthcare/Medical
  • Machinery/Manufacturing
  • Recycling/Waste industry
  • Restaurant
  • Titled Vehicles
  • Transportation Equipment
  • And, others

With our team’s knowledge on the ins and outs of regulated sectors, we have the ability to help you create a tailored equipment financing plan that meets your specific and general business needs. This isn’t just about the financial aspect. It’s about understanding that in a year or two, new regulations might render certain equipment unsafe, outdated or even obsolete. Financing equipment leases give you the agility to adapt without sinking too much capital into a piece of machinery that may not stand the test of time.

For businesses looking to ensure that they remain compliant while taking advantage of equipment financing, a few strategies can be beneficial. First and foremost, working with an equipment financing provider who is aware of your industries regulations is invaluable. The GFLS team can provide insights into whether the equipment in question aligns with current regulations. Also, open communication with your financing company is equally critical. You know your industry well, so share with us your business and regulatory requirements so that the financing terms and equipment options we provide are in alignment. And, for industries where licensing intricacies exist, like cannabis, every piece of financed equipment should be cross-referenced with license stipulations.

RELATED READING: The GFLS Guide to Smart Financing Equipment in the Cannabis Industry

Business owners with credit challenges also can benefit from applying for equipment financing from an alternative lender, like GFLS. By choosing to finance equipment, you can ensure that a significant chunk of your capital remains free, allowing it to be funneled into other critical areas like regulatory training or license renewals.

Even though healthcare, cannabis, recycling, construction and mining may be regulation-heavy, compliance, equipment financing and competitiveness aren’t mutually exclusive. With informed decisions, a partnership with a knowledgeable equipment financing provider, and a deep understanding of regulations, your business can have the best of both worlds.

Want to learn more? Let’s talk about the possibilities of helping your business grow with equipment that helps keep your company compliant with industry regulations. Or, get started today by filling out an online application.

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Tech Innovations: Cutting-Edge Equipment for Business Advancement Through Lease Financing

by Benefits of LeasingBusiness Advice

Technological innovations available today make integrating state-of-the-art equipment vital for companies to remain competitive and grow. But what about business owners, especially those with less-than-perfect credit, who face challenges accessing the financial support needed to add or update their equipment? Rather than risk being left behind, they are turning to alternative lenders, like Global Financing & Leasing Services (GFLS) to help them finance the cutting-edge equipment they need to compete in their markets.

What kind of technological innovations are we talking about here? Well, of course, you know your industry and business better than anyone, and some tech innovations are better suited for certain industries. But, in general the top innovations involve artificial intelligence (AI), robotics and renewable energy.

Taking Advantage of Three Technology Innovations

  1. Artificial Intelligence (AI): AI systems optimize supply chains, predict consumer behaviors and automate redundant tasks, thereby enhancing efficiency and competitiveness.
  2. Robotics: Bringing precision, speed, and consistency to the workplace, robotics in the manufacturing, recycling, construction and mining sectors can reduce errors, increase productivity, decrease costs and help alleviate workforce and hiring issues.
  3. Renewable Energy: Embracing renewable energy, like solar or wind, not only reduces operational costs, but also appeals to the increasing population of eco-conscious customers.

The Financing Conundrum

The most significant deterrent for business owners, especially those with credit hiccups, from integrating these technologies is the initial capital requirement. Traditional banks often have rigid lending criteria, rejecting equipment financing applications from business owners who don’t have an impeccable credit record.

Lease Financing Can Be a Solution to Obtaining Technologically Advanced Equipment

If you’re unfamiliar with the term lease financing; it involves acquiring equipment on lease for a specified period, at the end of which businesses can buy, upgrade or return the equipment.

GFLS is a lender specializing in financing essential business equipment. This means the equipment itself becomes collateral. A win-win for both parties: your business gets its needed equipment, while we’re able to approve more equipment financing loans. In fact, we started tracking application in 2017, though we were founded in 2009. We reached the $1 billion application mark in 2023 and in the same year are receiving 12% more applications on a monthly basis than we did during our record year in 2022.

RELATED READING: With Small Business Loan Approval Hard to Come By, Alternative Financing Offers Hope

Three Reasons Business Owners are Financing Their Business Equipment

  1. Flexible Terms: Lease financing’s payment terms make it easier for business owners to manage cash flow. Meaning, you know what payment to expect and can budget accordingly
  2. Up-to-date Technology: One of the most significant advantages of leasing is the ability to upgrade. As technology evolves even more, businesses can adapt without significant reinvestment.
  3. Preserve Credit and Cash: By opting for lease financing, business owners can keep other lines of credit open and preserve cash for different operational needs.

The Role of AI in Financing Decisions

Interestingly, AI can be instrumental in the financing world. Lenders using AI can get a comprehensive evaluation of a business’s financial health, considering industry trends, financial history and digital presence. Such insights can lead to more tailored and advantageous financing terms. However, the GFLS team finds AI can only tell part of your story.

RELATED READING: The Role of Relationships in Equipment Financing Approval

Build a partnership with a lender who makes credit decisions based on your business’s whole picture. While other lenders use an AI-assisted scoring model, GFLS also looks at:

  • Your business’s cashflow
  • Your time in business
  • The type of equipment for which you’d like to finance a lease
  • The reason(s) your credit is blemished

GFLS provides equipment financing solutions with no hard cap on the amount for a wide range of companies and a wide range of credits with no minimum FICO score requirement. If you have been shut out of the credit market, let our team peel back the layers of your credit history to reveal value and create a structure that will work for you. Ready to learn more? Let’s talk about the possibilities of helping your business grow with tech-driven equipment. Or, get started today by filling out an online application.

Accounting

Understanding Financial Statements: A Guide for Equipment Financing Applicants

by Business AdviceEquipment Financing

With many ways to finance essential business equipment, it requires more than just a basic understanding of your credit score to find the best lender for your needs, situation and goals. At the heart of every financing decision are financial statements—documents that reveal the financial health and operational status of your business. For lenders, these statements often tell a story beyond mere numbers or credit score, offering insights into a business’s viability and long-term sustainability. Therefore, it’s critical to master the basics of financial statements and their significance to your equipment financing application decision.

1. Income Statement (Profit and Loss Statement)

What is it?

The income statement provides a snapshot of your company’s profitability over a specific period. It showcases revenues (incoming cash from sales) minus expenses, resulting in either a profit or a loss.

Key Components:

  • Revenues: Money earned from sales before any expenses are taken out.
  • Cost of Goods Sold (COGS): Direct costs attributable to the production of the goods sold.
  • Gross Profit: Revenues minus COGS.
  • Operating Expenses: Costs associated with running the business, such as salaries, rent and utilities.
  • Net Profit: The bottom line, indicating the profit (or loss) after all expenses are deducted from revenues.

Why is Your Income Statement Important for Equipment Financing?

Lenders, even Story lenders like Global Financial & Leasing Services (GFLS), review the income statement to gauge the profitability of your business. A consistent record of profitability can indicate good management and a viable business model, making you a more attractive candidate for financing, even if you have less-than-perfect credit.

2. Balance Sheet

What is it?

The balance sheet provides a comprehensive view of your company’s assets, liabilities and equity as of a specific date. Think of it as a snapshot of what your business owns and owes.

Key Components:

  • Assets: Items of value that your business owns. They are categorized as current (converted to cash within a year) and non-current (long-term assets like property or equipment).
  • Liabilities: Debts and obligations owed by the business, also categorized as current (due within a year) and long-term.
  • Equity: Represents the owner’s interest in the business. It’s the residual interest in the assets of the entity after deducting liabilities.

Why is Your Balance Sheet Important for Equipment Financing?

The balance sheet reveals the financial stability of your business. A lender will assess the ratio of assets to liabilities to understand the company’s debt load and its ability to take on additional financing. A strong balance of assets relative to liabilities can boost your financing application.

3. Cash Flow Statement

What is it?

This statement tracks the movement of cash in and out of your business over a period. It showcases how your business generates and uses cash in its operations, investments and financing activities.

Key Components:

  • Operating Activities: Cash flows from core business operations, including receipts from customers and payments to suppliers.
  • Investing Activities: Cash flows from acquiring or disposing of long-term assets, such as equipment or property.
  • Financing Activities: Cash flows related to borrowing, lending and equity transactions.

Why is Your Cash Flow Statement Important for Equipment Financing?

Lenders use the cash flow statement to determine whether your business generates enough cash to meet its operating needs and service any existing debt. Positive cash flow indicates a company can maintain or expand operations, while negative cash flow might be a red flag on your ability to take on more financial commitments.

Why GFLS, a Story Lender, Looks Beyond Your Credit Score

For a Story lender, like GFLS, your credit score is just a single piece of the puzzle. While it gives a quick view of creditworthiness, it doesn’t reveal everything about you and your business. Your financial statements, on the other hand:

  • Offer a Holistic View: They provide comprehensive insights into operations, financial health and management capabilities.
  • Showcase Business Trends: Year-over-year comparisons can highlight growth patterns, profitability trends and potential red flags.
  • Demonstrate Fiscal Responsibility: Proper management of assets, liabilities and cash flow signals responsible financial handling, a crucial factor for equipment financing approval.

Understanding your financial statements is not just about securing equipment financing—it’s about gaining insights into your business’s health and driving strategic business decisions. As you look for equipment financing to grow your business, remember that these documents/reports support and help tell your story. They convey your business’s journey, its ups and downs, and its potential for future success. Equip yourself with this knowledge, and you’ll not only stand a better chance of obtaining equipment financing, but also in leading your business towards long-term growth and success.

GFLS is an established direct lender with the unique ability to finance almost any business seeking to acquire equipment. We have been providing equipment financing solutions since 2009 and have the ability to help business owners and startups who have been turned down by the banks. If you have any questions, please get in touch.