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Sector Spotlight: How Equipment Financing Drives Growth in Key Industries

by Benefits of LeasingBusiness AdviceCompany NewsEquipment FinancingFinancingUncategorized
Equipment financing isn’t a one-deal-fits-all-business thing. The structure that works for a landscaping company with a six-month revenue season is nothing like the structure for a medical practice adding a new treatment suite. And your lender’s understanding of how that equipment generates value within that specific business matters most of all.

Across the industries Global Financial & Leasing Services (GFLS) serves, equipment is often the best path to growth and access to the right financing is what determines whether a business grows and how fast.

Construction: Moving Fast in a Competitive Bidding Environment

In construction, the relationship between equipment and revenue is direct and immediate. A contractor without the right machinery cannot bid the right jobs. And in a market where project timelines are tight and client expectations for turnaround are high, the difference between winning a bid and losing it can come down to whether you can certify that you have the equipment to do the work on schedule.

The financing challenges that construction businesses most commonly face:

  • Equipment needs often arise quickly and tied to a bid opportunity or an unexpected breakdown, leaving no time for traditional lenders’ slow processes
  •  Revenue is project-based and uneven, which makes standard fixed monthly payments difficult to sustain through slow periods
  • Equipment, like excavators, graders, cranes and skid steers have high price tags, so few construction companies can purchase outright

The financing structures that serve construction businesses best are those built around project cycles. Seasonal payment schedules that front-load repayment in peak construction months, billing to begin before the first payment is due, and step-up structures tied to expected revenue growth all align better with construction cash flow than a standard commercial loan.

Healthcare: Equipment That Directly Determines Patient Outcomes

Medical equipment doesn’t just affect revenue. It affects patient care. An imaging system, a surgical robot, a diagnostic workstation or a therapy device is both a capital asset and a clinical tool. Delays in acquisition, or continued reliance on aging equipment, have consequences beyond the balance sheet.

The healthcare financing landscape has several specific characteristics:

  • Equipment often carries high ticket values, like advanced imaging, surgical systems and laboratory equipment routinely exceed $100,000
  • Technology evolution is rapid, so equipment that was current three years ago may already be limiting clinical capability
  • Reimbursement cycles mean practices often have consistent revenue but uneven cash timing
  • Newer equipment frequently expands treatment capabilities, which is a revenue driver

For medical practices, from solo practitioners to multi-specialty groups, equipment leasing is often a strategically useful structure. It preserves the ability to upgrade at lease end as technology evolves, keeps the balance sheet cleaner and aligns payments with the monthly rhythm of practice revenue.

Manufacturing: Efficiency, Throughput and the Cost of Standing Still

In manufacturing, equipment performance is directly tied to output quality, production speed and competitive positioning. A manufacturer running aging machinery faces disadvantages: higher defect rates, slower cycle times and the inability to meet tolerances that newer equipment achieves.

The financing considerations that matter most in manufacturing:

  • Equipment useful lives are often long, which makes the decision between loan ownership and leasing particularly important
  • Capacity expansion frequently requires simultaneous investment in multiple pieces of equipment
  • Process changes, such as automation, new material requirements and tightened tolerances can render existing equipment obsolete well before it physically wears out

For manufacturers, equipment-based underwriting by a direct lender is often the most practical route. A direct lender who understands the secondary market value of specific machinery and how that equipment contributes to production contracts has a different conversation with a manufacturer than one who simply runs the credit score.

Logging and Forestry: Specialized Equipment, Specialized Understanding

Logging and forestry operations run on equipment that is physically demanding, geographically remote and highly specialized. Feller bunchers, skidders, forwarders and processing heads are not equipment that general lenders evaluate with confidence and that often shows up in declined applications.

The realities of financing in this sector:

  • Equipment is expensive, highly specialized and can have limited secondary market liquidity outside of industry buyers
  • Revenue is tied to timber prices, seasonal conditions and contract cycles, which create natural cash flow variability
  • Operations are often remote, which can complicate financial documentation

Lenders who understand the industry are more useful to logging operations than generalist lenders making decisions from the outside. GFLS specifically serves the logging and forestry sector and has the underwriting experience to evaluate these transactions accurately.

Transportation: Titled Vehicles and Fleet Flexibility

Transportation businesses live and die by their fleet capacity. A single truck out of service can derail a schedule that affects multiple clients. Fleet aging increases maintenance costs and fuel inefficiency at a rate that compounds quickly when you have multiple vehicles.

Titled vehicle financing (trucks, trailers, specialized transport equipment) has specific characteristics:

  • Vehicles are titled assets, which creates both a clear collateral structure and specific documentation requirements
  • Fleet decisions often involve multiple units acquired simultaneously, making deal size significant
  • Driver availability, freight rates and fuel costs all create cash flow variability

GFLS finances titled vehicles as part of its core equipment offering. For transportation businesses with credit challenges or non-standard fleet profiles, the direct lending approach often produces better outcomes than conventional commercial vehicle financing.

The right equipment financing is from a direct lender that understands your industry. GFLS works with businesses in construction, medical, manufacturing, logging and transportation nationwide, from $25,000 to $5,000,000. Call or text 480-478-7413 or start your application.

FAQs: Sector-Specific Equipment Financing

Does GFLS finance specialized or niche equipment?

Yes. GFLS finances specialized equipment across construction, medical, manufacturing, logging, printing, transportation and more.

My industry has very seasonal revenue. Can deals be structured around that?

Yes. The goal is a payment structure that fits how the business generates cash.

What if I need multiple pieces of equipment at the same time?

GFLS handles multi-unit or multi-equipment transactions. Consolidating multiple equipment needs into a single transaction can simplify the process.
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Global Financial & Leasing Services Shares Employment Scam Warning

by Company News

Employment scammers use the same techniques to post job listings online as legitimate businesses do. They use ads on social media, job websites and other platforms. When an applicant shows interest, they use that as a way to access personal information and even money.

Unfortunately, it came to our attention that our name was used in an employment scam, and we posted the following notice on our website:

Public Notice: It has come to Global’s attention that unknown parties have been advertising on various employment platforms purporting to be representatives of Global in an apparent attempt to defraud prospective applicants of money and obtain their confidential information.

Please be advised that Global has no available employment positions at this time, and when we do screen for job applicants we will never require you to obtain equipment for performing a position at our company via the purchase of Apple gift card, funds transfers on Zelle or any similar transaction.

Please contact Global directly at 480.478.7400 if you are viewing our website because of a job posting you have encountered as we are in the process of compiling information in order to identify the perpetrators of this scheme.

This incident prompted us to dive deeper into employment scams and share what we’ve learned with you. If you’re actively seeking a job, our hope is that this information can help you avoid being scammed. If you’re a business owner or executive, we hope this blog helps you protect your name from being associated with such activity.

How Do Employment Scams Work?

Scammers pose as company recruiting employees and lead applicants through the hiring process, including the application, etc. The fact that these criminals gain personal information is bad enough, but many go farther, convincing applicants to pay a recruiting fee or pay upfront for equipment or supplies they’ll need to use for their job. Rather than the applicant purchasing anything on their own, criminals demand they send “the company” payment, who’ll then purchase and send the equipment or supplies to the applicant. Of course, there is no job, no supplies needed and the applicant is out the money.

The rise of online job applications and employment websites means employment scams are on the rise. Just like other types of phishing scams, criminals can spoof a company’s name and website and go as far as conducting fake job interviews. The damage can include loss of money, stolen identity, accessing the applicants’ accounts, and more.

It’s easy to be fooled. Employment scammers easily create fake URLs, websites and job postings. They’re close enough to the real company’s information that many applicants overlook very slight changes, like one letter being different in the URL. Plus, since many interviews are being held online now, not attending an in-person interview doesn’t raise red flags. Sophisticated employment scammers go so far as to impersonate personnel from various departments to gain applicants’ trust.

Employers legitimately hiring ask for the same information as scammers, so it’s difficult to identify a scam from the real thing. That being said, here are six signs that might indicate an employment scam:

  1. Video interviews aren’t held via Zoom or other trusted platforms
  2. No phone numbers are associated with the interview or recruiter
  3. Recruiter or hiring manager has an email different than the company email address
  4. You’re asked to pre-purchase equipment or supplies you’ll need to perform the job for which you’re being hired
  5. You’re asked for a credit card number
  6. The job listing is on an employment site, but not listed anywhere on the company’s actual website

How Widespread are Employment Scams?

In 2020 alone, 16,012 people reported being victims of employment scams. Likely the number is higher since many victims feel embarrassed and don’t report the crime. An employment scam victim reached out to the Global Financial & Leasing Services team to let us know a criminal was using our name in job listings. Victims of any employment scam are encouraged to:

  • Report the activity to the Internet Crime Complaint Center at www.ic3.gov
  • Report the activity to the website on which the job posting was listed, Indeed.com for example
  • Report the activity to the company the cyber criminals impersonated, GFLS for example
  • Contact your financial institution immediately of any fraudulent or suspicious activity
  • Ask your financial institution to contact the financial institution where the fraudulent or suspicious transfer was sent, if a transfer was made (doesn’t apply to gift cards and such)

Not GFLS, nor any legitimate employer will ever ask for your credit card number, bank account, etc. as conditions of employment. Even after an applicant has been “hired,” he or she should verify the employer is real and not impersonating such before providing direct deposit information for payroll. And, of course, no legitimate employer will ask for gift cards to pay for anything.

LEARN MORE: Can You Ever Prepare Your Business Enough Against Cyberattacks?

It’s difficult to protect against employment scams today. We are not currently hiring, but many companies are. Follow the tips and advice above. Be vigilant. And, if there is anything our team can do to help, please contact us.

SBA sets opening date for Restaurant Revitalization Fund. Here’s when you can apply.

by Company NewsIndustry News
Andy Medici

The Small Business Administration is officially opening its much-anticipated Restaurant Revitalization Fund to applications on May 3, the agency said in a Tuesday announcement.

The agency said it will allow businesses to register ahead of time, starting April 30, and once the portal opens, it will remain open until the $28.6 billion in program funds are exhausted. The program provides restaurants and other eligible businesses with grants of up to $10 million and must be used on eligible expenses by March 11, 2023. We covered those details here.

“Restaurants are the core of our neighborhoods and propel economic activity on main streets across the nation,” said SBA Administrator Isabella Guzman in a press release. “They are among the businesses hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”

Businesses can register to start the application process here beginning April 30.

The SBA recommends that eligible businesses set themselves up for a smooth experience by reviewing the official guidance, gathering the required documentation and attending one in a series of live webinars to be held in the days preceding the official opening. One webinar is available on Tuesday and two are available on Wednesday.

The SBA also recently announced that restaurants will be able to access their applications and the data they need to fill out their applications through service providers including Clover, NCR Corp., Square and Toast as part of what it called a “groundbreaking collaboration” to help deliver the relief funds.

The funding, however, likely will only last “a matter of weeks” according to Sean Kennedy, executive vice president for public affairs at the National Restaurant Association.

“We know from webinars we’ve hosted and discussions with our state partners that demand and need are still very high, and with this level of preparation, we believe that it’s very likely the $28.6 billion fund will be gone in a matter of weeks, possibly only a few,” Kennedy said in a statement. “We expect that day one numbers will be through the roof. We will continue to work with SBA and our members to ensure the application process goes smoothly, even as we’re alerting Congress to our concerns about the limits of the current funds.”

He stressed that the SBA has been focused on getting the application process up quickly and done right and is doing everything it can to educate restaurants on how to apply.

But even when the portal opens, the agency will prioritize applications from businesses owned by women, veterans, and socially and economically disadvantaged people for the first 21 days.

The rollout of the Restaurant Revitalization Fund marks the latest step for a lineup of pandemic-relief programs and efforts by the SBA. The SBA recently created a way for small businesses to appeal denials from its Targeted EIDL Advance program, which we wrote about here. The agency also has rolled out a supplemental grant for the hardest-hit businesses.

The agency additionally has said it was more than tripling the maximum size of its Economic Injury Disaster Loans from six months’ worth of economic injury — or up to a maximum of $150,000 — to 24 months of economic injury with a maximum loan amount of $500,000. But it is also working to increase that new limit up to the $2 million statutory limit.

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Major Computer Breach – Your Organization May Be a Victim

by Company News

BE ALERT: SCAMMERS IMPERSONATING A BUSINESS NAME SIMILAR TO GFLS TO GAIN APPLICANTS’ PRIVATE DATA

It’s been brought to our attention that scammers are using a similar business name to ours, Global Financial & Leasing Services (GFLS), in an advertising phishing scam. Consumers, thinking they are submitting bank account and social security numbers to us, are in fact sending this sensitive information to hackers.

GFLS management became aware of this scam when “applicants” began calling our office for status updates. We asked those who got further along in the scammer’s “process” to send us their communications with the alleged cybercriminal. GFLS’s founder and CEO, Jim Jenks, is in touch with the Federal Bureau of Investigation (FBI) and Better Business Bureau (BBB) to determine next steps. We have reported the phishing scam to the FBI’s Internet Crime Complaint Center.

Unfortunately, consumers falling victim to phishing schemes that falsely invoke reputable company names is more common than one might think. Be assured that we are doing everything we can to stop this scammer, protect consumers and the reputation we’ve worked hard to earn as a leading provider of equipment financing across a range of credit tiers.

AN IMPORTANT REMINDER: Legitimate businesses, like GFLS, WILL never solicit sensitive personal information through insecure channels like email or text messages.

What Can You Do to Protect Yourself Against Phishing Scams?

Forward phishing communications. We suggest that affected consumers forward any phishing emails impersonating GFLS to the Anti Phishing Working Group, a public-private partnership against cybercrime. You also can file a complaint with the FTC. (This applies to any suspect communication, not only GFLS.)

Visit IdentityTheft.gov if you believe you’re a victim. If you believe you may be a victim of identity theft because of a phishing scam impersonating our or another business, visit www.IdentityTheft.gov where you can report and recover from identity theft.

Stay current on best practices to protect your identity. The Federal Trade Commission’s (FTC) website has helpful and current tips for computer security practices. You’ll find the latest recommendations on how to protect yourself online and avoid phishing attacks.

Always be on alert. Across the board, personal data security isn’t a one-time action. Always be alert. Be suspicious. Consistently change passwords, logins, etc. Cyberthreats, like phishing scams, are constantly evolving,  and so must your actions to protect yourself.

Fraud Instructions

by Company News

If any of you receive any more calls regarding the fraud being perpetrated utilizing Chuck Dale’s name the Global Financial please refer the victims to the Federal Trade Commission and case #12-8848661. Lance Drummond, one of the victims who has reached out to us has filed a complaint with both the FTC and the FBI but only has a reference number for the FTC.

Unfortunately, there is nothing we can do about it as they are using Chuck’s name and a phony Global email address so it is not going through or server/network and thus we have no way of stopping or by-passing the fraud.

Contact us if you have any questions.

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AACFB Charter

by Company News

Effective immediately Pat Chaffey has been chartered with the entire AACFB program responsibilities for Global Financial & Leasing Services.  His Team members include Julian Sirull, Chuck Dale and Cathy Steadman.   All future inquiries from members of the AACFB should be directed to [email protected] and copy Pat Chaffey ([email protected]).  Pat look’s forward to developing relationships with all broker members as well as expanding the relationships with the ones we currently work with.  If you have any questions please do not hesitate to contact Pat Chaffey, 480-478-7406.

 

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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.

 

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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.

Monitor

Monitor’s Profile of Global Financial

by Company NewsIndustry News

The Monitor daily, an Independent Voice of Equipment Finance, recently did a spotlight on Global Financial.

Since its launch in 1974, the Monitor has evolved into the leading independent trade publication in the equipment finance and leasing industry. Employing a unique content delivery format, each issue includes timely articles authored by industry specialists and regular features, which are a hallmark of the magazine.

Click to open .pdf version of the profile.

Business Profile Global Financial

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November Is the Month for Giving Thanks

by Company News

Global Financial Leasing Services
Has Much to be Grateful ForGlobal Financial Resources

The Global Financial & Leasing Services (GFLS) team hopes you had a remarkable Thanksgiving. Like so many do during November, our team reflected on the many things we have to be grateful for this year.

Measurable Growth

2018 has been a time of measurable growth for both GFLS and our clients. To help meet demand and continue providing the personal level of service our clients deserve and expect, we hired three new team members. These focused and motivated people have joined our operations and our sales departments. We brought them on board to help with back-end responsibilities and sales support. Their work ethic makes each of them an excellent fit for our existing team who put 100 percent toward helping our clients obtain the equipment financing they need. Our newest team members allow us to streamline processes and keep response time quick.

The need to hire additional staff indicates that our clients’ businesses are growing too, or else we wouldn’t be seeing the demand for equipment essential to expanding business – a win/win for all.

We are deeply grateful for the new customers who’ve turned to us this year to help them finance and lease equipment. So far this year, our number of customers has increased 100 percent over this same time period of 2017. And, we’re even more thankful to our current customers who have referred new clients to GFLS because we work hard every day to earn their respect and trust.

Along with new customers, we have been fortunate to begin partnerships with new brokers – 25 percent more new brokerage relationships over 2017 to be exact. The support GFLS has seen from the broker community is humbling.

Celebrating 10 Years in Business

Last, but not least, we are grateful to be coming on the tail end of celebrating our tenth year in business. It’s a well-known fact that many businesses do not survive past their fifth year. GFLS has surpassed the norm by twice that. Fortunately, there is no end, but instead more growth in sight. This is an extraordinary accomplishment for any business, especially one like ours that Jim “JD” Jenks founded during the Great Recession in 2009.

As we prepare for the end of 2018 and the start of our next decade, our philosophy that business owners are more than numbers on paper is always top of mind. We’ll continue to take character and other factors into consideration for our clients who need equipment lease financing. After all, the many things for which are grateful wouldn’t be possible if not for our clients. For that, we are grateful and blessed.