As a business owner, the ability to offer equipment finance options to your customers can elevate your business to new heights. The equipment leasing and finance industry is valued at a staggering $1 trillion, playing a pivotal role in helping businesses, non-profits, and government organizations acquire the equipment they need to operate efficiently. Here are some of the ways you can leverage the wide reach of this industry to boost business and increase your market presence.
Catering to Diverse Customer Objectives:
The equipment finance industry is renowned for its creativity, flexibility, and innovation. By offering equipment finance options, you can cater to diverse customer objectives. Your customers may have varying financial capabilities, cash flow considerations, and credit lines. Flexible choices, such as leasing, loans, and lines of credit, allow them to make procurement decisions that align perfectly with their unique needs and budget constraints.
Driving Business Success:
By providing equipment finance options, you empower your customers to achieve business success. A staggering 79% of U.S. companies utilize some form of financing when acquiring equipment. These financing options enable businesses to access the latest equipment and technology without depleting their working capital. As your customers’ businesses thrive with upgraded equipment, your reputation as a reliable and supportive partner grows, leading to increased customer loyalty and referrals.
Contributing to U.S. Economic Growth:
Equipment finance is not just beneficial for businesses; it also plays a crucial role in driving U.S. economic growth. In 2021, U.S. businesses, nonprofits, and government agencies invested a projected $2 trillion in plant, equipment, and software. Of this investment, approximately $1.16 trillion, or 57%, was financed through loans, leases, and lines of credit provided by equipment finance companies. By offering equipment finance options to your customers, you become an integral part of this growth engine, contributing to the nation’s economic development.
Supporting Manufacturing and Job Creation:
The equipment finance industry significantly supports the manufacturing sector and job creation in the U.S. In 2021, banks, manufacturer or vendor financing, independents, and fintechs together accounted for 98% of financed acquisitions. As your customers invest in equipment with the help of financing, they contribute to sustaining and strengthening the manufacturing sector. This, in turn, leads to increased job opportunities and economic stability, creating a positive ripple effect across various industries.
Expanding Market Share:
By offering equipment finance options, you position your business to expand its market share. Accessible financing solutions attract a broader customer base, including start-ups and small to medium-sized enterprises (SMEs) that may have previously been unable to afford your products outright. As you cater to a more extensive range of customers, you can gain a competitive edge, increase sales volume, and enhance your overall market presence.
The equipment leasing and finance industry is a powerhouse that drives business success, U.S. economic growth, manufacturing, and job creation. As a business owner, offering equipment finance options to your customers is a necessity, not only for their growth and success but also for the prosperity of your own business. Flexible choices that align with diverse customer objectives create a positive and supportive customer experience, fostering loyalty and referrals. Moreover, your participation in financing contributes to the growth of the U.S. economy and supports the manufacturing sector, driving job creation and economic stability. Embrace equipment finance options as a strategic business tool to fuel success and create a positive impact on both your customers and the nation as a whole.