This is going to sound like a bit of a plug, but recent events force my hand. Also, President Obama apparently did not read my “we’re still lending” post a few months back. For shame.
Anyway, while watching the President’s speech to congress (and us) the other night, I was happy to hear him talk about the need for credit. That without credit businesses largely couldn’t function (never mind anyone buying a home or a car.)
I was happy because a lot of people blame credit for the recession, and fewer still talk about credit in terms of need. So to me, it’s good to get fitted with the white hat again.
However, part of me was a little dismayed, because the President made it seem like credit has just dried up. It hasn’t. We (equipment financing companies) have been here the entire time, and we’re still lending. We were here before the crisis, we have been here during the crisis, and we’ll be here after the crisis.
One reason equipment financing and equipment leasing companies have been able to stay the course is the fact that we do not have the same rules and regulations as a bank. We also do not dabble in “risky” loans (so we’re unaffected by things like subprime mortgages). Instead, we lend money so responsible companies can finance or lease equipment, and they pay us back – it’s simple, it’s not overly risky, and it’s necessary. Yes, the current economic climate has made it so we look a little harder at companies, but in general terms, you will have an easier time getting a loan through an equipment financing company than you will a bank.
So again, forgive me if this sounds like a plug, but it annoys me a bit that the perception is that “nobody” is lending. If you own a business and need equipment, look into equipment financing from an equipment financing specialist – we’re still here (always have been, really.)