The times… they aren’t a changin’

By | June 22, 2010

equipment financing companies are still aroundIf you read this blog, you know I’ve commented on the economy from time to time. And I’m usually pretty optimistic… well, cautiously optimistic – that’s a better way to describe it. But I do try and look for signs that “things” are getting better, etc.

But this isn’t one of those posts. This isn’t doom and gloom, mind you, but it isn’t sunny skies either. It’s more like a gray November afternoon, where the temperature is in the 50’s, and rain is threatening. Kids can still play outside, and the ballgame will likely go on even if it gets rain-delayed a bit. Yea, we’ve seen worse, but we’ve seen better too. And the weatherman has some news – get used to it, because it’s going to stay like this for awhile.

Basically, what I’m trying to say is I really don’t see great times ahead, nor do I see a bottomless pit either. What we have now… well, this is what the business / economic climate is going to be like for the foreseeable future. In other words, get used to it.

So what does that mean for you?

Well, if you are still here and business is being sustained, congratulations – you survived. This new business climate we have now is what it’s largely going to be like. And you can handle that, right? Because you already have. You’ve adapted, you weathered, and you’re still here. Good for you.

And what does this mean for credit and equipment financing? Well, it means that if you are waiting for something to happen, some loosening of the credit reigns, well, what exactly are you waiting for? Nothing is coming down the pike to help. The people who are lending now… well, that’s who you need to pay attention to. People are still writing equipment leases, equipment is still being financed, deals are still being made, and companies are buying. It’s just some of the players have changed. The equipment financing companies that are still around (hello) are typically very willing to write you that equipment lease, at pretty favorable terms, too.

This doesn’t mean everybody qualifies, of course, but in general terms, if it’s credit that you are hoping for, you need to look at who’s giving credit right now, because that’s who will be giving credit in the future as well.