Figuratively is our excellent service. But how we literally go “over and above” is by financing soft costs and extras. Indeed, a full 25% of your entire loan amount can be soft costs and extras. 

When you finance equipment anywhere else, there’s a good chance you’ll have to reach into your own pocket for these soft costs and extras. 

And what are these soft costs and extras that Crest will finance but others won’t? I’m happy the question came up – here’s a partial list:

• Taxes – Uncle Sam wants his cut. Fortunately, Crest Capital can finance this part for you as well. 
• Delivery – As the items you finance get larger, the chances of a delivery cost typically rise. We can handle that too (tipping the driver is on you though.)
• Installation – Does your newly-financed equipment need to be professionally installed? Sometimes this carries a charge, which you can finance if you use us. 
• Training – Some equipment has optional training you can purchase. We can include this as part of your deal.
• Upgrades and Add–Ons – Does your equipment dealer offer the super cool deluxe package, but the bank only wants to finance the boring base model? Come to Crest Capital – we’ll get you the equipment you really want. 
• Maintenance and Service Agreements – As equipment gets more technologically sophisticated and complicated, the need for routine maintenance and extended warranty service agreements rises. We can include these in your deal as well.

So yes, soft-cost financing is definitely something that most borrowers are interested in. And again, with Crest Capital, a full 25% of your deal can be soft costs that you’d normally pay out of pocket for. This allows you to leave your wallet at home (well, like I stated, just bring enough for a tip – we don’t finance that!)  

You look at today’s mail, and in it is the bi-monthly print copy of your industry’s leading magazine. Every industry has one – some have went digital of course, but no matter what your company does, there are probably several organizations dedicated to it, and they send out newsletters and magazines. 

Anyway, you leaf through it like you always do, but this month, something really catches your eye – an article on a new manufacturing process / piece of equipment / software / service offering / etc. The specifics don’t matter for this post, as every industry is different. But you come across one of those advances in your industry that is game-changing for the companies willing to embrace it. 

Because you’re one of those people who sees the big picture, you right away surmise that yes, you DO need to embrace this. You show it to your partner, and they agree – this is something that can really change everything. One drawback: it’s not exactly cheap. At least not for your small “not in the Fortune 500®” company.

This is where fast, easy equipment financing makes all the difference. Especially for solid, already-successful small businesses that have the experience, people, and customer base to really put new technology to great use. Financing new technology allows you to get it right now and capitalize on it. 

I’ll give you a great example: my own dentist was one of the first in the area to offer in-house crowns. They did this by investing in a new digital / milling machine that made porcelain crowns and veneers right in the office. No more impressions and two-weeks with a temp (that always fell out after 10 days) – now patients could get a crown in one visit. The practice almost doubled in a year as happy patients spread the word about this amazing new service (hint: offering new technology when it’s still “new” is a big deal, and will almost always create a positive buzz.)  

Equipment financing gives you the means to deploy new technology right now, when it’s still new, fresh, and industry-shaking. Fortune favors the bold, but you don’t need a fortune to be bold! 

My last post talked about what was hot in the world of equipment financing in 2018. Now let’s do the opposite and talk about what isn’t hot.

The last time I posted about this, I cited brick and mortar retail businesses as a whole as not being hot, and sadly, that trend continues. While I find it hard to imagine a world without retail stores, I do suspect we’ve seen its heyday. When was the last time you were in a mall?  I know my wife and I used to go almost every week, and now it’s every other month or so. And we’re fairly typical here.

Print media isn’t doing so hot either. Used to be every town had a little local paper and a printer. Now it’s probably more like “every county” has these.

Of course, the above was directly affected by the internet. But it’s not all bad – for example, there is a marked rise in online retailing, and online printing. If you are a typical small business, it’s likely you used an online printing service over the last few years. Those businesses didn’t exist two decades ago. And many surviving brick and mortar printers are offering online services as well – my local printer offers cloud storage, online proofs, uploading pictures, and more. So they are not only surviving, but many are thriving as well.

There is one industry that has been hit hard that I never mentioned before – Taxis. We finance far fewer taxis than we used to. Uber and similar have really put a dent in them, with many 20-somethings never having used a cab in their lifetime. And Uber is now a noun and a verb, which is always an interesting development for a company.  

But to stay positive, the rise of Uber has many “silver lining” facets – many regular people can now earn a part time income in their spare time driving for Uber. So when something isn’t hot, or on its way down, something else always rises from it.

That’s always been the way industry and business work in the USA, and I’m glad for it.