The cost of opening and operating a restaurant is steep. Tight margins, high food costs and staffing take up a large portion of the budget, so finding the money to do anything else is tough. But when it comes to purchasing and updating your restaurant equipments, it’s a non-negotiable.
Thanks to Econolease finaicial services, you can get the financial assistant you need to purchase the necessary equipments. If you cherished this short article and you would like to receive additional information concerning equipment leas kindly check out the site. This is a great option for small or start-up restaurants
The primary goal of requiring financial help is to get hard assets for the business. This mainly focuses on the commercial kitchen appliances, from the oven to the walk-in refrigerator and much more. Trying Canadian leasing is a great option.
Instead of paying for the equipment upfront, you can choose to use equipment financing to obtain the needed equipment. Lenders pay for the chosen equipment directly or loan money to the business to use. With all financing the owners will pay the loan back with monthly payments including interest.
What can you buy with the finances?
You can purchase equipment for your commercial kitchen with the money from financing from lenders. Most restaurant owners will purchase the latest commercial kitchen appliances with the help of equipment leasing companies in Canada.
Some of the larger pieces of kitchen equipment will cost you more money than what you can afford. But, to run your business, you need these pieces. That’s when the financial help comes to the rescue.
There is smaller kitchen equipment that make the kitchen run more efficiently, you can purchase these through the lending method.
You can purchase dining room furniture, point-of-sale systems, and other items to run the restaurant more efficiently.
If you are running a home delivery service, then you need food delivery trucks. With the equipment financial help, you can purchase such trucks too.
You can also lease kitchen equipment but, it isn’t a common thing in the restaurant business. Whenever you are trying to lease the equipment for a restaurant, the leasing company will own the equipment while you are using it.
Also, since you don’t technically own the products, you don’t get any tax benefits out of it. Some of the leasing companies also have lease-to-own options. With this option you get the opportunity to purchase all the tools at market rates at the end of the lease agreement.
The benefits :
Enjoy tax benefits
Based on the loan structure you have chosen, you can write off part of the equipment purchases, if not all of it. This form of service is solely specific to equipment financing and not with leasing, where you don’t own the equipment.
Better interest rates
When compared to traditional business loans the restaurant equipment financing loan is reasonable with lower interest rates! With lower interest rates, why choose regular business loans to purchase commercial kitchen stuff.
Lower and fixed monthly payments
As equipment financing is associated with built-in collateral, your monthly payments are lower. There is a fixed rate associated with the length of the loan. You don’t have to pay separate fees every month!
These benefits clearly show you why you need to do for restaurant equipment financing. Get in touch with a reputable financial company, such as Econolease, for your restaurant equipment needs.
Keep Capital on Hand
A restaurant equipment loan allows you to keep your working capital, yet get all the equipment you need, whether you are opening a new restaurant or upgrading old equipment. A loan is essential for managing cash flow in this industry. Those funds can be used for inventory, payroll, or even food.
High-Quality Equipment
With restaurant equipment financing, you can take your commercial kitchen to the next level. By spreading out your payments, you are able to purchase better quality equipment than you could if you paid for it in full up front.
Smaller Down payments
The down payment for restaurant equipment financing is not a large amount. As the equipment itself serves as collateral, neither the lender nor you are at risk, so the deal is a win-win.
However, despite the cons of restaurant equipment financing, we still recommend it because the benefits far outweigh the costs. You should first review your situation to determine which method is right for you.
If you are looking for financing assistence, Econolease is the best option. We customize our services to fit your needs. We have a team of exceptionally skilled professionals whose mission is to simplify your business operations.
You can call Econolease for a free consultation with their expert specialist, they will listen to your business needs and find the best choice in all over canada.
I am John William Smith Jr a senior content curator writing on the behalf of Econolease . For over 30 years, Econolease has lead the country in financing, but overtime we’ve evolved into much more than just leasing. Through leasing, renting, business loans, 0% financing and payment processing, we work with more than 3,000 restaurant owners each year, helping them chase their goals