When considering the cost of running a small business, one major expense is the equipment needed to make the business profitable. The average office needs a desk, chairs and a computer at the least.
For a business with multiple employees, these fundamentals need to be purchased for them as well. If any machinery or specific tools are needed for the company, the equipment costs can skyrocket. Once the equipment is purchased, in order to keep a business profitable, the equipment needs to be upgraded as it becomes obsolete or breaks down.
Equipment is a major ongoing cost for any small business but it is necessary for a company to stay competitive and profitable.
It’s difficult to secure funding to support a businesses need for equipment or even meet the needs of maintenance and upgrading that equipment. Traditional funding options can be hard to come by for upgrades. Excelsior Growth Fund (EGF) helps small business in New York, New Jersey, and Pennsylvania by providing them with funding and resources for their equipment purchase needs.
Whether a business is in need of new computer, chairs, tools, machinery or other business equipment, EGF can help.
If the business needs are a little more complicated and expensive, with items like automated machinery and tools, EGF can help secure the funding for these items through a series of financial products specifically tailored to the small business owner.
The EGF SmartLoan™ up to $100,000 is a great option for businesses looking to upgrade equipment quickly.
When looking to upgrade equipment, be realistic about what your company needs. Seek funding for quality equipment upgrades that will last. By carefully considering what your business needs you will be using the loan money more wisely while not over-extending the company budget.
EGF is here to meet your small business’ equipment and technology needs.
For more information about other uses for our loans, explore our alternative options.