Whether you are looking to grow your plant and tool hire business or buy new equipment to rent out, there is a great way to help fund such new equipment without going for a traditional bank loan or an expensive asset finance deal.
Take a look at a merchant cash advance. This works differently from conventional business loans such as a secured commercial loan from your bank or equivalent.
As with most plant and tool hire businesses, you will undoubtedly take card payments from your customers for equipment hire. A merchant cash advance works by advancing your business the equivalent of your monthly card takings, and in some cases, as much as 150% can be raised against your credit and debit card takings.
To add to this, we now have the option of raising an advance equivalent to your total business cash flow with the repayments being taken from future card sales.
This allows your business to raise the maximum amount you need for new equipment funding, purchasing new tools and plant machinery or you may need bigger premises or refurbishment. A merchant cash advance could be the perfect option for your business.
There are many benefits to this product above all other types of commercial funding. It is firstly unsecured, which means you are not securing against personal or business assets.
You only repay when you make a sale via a customer credit or debit card. This gives your business flexibility around cash flow. When your sales are low, then repayments are low too. It’s not like a traditional bank loan where you are paying a set amount each month regardless of your lower turnover. This takes the pressure off you and your business.
We have helped many plant and tool hire businesses to find this form of alternative business loan works for them. In many cases, business owners have renewed with us and looked for more funding as and when required. Contact us today for a simple no-obligation quote. There are no fees or hidden charges, and the product is backed by The British Business Bank Investments, which is Government funded.