One option for financing is leasing your equipment. Leasing doesn’t mean that you have to return the equipment at the end of the lease; instead, there are a few options available that, at the end of the lease, the equipment is then paid off and belongs to you. There are various types of leases that can be used; I recommend talking to a few companies to determine the best lease and terms for your business.
A few options I have seen are the $1 buyout at the end and a 10% Fair Market Value (FMV) payment at the end of your lease. With the $1 buyout option, you are able to take advantage of the section 179 tax breaks; with the FMV option, you can simply write off the monthly payments. If you are considering the lease route, I highly recommend Geneva Capital and Partners Capital Group. Both have competitive rates as well as lease options that are geared to help you get your business growing, and as an added benefit, they only require a lien on the equipment you are financing until it is paid off.
Please do your own research on which option is best for you and your business. For me, being able to lease my first laser enabled my business to grow to the point it is at today.
—Glassmith2
