How equipment finance can help your business grow

Growing and improving your business is top of mind for many small to medium business owners. Maximising productivity in a competitive environment is important, and one way to do this is to update your equipment.

What to buy is the question many businesses will ask first. But why to buy is the most important first step, said Bendigo Bank’s Head of Specialist Sales, Stephen Batchelor.

"Providing your customers best quality products and service is one way to stay ahead of your competition, especially when the environment is always changing," Stephen said.

“Upgrading vehicles or equipment that is near end of life or have better technology may help to maximise the efficiency of your business. You'll often reduce downtime and repair costs when you upgrade, but it can be expensive.”

Collaboration: Your business' hidden ace

Businesses will often make decisions to purchase vehicle and equipment using available cash. This can place pressure on working capital, and may create unforeseen, longer-term risk.

As Stephen explains, "This is where collaboration is your hidden ace. A team of expert banking professionals that each have specific expertise will back you when you need it. This way, you will understand your current and future needs and any operational risks before making large purchases. Working with your banking team will help you be aware of the options available to ensure your cash flow is optimised.

"Not all financial institutions offer this care and capability to their business customers. It's what you should expect. It will make all the difference in how you make the best decisions for your business today, and as it grows."

Getting the right advice about suitable equipment finance options is key.

Benefits of Equipment Finance

Equipment finance is flexible and can be tailored to suit your business needs. It allows businesses to preserve capital and pay for an asset over an extended period, with the equipment itself typically used as security.

Here are some of the key benefits:

• Typically, no upfront deposit
  We can finance 100% of the equipment's value, so you can preserve your business cash reserves.
• Full asset ownership
  Because you own the asset from the start, you may be able to claim GST input tax credits, depreciation, and interest expenses^*.
• Flexible loan structure
  We offer flexible and tailored repayment structures to suit your business cash flow.
• Flexible repayment options
  A balloon payment can be included at the end of the term to make your regular repayments lower.

Given the best lift: The case of Premier Cranes

Premier Cranes is a great example of how collaboration with their banking team helped the business to succeed.

The Melbourne based crane operation business has grown from strength the strength. Since opening its doors in 2008, the company has delivered some of Victoria's most significant infrastructure, construction and engineering projects. Having the best equipment available has always been at the top of the list for the company.

Premier Cranes builds trust with clients by offering the best solutions and personalised service. It’s no surprise that a collaborative approach to understanding the business’ equipment finance needs resonated with CEO, Chi Shankar.

“Our partnership with Bendigo Bank and its team of banking professionals has been a cornerstone of our business’s expansion,” she said.

“Our relationship was pivotal in understanding our specific needs during our early stages. This included the acquisition of several cranes, and also played a key role in the strategic financing of our fleet's flagship, a 450-tonne crane.

“Bendigo Bank further supported our growth by providing independent advice on business performance. They helped us set future targets and KPIs, which enabled us to secure funding for a second 450-tonne crane.

“Their tailored financial advice and support have been invaluable, guiding our team to make informed decisions and significant purchases.

“The exceptional level of service and attention to detail from Bendigo Bank exceeded our expectations. Taking time to deeply understand our business, and offering personalised financial guidance and frequent check-ins, ensured we were well-prepared for future funding opportunities.”

To find out more about Premier Cranes, visit their website - www.premiercranes.com.au

Talk to our specialised lending team today to see how we can support your business.