We are currently living in some wild and uncertain times. However, for a lot of business this does not mean a halt in work. With a lot of sectors being deemed essential, the need for equipment pushes on. So how do you make sense of the current landscape, and how do you plan for the future?
Nobody can predict the future, but it seems we are heading for tight times financially in the coming years due to the impact of Covid-19. For business owners that means carefully examining your finances and seeing what kind of bill payments you will be able to handle if a recession hits. During times of economic prosperity, loans are easier to qualify for, but the interest rates are higher. The reverse is true during a recession, lower rates but harder to qualify. This is why it is important for each individual business to look at their unique situation to determine the best course of action. Maybe that means getting a loan on a piece of equipment, rather than finance. A short term loan is also an action that you can take now that won’t hinder you in the future. It could also mean looking into rent to own options. Or it could mean finding a financing company that is flexible with its payment structure. Some companies are even willing to halt payments for a period of time to allow you to deal with unforeseen circumstances. The key here is knowing what your business needs, and what it will be able to handle if things get tight.
Along with understanding what the future may look like, you also need to plan for today, tomorrow, and the next week of business. Do you need new equipment? Do you currently have cash flow? Do you need to free it up? Answering these questions is a good starting point in determining your needs. Whatever you financing or leasing needs are Jocova Financial is here to help.
Jocova Financial is a recognized leader in providing equipment financing and leasing solutions to small businesses throughout Canada. Our core area of expertise is helping Manufacturers, Distributors, and equipment Dealers grow their business by providing their customers with fast, simple, and low rate financing options. In addition, we work directly with small and medium-sized businesses to help them secure the equipment and software they need with the best equipment financing options.
We provide the following:
- Industry leading rates and programs
- High approval ratio
- Financing for new and used equipment
- Free technology based tools
- Niche and specialized assets
- Review clients' creditworthiness vs. solely computer scoring
- Quick turnaround times on applications and fundings
- Customized financing options
- Dealer Incentive programs
- Commercial equipment financing & leasing and consumer finance offerings.
Call us today to see how we can help!