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As a small business owner, you may need equipment that is too expensive for you to purchase with cash. If your company's credit is almost at the limit, you may have to get creative with financing for these items. Some companies now offer a small business finance lease to help businesses succeed when credit is stretched and cash is tight.
A small business finance lease involves a company paying for needed equipment. The company then puts that equipment on lease terms, making regular payments until the cost of the equipment plus finance charges and interest is fully paid. While these companies may sound like traditional rent-to-own stores, there are some clear differences.
Companies that offer small business finance leases often have a minimum purchase amount, and many only allow you to purchase new equipment. Very few of these companies will finance or offer used equipment on lease terms. Additionally, your company will be responsible for regular maintenance and repair of the equipment. The company that holds the lease won't do work on the equipment unless you fail to make your payments on time, forcing them to repossess the equipment.
When you need to find a company that offers a small business finance lease option, check Business.com for information and resources.
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