The Equipment Leasing Q

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With an ever-expanding roster of equipment lenders, it can be difficult to determine which option is the best for your business. Although there is no one-size-fits-all when it comes to equipment financing lenders, there are a few ways to break down what your lending needs and preferences are. Our CEO, Vernon Tirey, advises all small business owners to seriously consider the following three questions when determining their perfect lender—or, of course, to visit the LeaseQ marketplace for instant quotes from multiple lenders with one application:

 

  1. How big is their pocketbook?

All good relationships depend on compatible spending habits, and small business borrowers should look for a lender that finances equipment in the dollar amount they need. Lenders typical specialize in only one or two dollar amounts: Micro-ticket under $25,000; Small-ticket under $250,000; Mid-ticket under $5 million; or Large-ticket over $5 million.

 

  1. What’s their “type”?

Do they like restaurants? Or would they rather be at an amusement park? Lenders generally specialize in 4-8 equipment types at most, so it’s important for small business borrowers to seek a lender in their specific equipment vertical, whether that be restaurant, medical, construction or any of the other 30 types of equipment!

 

  1. How’s their credit?

No lender handles A through D credit, so it’s important for small business borrowers to take a look at their own credit profile, and seek a compatible lender.

 

By seeking solid answers to each of these questions, you will be able to find your perfect lender match with less confusion and stress. It is important not only to understand what each lender can offer, but also to express what you need and discern how that fits into their requirements.

 

LeaseQ’s network of lenders span all industries and business needs and we work to find you the best fit for your equipment financing needs. We encourage you to think about these three questions in preparation for determining lender options.

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We are thrilled to announce that FitSmallBusiness has named us a “Best Restaurant Loan” in the category of equipment financing. This is a significant honor for us, because of our dedication to helping small businesses succeed.

 

Starting a restaurant is a daunting process and securing financing for a restaurant venture is becomingly increasingly difficult. Big banks view restaurant ventures as risky because of stiff competition, ever-changing trends and high capital expense, and tend to turn down many applicants on the spot.

 

FitSmallBusiness set out to identify the best restaurant financing options because of this tough financing climate:

 

Restaurants generally have higher startup costs than many other types of businesses, averaging $500,000 according to an industry survey by RestaurantOwner.com. Operating costs are typically higher as well. At the same time that restaurant owners need more capital, however, it can be difficult to get funding because lenders perceive restaurants as high risk businesses.

 

We are thrilled to have received this recognition, and hope we can assist more and more business owners with opening the restaurant of their dreams.

 

To read the entirety of FitSmallBusiness’ feature, please visit: http://fitsmallbusiness.com/restaurant-loans/.

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There’s nothing better than hearing the ring of an ice cream truck on a scorching summer day. While ice cream is the perfect treat for any summer afternoon, people seldom consider the investment that goes into their neighborhood ice cream truck.

food-ice-creamIt is no small feat to create and fund an ice cream truck venture, and having the right equipment is imperative for success and longevity. Not only must you have the proper kitchen equipment, you must also have equipment to bring attention to your truck. Flashy and easily readable signage is a must as well as a catchy horn or ring that signifies your arrival. Inside the truck there needs to be a cold plate freezer, a refrigerator for toppings and drinks, an easily accessible rack for napkins and utensils, and a cash register. A cold plate freezer, in particular, is a must, because it fits nicely in the truck, holds freeze for 10-12 hours and has easily-accessible opening lids for fast service.

Keep your eyes (and ears!) out for your neighborhood ice cream truck, and be sure to thank the ice cream truck entrepreneurs while you enjoy your cone!

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This week, we wanted to shine a spotlight on an incredibly talented borrower – Library of Congress’ photographer Carol M. Highsmith. Her compelling photography and career path provides an inspirational story. Three of Carol’s original pieces of photography are featured below – simply stunning. Enjoy!

Carol M. Highsmith, the owner of Carol M. Highsmith Photography, who is visually documenting early 21st century America for the Library of Congress, was three weeks away from a high-profile job in Texas. She thought she had the latest equipment for the job but when the camera company she used for years suddenly released a new model – ideal for her shoot – she was delighted yet worried. Like most business owners, Highsmith was on a budget and wondered how she would ever get the equipment ordered, delivered and financed in time for her next big job. Traditional equipment financing alone can take several weeks and come with numerous fees. She simply couldn’t afford to wait.

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Highsmith was researching alternative financing options when she found LeaseQ. She told LeaseQ what equipment she needed and from which equipment sellers, filled out a simple, one-page application and received instant quotes from lenders who would finance the equipment. Highsmith also got a call from her personal LeaseQ funding representative, Paul, to walk her through the process and answer her questions.

 

“When I found LeaseQ I thought, ‘Well, I’ll bite the bullet and try it,’ and they kind of saved my life,” Highsmith said. “My rep is outstanding. I photograph throughout America and donate my work to the nation and world, but grants that support this are my livelihood. I have to be the best and work with the very best equipment. Paul understands that complexity. He considered every single detail of my business to find the perfect lender for my needs.”

 

carol 2Highsmith chose Crestmark as her funding source and immediately submitted her application. Within three weeks, the deal was complete.

“Before LeaseQ, I had lots of finance companies calling me with quotes, but I wasn’t satisfied,” Highsmith said. “I chose LeaseQ because its platform and equipment finance expert, Paul, found me the best equipment lease option available and on my terms.”

 

carol 3Partnering with LeaseQ proved to be a great decision for Highsmith. Her trip to Texas produced more than 5,000 new images of the Lone Star State for the Library of Congress Prints & Photographs Collection. The success of her trip and the cash she saved through financing helped fund three more shoots in West Virginia, Colorado and Wyoming.

 

“Some people get to places, have a moment and don’t have the right equipment with them. They hang their head and say ‘what a shame I’m here and can’t take this image properly,’” Highsmith said. “The great thing about LeaseQ and leasing is that I never have to worry about my equipment. Having the latest equipment allows me to stay at the top of my craft. In the end, it’s not about me, it’s about the people and places I photograph. It’s a visual record of America today, for the ages.”

 

carol

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Taking inventory may be the most tedious task of operating a business, but it is an imperative component for success. All too often business owners avoid or simply forget about this task because on the surface it may seem unimportant.

pizza-1344720_1920Our VP, Cory Damm, spoke with Pizza Today about why restaurant owners need to make inventory a top priority. In particular, he spoke to the specific benefits pizzerias will obtain by measuring inventory accurately.

“It seems obvious, but lots of people have a very surface-level idea of what inventory management is,” says Damm. “Metrics are fairly unique for each style of operation, and you need to identify which ones are important to you.” Per-pizza portions are paramount to a fast casual shop, for instance, while liquor is a major cost center for a dine-in pizzeria.

To hear more from Cory and other industry experts on why you should be taking inventory, please visit: http://www.pizzatoday.com/departments/in-the-kitchen/taking-count/

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This month on #BehindYourBusiness we are putting the spotlight on the sweet, French treat, macarons. A favorite of many, macarons are known for their vibrant variety of colors, flavors and unique texture. Woops! an NYC-based macaron franchise, knows how to make the perfect macaron while creating out of the box flavors for dessert enthusiasts to savor.

Woops! opened up a pop-up shop in NYC during the holidays of 2012. Since then, they have opened multiple kiosks and full-scale cafes around the East Coast, and now have big plans for expansion. The LeaseQ team met with Woops! in the fall of 2015 to discuss their equipment financing needs and how LeaseQ could help franchisees open new kiosks and cafes across the country quickly and efficiently. In order to make macarons, Woops! needed everything from ovens and refrigeration units to mixers and display cases. With our franchise financing platform, Woops! has a running record of all equipment needed and vendors on call to streamline the build-up process.

“We’re in expansion mode, and having LeaseQ as a consistent financing partner to help franchise candidates ultimately become franchisees is critical for growing at a quick rate. We’re projecting 80 percent growth over the next year.” – Ben Woodruff, VP of franchise development at Woops!, the nation’s premier macaron franchise.

To check out Woops! delectable treats and find a location near you, please visit: https://bywoops.com/

To inquire about franchise financing options, please visit: https://www.leaseq.com/franchise

 

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We are thrilled to announce that we have been featured in Entrepreneur magazine in a piece about alternate financing solutions for small business owners. A heartfelt thank you to our incredible borrowers, Jared Forman, owner and chef at deadhorse hill restaurant and café, and Isaiah Stanback, owner of Steadfast Fitness and Performance, who are highlighted as examples of how equipment financing can support up-and-coming entrepreneurs.

We hope the article will shine light on alternate financing options for those who may have just been rejected by a bank, are confused about where to start their financing search, or have just begun dreaming about starting a business.

To read the entirety of the Entrepreneur article, please visit: https://www.entrepreneur.com/article/277114.

And be sure to pick up a print copy of the magazine’s July issue – we are on page 49!

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Bank loans are becoming increasingly difficult to secure, leaving thousands of entrepreneurs confused, discouraged and wondering how to move forward. Enter alternate lenders, organizations created to help business owners raise the capital necessary to pursue their goals without needing a bank loan.

LeaseQ CEO Vernon Tirey and co-owner of SteadFast Fitness and Performance, Isaiah Stanback, spoke with NCR Silver to offer tips for small business owners on seeking nonbank financing.

“The more you speak with people who are successful in business, the more you realize no one uses their own funds and resources exclusively,” Stanback said. “It may be difficult at times. I had to really fight with myself because I hate asking for things, but seeking financing to expand your business is a savvy and smart decision.”

“Don’t allow banks to run your credit unless they can pre-approve you in some form or fashion, and provide your own comprehensive credit bureau report whenever possible,” Stanback said.

To read the entirety of Vernon and Isaiah’s advice, visit: https://www.ncrsilver.com/how-to-raise-capital-without-a-bank-loan/

 

 

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This month, our #BehindYourBusiness feature is all about a Louisiana tradition: po-boy sandwiches. Authentic po-boys are the specialty of LeaseQ borrower NOLA Poboys, a New Orleans-based fast casual dining restaurant with a unique concept and big plans to expand across the country.

Having experienced rapid success with NOLA Poboys’ first location, Executive Vice President Christopher Talley began planning to open franchises in new markets. He saw an opportunity to bring the unique sandwich concept to new audiences around the country, but needed financing to make expansion a reality.

“With such a unique concept, we heard we could be the next Subway,” Talley said. “We just needed the capital to grow.”

In early 2016, Talley set out to secure an equipment financing solution for the franchise, but faced rejection from several banks. Many franchisees experienced the same phenomenon at the local banks they had come to rely on for home, car and other loans. Eventually, equipment supplier Atlanta Fixture put NOLA Poboys in touch with three-party equipment financing marketplace, LeaseQ.

“LeaseQ’s network of franchise-specific, equipment lenders and dealers means we can fund every store opening this year, and moving forward,” Talley said. “Our franchisees were concerned at first that banks turned them down, but when we introduced them to Pat, our LeaseQ funding rep, Pat put them at ease.”

The partnership between LeaseQ and NOLA Poboys kicked off in April 2016. Together, the companies streamlined the equipment financing process for NOLA Poboys’ franchisees, allowing them to quickly open shop with the reassurance that their equipment needs – signage, kitchen equipment and Point of Sale (POS) equipment – were taken care of.

NOLA Poboys now has 6 franchisees representing 20 store locations. By the end of 2016, Talley plans to open an additional 10 NOLA Poboys’ locations, with more on the way.

“As a startup franchisor, I can go to a new franchisee and say, ‘If you meet these requirements, I can get you funding.’ And I can say that with confidence because I know LeaseQ can deliver,” Talley said.

To learn more about NOLA Poboys and check out their authentic New Orleans sandwiches, please visit: http://www.nolapoboys.com/

To learn more about LeaseQ and its franchise financing platform, please visit: https://www.leaseq.com/franchise

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LeaseQ Franchise Platform offers instant quotes and lender programs specific to franchises’ unique requirements

NEW YORK CITY (June 17, 2016)LeaseQ, an online marketplace that connects business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today announced the LeaseQ Franchise Platform, a financing platform built specifically for franchise industry borrowers. Designed to address the unique requirements of franchises opening a new store, remodeling or refreshing an existing concept, the LeaseQ Franchise Platform was unveiled today at the International Financing Expo (IFE), the largest franchise expo in the country.

The LeaseQ Franchise Platform provides instant quotes for franchise industry borrowers with A++ to D credit, using a single application and soft credit pull. LeaseQ has partnered with the leading equipment financing companies in the franchise industry, such as Direct Connect Franchise Financing, a division of premier SBA leader Direct Connect Ventures (DCV), to provide competitive rates across a broad spectrum of financial and equipment needs, including:

  • New store openings and startup financing
  • Refurbish and refresh financing
  • Sale leaseback, soft cost and installation financing
  • Custom financial solutions for new and existing concepts
  • 1-7 year terms

“We are essentially bringing captive financing as a service to the franchise market,” said Cory Damm, vice president of client services and general manager of fitness and food & beverage vertical market groups at LeaseQ. “The LeaseQ Franchise Platform is custom built to ease the financing process for franchisees, and for franchisors who want to offer a complete, robust financing solution to their franchise base.”

The franchise industry is growing faster than the general U.S. economy with no sign of slowing down anytime soon, according to the International Franchise Association (IFA). There are 800,000 franchise businesses generating $550 billion in sales today. Financing or leasing equipment is the best way for franchises to manage cash flow despite their many financial requirements: franchise fees, buildout costs, royalties, marketing, tenant improvement, equipment purchase and operating capital.

“We are excited to partner with LeaseQ and add yet another financing solution to its portfolio for the benefit of franchise industry borrowers,” said Anthony Byrd, executive vice president of financing solutions at Direct Connect Ventures. “DCV and LeaseQ share a tremendous passion for excellent customer experience that we look forward to offering every new client.”

For more information about the LeaseQ Franchise Platform, perfect for all franchise types from food and beverage, to fitness and construction, visit www.leaseq.com/franchise.

To learn more about LeaseQ and Direct Connect Franchise Financing, stop by Booth #431 at #IFE2016.

LeaseQ Franchise Platform Testimonials

“We’re in expansion mode, and having LeaseQ as a consistent financing partner to help franchise candidates ultimately become franchisees is critical for growing at a quick rate. We’re projecting 80 percent growth over the next year.” – Ben Woodruff, VP of franchise development at Woops!, the nation’s premier macaron franchise.

“As a startup franchisor, I can go to a new franchisee and say, ‘If you meet these requirements, I can get you funding.’ And I can say that with confidence because I know LeaseQ can deliver.” – Christopher Talley, executive vice president at NOLA Poboys, a fast casual restaurant chain serving traditional po-boy sandwiches.

About LeaseQ

LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

About Direct Connect Franchise Financing
Direct Connect Franchise Financing is a division of Direct Connect Ventures (DCV), a premier leader in Small Business Administration (SBA) financing. DCV places financing for franchise and independent business ventures, with a success rate of 100 percent and decades of experience working with all SBA products, equipment leasing programs, securities based financing, unsecured credit and best practices when using retirement rollover products. Learn more at www.dcv-inc.com.


About International Franchise Expo

The International Franchise Expo (IFE) is the premier annual event for the franchise industry. From domestic or international expansion to selling single units, area developments or master franchises, the International Franchise Expo is the industry’s one stop franchise event. Learn more at www.ifeinfo.com.

 

MEDIA CONTACT: McKenzie Mayer

Matter Communications | 617.391.9896

leaseq@matternow.com

 

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