A good banking relationship is a great asset to have as a farmer, business owner or municipality, said Bill Makes, Wichita, Kansas, of Funding Resources LLC, doing business as EquipLease, but some producers might need other options.
A good broker would have access to as many as 250 different types of lenders, Mapes said, and he encourages producers to find a broker that belongs to an organization that requires a code of ethics, and they should have access to the following programs:
• Working capital loans and unsecured lines of credit;
• New and used equipment financing and leasing. This is 100% financing or leasing with approved credit. The equipment can come from a dealer, auction, or private party. It is always best to get “pre-approved” in order to shop like a “cash customer.” With his company’s programs, it is application only to $150,000, which means no tax returns are necessary with approved credit;
• Inventory, purchase order and accounts receivable financing;
• Municipal financing and leasing for towns, cities, counties, and school districts;
• Small Business Administration loans; and
• Consumer financing should be available quickly and available for services from auto parts and mechanic bills to funeral expenses to elective surgeries and dental procedures and even for tax settlements.
“Per Forbes magazine if you sell a product or service and do not offer a financing or leasing program, then you are losing 40% of your sales,” Mapes said.
Mapes is available to discuss options at 888-669-1070, ext. 1001.
