Finding equipment financing for Toronto was easier than I thought it would be. I didn’t think any bank would be interested in loaning a small business money to upgrade a few forklifts. We’re a small furniture company and we needed to get our forklifts replaced because they were old and not reliable. The company didn’t have a lot of money because cash is tight at this time, but it would get tighter still if we didn’t have the equipment needed to get the orders out to the sales floor and to the customers. My boss tasked me with finding a way to get the money to replace the forklifts.
I tried a few of the bigger banks around the city and got a flat refusal to do any business with us. Truth be told, I wasn’t surprised. A lot of banks won’t do business with small companies because they don’t think it is worth their time or energy. We’re talking a loan of less than fifty thousand dollars so it isn’t something they’re going to make a lot of profit from with the interest. We have good credit, however, so I kept trying. I knew I would find someone who would do business with us.
I found a bank online that specifically offered loans for equipment purchases. That sounded good. It sounded a lot better when I contacted them and explained our circumstances. They were true professionals and after receiving the requested documents from our company, they approved the loan. I think more banks should follow their example and do this type of business because they’re leaving a lot of money on the table. Fifty thousand isn’t much, but it adds up. Our company is so happy with the treatment we received that we’ll surely do business with this bank again in the future.