Let’s face it—working with banks can sometimes feel like trying to fit a square peg into a round hole. Banks have what we call a “narrow credit box,” meaning you need to meet a long list of requirements to even be considered for a loan. Whether it’s the age of your equipment, the state of your finances, or the type of assets you’re buying, banks have a habit of making you jump through hoops. And who has time for all that?

A Day in the Life of a Bank Loan

Picture this: You’re running a growing construction business. You’ve got jobs lined up, but you need a new piece of equipment to meet demand—let’s say, an excavator. So, you head to your bank, hoping to get a loan.

What happens next? You sit down with a friendly banker who pulls out a 30-page loan application that might as well be in ancient hieroglyphics. The bank tells you they have strict policies on the age of equipment they’ll finance, and since your dream excavator is fifteen years old, it doesn’t qualify. Now you’re stuck either buying something newer (and more expensive) or starting over. That’s what we call a buzzkill.

Stricter Financial Requirements? You Betcha.

Banks also like to take a microscope to your finances. Missed a payment on something five years ago? Banks don’t forget. They also have covenants—fancy talk for extra conditions they can slap on your loan, like restricting how you use the equipment or making sure you hit specific financial targets every quarter. Miss those, and your friendly bank might come knocking for their money back—pronto.

Why Banks Don’t Like Tanning Beds (and Other Niche Equipment)

Here’s where it gets even trickier: banks have opinions about the type of equipment you’re buying. Let’s say you run a spa and want to invest in top-of-the-line tanning beds for your clients. Many banks would frown upon financing “lower-rated” assets like tanning beds because they see them as too risky. Suddenly, you’re left sunburned without a loan and no way to grow your business. That’s where lenders like us step in to fill those gaps. We know that just because a bank doesn’t value certain assets, that doesn’t mean they’re not valuable to you and your business.

Enter: Your Friendly Equipment Leasing Broker (That’s Us!)

Here’s where we shine—think of us as your one-stop shop for equipment financing. Instead of dealing with a bank’s one-size-fits-all approach, we work with numerous lenders, each with its own niche and expertise. Got a business in road construction? No problem! Need financing for your oilfield or manufacturing equipment? We’ve got you covered. From forestry to snow removal, we have the connections and the know-how to get you what you need.

Real-World Example: Western Canada’s Equipment Surge

Let’s talk real numbers for a second. Western Canada is seeing a boom in construction, with projected industry growth hitting 3.5% in 2024. But guess what? Banks aren’t loosening their lending rules, even with that uptick in demand. Equipment leasing companies like ours have seen a surge in clients who need faster, more flexible financing. Whether you’re in the aggregate industry or running a landscaping business, we know how crucial it is to get your equipment up and running. And we’re here to make it happen—minus the red tape.

Wrapping It Up with a Smile

Look, we’re not saying banks don’t have their place—they do! But when it comes to getting your equipment financed without the hassle, there’s a better option: a broker with a vast network of lenders (that’s us). So next time you need a new truck or excavator, give us a shout. We’ll make sure you’re on the job in no time—without the paperwork headache.