When you need new equipment, whether it’s a shiny excavator or the latest cutting-edge manufacturing tool, the first question is: how do you pay for it? If you’re like most business owners, you’ll have a few choices on your plate—banks, credit unions, or leasing companies. But here’s the real deal: the difference in financing terms might seem small at first glance, but it can mean a world of difference for your business.

Time is Money—Literally

Let’s face it, banks and credit unions can feel like they move at the speed of a glacier. You fill out one form after another, then wait for weeks to hear back. Meanwhile, that shiny piece of equipment is sitting on the lot, and your business is stuck waiting. If you’re in construction or transportation, that delay could mean missing out on a big contract. And we’ve all seen how quickly a project can turn into a mad scramble when timelines slip.

A leasing company like us, on the other hand, can often turn a decision around in a day or two. Yes, the interest rate may be a little higher, but when you’re comparing waiting weeks with getting that equipment working immediately, you might find that the slight rate difference pays for itself. After all, would you rather get to work or spend your time on hold listening to a bank’s customer service hold music?

Not a Fan of Banks? We Feel You.

Canadians have long had a love-hate relationship with banks. We get it; the paperwork, the fine print, the endless phone calls—they don’t make it easy, do they? Many of our clients have been there, done that, and come to us because they simply don’t want to deal with the traditional loan processes again. It’s like trying to climb a mountain in snowshoes while everyone else is using a chairlift.

At Equipment Capital Corp, we’ve worked inside banks. We know the process, and we know how frustrating it can be. The good news? You’ll never have to speak to a bank representative with us—we’re here to simplify things and make sure you get what you need without jumping through a million hoops.

Banks Said No? We Say Yes.

There are some real-world situations where banks just won’t lend. Certain types of equipment or industries are outside their comfort zone. For instance, financing for highly specialized or non-traditional assets might not fit the mould of a traditional lender due to their policies. But that’s where we come in. Our extensive network of lenders gives us access to more flexible financing solutions. If you’ve been denied by a bank, that doesn’t mean your options are gone.

The Stats Back Us Up

According to recent data, small businesses in Western Canada are facing increased challenges securing financing from traditional lenders. In fact, nearly 30% of equipment financing applications to major banks are turned down. Meanwhile, leasing companies have seen a 15% increase in successful approvals. Why? Because we specialize in giving businesses like yours the tools to succeed—and we don’t let a little red tape get in the way.