Many competitive solutions are available for financing your laundry equipment. Whether you are buying a single piece of replacement equipment, expanding your operation, or building a brand new laundry facility, Loomis Bros. Equipment Co. has the right solutions to meet your individual requirements. Financing is available for clients new to the industry as well as experienced laundry owners.
Equipment leasing has become the preferred method of financing for many of our customers. In today's economy, most businesses want to keep their line of credit open and bank lines untouched. When you lease your equipment, that's exactly what you do. There is very little cash outlay upfront and you can include all soft cost in the lease such as installation, freight, taxes, and training. Our leasing partners are capable of structuring leases for customers with unique needs. By providing a variety of creative financial solutions and flexible leasing programs, we can find the program that is right for you.
Lease terms can range from 12 to 72 months. Payments are fixed and at the end of the lease term. Depending on the original structure of the lease, you can buyout the lease at 10% of the original purchase price.
Standard bank type equipment financing is available to those who are interested in absolute ownership. In today's competitive market, well qualified borrowers can obtain very competitive interest rates on their equipment purchases with terms up to 60 months. There is also very little cash outlay upfront and you can include all soft cost in the "Equipment Finance Agreement" such as installation, freight, taxes, and training. Unlike banks, this financing also requires little or no down payment.
Small Business Administration Loan Program
We can assist in introducing you to a national SBA loan administrator who is familiar with our industry and your needs. These fully amortized loans can include real estate purchase, development, construction, equipment, and installation. Typical terms are competitive fixed payments up to 25 years with real estate and up to 10 years without real estate.