The floods in northern NSW, Sydney and Queensland have left devastation which will take a long time and require a large number and wide range of businesses to assist with rebuilding. Businesses looking to be involved in the flood recovery work or needing to replace machinery lost in the flood, can quickly access cheap equipment finance to ensure they are equipped to assist.
The recovery and rebuilding process will require many tradespeople and suppliers across multiple disciplines. Owners and operators in residential and commercial construction, road building, specialist infrastructure technicians and repairers, retail and hospitality fit-out specialists, agricultural property trades such as fencers and materials supply companies will all have a role to play.
To ensure your business is well-placed to respond quickly and participate in what will be mammoth effort to assist these communities, we can provide assistance with finance to upgrade or add to your equipment fleet or replace plant, machinery and equipment which was damaged in the deluge.
Quick Response Lenders
As a broker-style lender, Jade Equipment Finance can respond quickly to requests for finance and proceed to source the cheapest quote from across a vast lender market. We fully appreciate the time it can take for individual business owners to source finance through banks and finance companies on their own. Adding to possible delays, many lenders are currently receiving a large number of calls from customers for assistance due to this disaster.
Our services save our customers time by handling the entire process. Customers can focus on sourcing the equipment they require and other business activities while we source the finance deal. Our industry-level accreditation with both banks and non-bank lenders affords us the benefit of quick access for quotes, fast approvals and prompt application processing. Factors which can be critical when time is of the essence to assist stricken communities.
Finance for Wide Range of Equipment and Machinery
Finance is available through Jade for machinery and equipment across just about every industry. Earthmoving, civil works, construction, agriculture, hospitality, engineering and manufacturing, materials handling, retail and general business.
Whether it’s yellow goods, wheeled goods and heavy machinery or delicate IT and diagnostic equipment, finance is available quickly and with less hassle.
Tax-effective Finance Products
Ensuring the acquisition of upgraded or replaced equipment delivers a benefit to the business in improved productivity and efficiency and is cost-effective can come down to which finance product is selected.
The selection includes: Leasing, Chattel Mortgage, Rent to Buy and Commercial Hire Purchase. Operators are encouraged to discuss loan types with their accountant to ensure the product features will best suit the structure and objectives of their individual operation.
All business finance includes tax deductible elements but there are variations on when that deduction is realised. With Leasing the repayments are fully tax deductible while with Chattel Mortgage the major tax break is realised through the depreciation of the equipment according to the ATO’s schedule.
Currently, eligible businesses acquiring eligible assets can utilising temporary full expensing to realise a tax deduction on the full purchase price of equipment in the year of purchase. Equipment purchased at this time of year using this measure could mean the deduction claimed in this financial year. Chattel Mortgage is the most appropriate form of finance for temporary full expensing.
Loan Assistance for New Operators
The anticipated high demand for a vast range of trades in the flood recovery work may be a motivator to move to self-employment as a sole trader owner-operator. Those considering that move should be aware that challenges can present when applying for finance to purchase equipment and machinery to set up the business.
Banks in particular, but lenders in general, have criteria for approving business finance applications that include having certain financial documentation for the business, referred to as ‘docs’. New businesses in the process of setting-up rarely have the full set of docs to complete their loan application. Some banks also have a minimum trading period to qualify for finance. This may be 12 months and up to 24 months in some cases.
To assist new operators with cost-effective finance, we are accredited with non-bank lenders that offer Low Docs and No Docs Equipment Finance. This type of finance can be secured at cost-effective rates but may require additional security be provided. All applications are assessed on an individual basis and our consultants handle all the lender negotiations.
Access to this specialist lender service may be critical to successfully and cost-effectively achieving the move to self-employment with your own machinery. Speak with us about the options available to suit your circumstances.
Preparing for the Big Job Ahead
To prepare your operation with the equipment and machinery needed for the massive rebuilding task ahead, speak with us to get your equipment finance application underway. To assist with budgeting and comparing makes and models, use our finance calculator to estimate repayments.
Speak with a Jade Equipment Finance consultant on 1300 000 003 to discuss equipment finance to prepare your business for the flood recovery work.
DISCLAIMER: IF MISINTERPRETATIONS, MISREPRESENTATION OR ERRORS EXIST IN THIS ARTICLE, NO LIABILITY IS ACCEPTED. THE INFORMATION IS PROVIDED ONLY FOR GENERAL PURPOSES AND NOT IN ANY MANNER INTENDED AS THE ONLY SOURCE FOR MAKING FINANCIAL DECISIONS. THOSE THAT CONSIDER THEY REQUIRE ADDITIONAL GUIDANCE OR ADVICE SHOULD REFER TO AN INDEPENDENT FINANCIAL ADVISOR.