OSHKOSH, Wis. — When you’re thinking of financing a laundry project, contact your distributor first! They work closely with lending institutions to offer flexible financing programs designed to meet different customer needs. Moreover, the distributor is your local laundry expert. Partner with them early on your laundry development or equipment replacement projects.
When it comes to financing, ask them the following questions:
1. What finance programs are out there for me?
Know that there are multiple finance programs available and your distributor will help you secure the plan that fits best with your project and background. Be forthcoming with your distributor about your expectations and needs.
2. How will my new investment work for me?
Here again, your distributor works with you to determine your project’s profit potential by developing a proforma that details your income estimates using the new equipment mix, expenses, cash flow and return on investment. The proforma is an essential part of your financing application.
3. What are the finance package requirements for my specific financing program?
Your distributor will provide everything that’s required for your financing application in the form of a checklist. Every item on that checklist matters and must be completed and submitted, or there will be delays in processing the financing request. Depending on your program, there can be from two to 15 required items.
4. When will my equipment be shipped?
Once again, this question can be answered by your distributor. Generally, a document is issued to the distributor from the lending company indicating all finance documentation has been signed. It’s typically after receipt of this document that equipment is shipped.
5. When is the first payment due?
Generally speaking, the first payment is due 30 days after funding.