The Impact of COVID-19 On Businesses – A survey carried out by The Harris Poll shows small businesses are even more committed to technological investment and maintaining a tech-savvy workforce in light of the coronavirus pandemic.
Ken Martin – Small Business Solutions Managing Director says; small businesses don’t always have the financial resources that larger enterprises often enjoy. In cases where investments are imperative, borrowing or leasing may be the right solution to acquiring the technology needed to remain competitive.
Denise Menelly – The Executive vice president and head of Technology and Operations says; reliable remote work capability is essential for today’s businesses, large or small. It’s not just a matter of convenience. Businesses that empower employees to work remotely have a clear competitive advantage over those that don’t.
Tech and Talent Survey:
The COVID-19 pandemic is highlighting the vital importance of investing in new technology, facilitating remote work and maintaining the tech-savvy workforce needed to make it all happen.
Want to give your finances a head start?
Get your business in gear with our flexible financing options.
If you can dream it, we can finance it, every business has its own unique needs – equipment, technology, inventory purchases, and more. As a small business owner, you’ve got plenty of options when choosing a payment method for your various invoices. You may have already thought about applying for a personal loan or even borrowing cash from friends or family.
Small business lending from CIT1 is an alternative you should strongly consider. Most financing decisions are delivered within minutes of applying, and the application itself is easy to complete. You can even apply from your phone, tablet, laptop, or anywhere else you can access the internet!
Capital Equipment:
Need larger financing amounts for equipment? Utilize capital equipment financing from CIT and stay ahead of the competition.
CIT’s capital equipment financing business:
CIT specializes in providing commercial equipment loans and leases for transactions ranging in size from $3 million to $100 million and more. We have nearly a century of experience in developing innovative financial products and services that are flexible, affordable, and tailored to our customer’s specific needs.
Commercial Equipment Financing Products & services:
- New and used commercial equipment loans and leases
- Equipment refinancing arrangements
- Sale-leaseback transactions
- Senior term debt financing
- Lease lines of credit for equipment capital expenditures
- Cash flow loan structures
- Asset-based revolving lines of credit
Key areas of focus for equipment loans Aerospace & defense:
- Automotive
- Construction
- Distribution
- Food, beverage, and agriculture
- General manufacturing
- Healthcare and medical
- Inland marine
- Machine tools
- Materials handling
- Media and entertainment
- Metals
- Mining
- Packaging
- Plastics
- Printing
- Pulp & paper
- Supermarkets/convenience stores
- Textiles
- Trade & service
- Trucking & logistics
- Utilities
Capital equipment financing advantages
Capital equipment financing from CIT can help you meet your business objectives. Here are just some of the reasons why a commercial equipment loan could be a smart choice for your company.
Preserve working capital
Corporate equipment financing or leasing allows you to take possession of equipment quickly while preserving working capital for other strategic purposes.
Leverage equity
With a secured equipment loan, you can take advantage of the equity in your existing equipment, or use newly-purchased equipment as collateral.
Improve cash flow
A revolving line of credit enables you to improve your cash flow and restructure your debt according to your current and future requirements. You can also improve cash flow by reducing your initial investment and monthly payments with certain equipment lease structures.
Reduce risk
A revolving line of credit enables you to improve your cash flow and restructure your debt according to your current and future requirements. You can also improve cash flow by reducing your initial investment and monthly payments with certain equipment lease structures.
Support growth with flexible funding options
You can match terms of funding with a useful life of the equipment. You have the option to choose either fixed or floating rates.
Save with possible tax benefits
You may be able to take advantage of varied accounting and tax benefits.
SBA Lending:
Small businesses rely on us to expand an existing business, create permanent working capital, and consolidate debt.
Access the capital you need to expand an existing business, create permanent working capital and consolidate debt, and finance owner-occupied CRE. CIT Bank is an SBA Preferred Lender.
Maintain cash flow with an SBA working capital loan
CIT offer SBA 7(a), SBA 504, and owner-occupied commercial real estate loans for the purchase or refinancing of owner-occupied commercial real estate, financing of equipment, acquisitions, business expansions, and working capital.
SBA financing products & services
- SBA 504 small business loans can be used to purchase or refinance owner-occupied commercial real estate or fixed equipment in conjunction with a CDC and SBA.
- Owner-occupied commercial real estate loans can be used to purchase an owner-occupied commercial property or refinance an existing property.
- SBA 7(a) small business loans can be used for the purchase or refinance of owner-occupied commercial real estate, to buy or refinance equipment, to acquire another business or expand your existing business, or to create permanent working capital.
SBA 7(a) Loans
- California transactions only
- Loan amounts: Up to $5 million.
- Loan terms: Up to 25 years for buying or refinancing real estate. Up to 10 years for equipment and working capital.
- Ideal for: Expanding your business by purchasing new commercial real estate, refinancing commercial real estate, buying equipment, and accessing working capital.
SBA 504 Loans
- Available in all non-judicial statesScroll to disclosure:1
- Loan amounts: From $250,000 to up to $13.75 million.
- Loan terms: Up to 25 years for buying owner-occupied commercial real estate.
- Ideal for: Purchasing or refinancing owner-occupied commercial property.
Conventional Owner-Occupied CRE
- California transactions only
- Loan amounts: From $250,000 to up to $10 million.
- Loan terms: 10 years for buying or refinancing owner-occupied commercial real estate.
- Ideal for: Purchasing or refinancing
Equipment financing solution helps Enable Healthcare meet today’s telemedicine needs
The arrival of a pandemic has brought changes at every level of business and in every industry – including healthcare providers and the small and mid-sized businesses that support their essential work.
With the increased demand for medical professionals to have remote patient-monitoring options in this new normal, Enable Healthcare is helping make a difference.
Enable Healthcare’s Peter Silas knew the company needed to invest in additional hardware to provide more of its Telecart products to help its customers monitor patients at home or in long-term care facilities once social-distancing requirements meant medical professionals couldn’t see all their patients in person.
As a healthcare technology company with many cloud-based platforms, Enable Healthcare offers solutions for electronic health records, practice management systems, patient management, remote monitoring, telemedicine, and ambulatory care.
“Based on different environment and business models, we have solutions,” Silas explains. “Physicians may be providing care for patients in the office, at a nursing home, in the hospital, or even caring for patients at home. There are various different care models there, and for each of these care models, we have applications to manage those patients.”
With thousands of practices using Enable Healthcare systems in medical offices, hospitals, nursing homes, or at-home care across the country their primary focus in addressing the challenges of COVID-19 has been to help those practices become more mobile with increased agility to remotely care for their patients.
With physicians unable to visit certain care facilities during in-person restrictions and patients restricted to their homes, being able to acquire options like Enable Healthcare’s Telecart have become even more important. The answer was funding: The company has secured funding from CIT to expand its telemedicine offerings
With tools like Telecart, medical professionals will be able to better manage their patients’ health while limiting potential exposure to the virus.
