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Why small businesses go online for their equipment financing needs

While it may seem that mega-corporations dominate our economy, in actual fact, over 90 percent of businesses are considered small businesses. In the United States, this translates to over 50 percent of workers employed by small business which amounts to 24 – 30 million small businesses according to the Small Business Administration. In Canada, about 48 percent of the total workforce work for or operate small businesses according to Industry Canada calculations from Statistics Canada. In either case, many small businesses struggle with cash flow and gaining access to capital to finance their operation and to acquire equipment. According to the Equipment Leasing & Finance Foundation, approximately 8 out of 10 businesses use financing as a means to acquire equipment. However, traditional routes are failing to keep up with small businesses and their behavioural shifts when they are looking to secure equipment financing.

EquipmentWallet Launches New Technology-Driven Equipment Financing Site that Empowers Small Businesses

EquipmentWallet, an online equipment financing marketplace, has announced the launch of its new website: www.equipmentwallet.com. The site connects small businesses seeking equipment financing and leasing with the best equipment finance companies suited to their needs. With a user friendly design and technology assisted platform, EquipmentWallet makes it simple for business owners to apply for equipment financing through a bid-and-quote process. "It's like an equipment-financing auction where the best bid is selected," said Founder John Elliott. "This means that getting equipment financing is just as easy as comparing hotels or flights online."