* How much money will the new equipment save or earn you per month? * What else would you purchase or acquire if you had the funds to do so? Understand what you're getting. Don't be afraid to ask questions - a good finance provider will be happy to answer them. Here are some things you should know about the lender and questions to ask: * Is the lender regulated and reputable? (It should be.) * What are the average rates and terms for a shop your size? * How quick will the process be? (It varies by lender.) * What are total payments, monthly payments and any additional costs, such as taxes or insurance? For example, are there any extra costs at the end of the agreement? * What is the length of the financing term? (Terms could be available anywhere from 30 days to five years.) What are the options at the end of the agreement? Is it possible to pay off the agreement early? Financing always should be affordable and make your business stronger and poised for long-term growth. With a better understanding of what's expected of you and what you can expect, you should feel more prepared and ready to sign the right deal that will enable you to reap the rewards of your investment. Greg Bourdon is vice president of relationship development at CIT. The company's Small Business Solutions group focuses on empowering businesses via technology-enabled solutions and market-leading structuring expertise. The group is part of CIT's Business Capital division, which provides equipment financing and vendor finance programs for small and mid-sized clients and their customers. For more information or to comment on this article, email Greg at Greg.Bourdon@cit.com. FINANCING ALWAYS SHOULD BE AFFORDABLE AND MAKE YOUR BUSINESS STRONGER AND POISED FOR LONGTERM GROWTH. Use Info*Action #15 at impressionsmag.com/infoaction APRIL 2021 33-35_IMP_0421_MoneyMatters_Feature.indd 35 P.35 3/18/21 10:30 AMhttp://www.stahls.com http://www.bit.ly/stahls-pertextnum http://www.stahls.com http://www.impressionsmag.com/infoaction