Equipment Financing Companies Haven’t Suspended Operations
To say the coronavirus outbreak had an impact on the equipment rental industry would be a pretty major understatement. Hundreds of millions of Americans are practicing physical distancing. That means party equipment rental services aren’t exactly in high demand right now. So you might be forgiven for assuming equipment financing companies are running lean, if not suspending operations entirely.
It may come as a surprise to learn that equipment financing companies are still operating at full or near-full capacity. Many companies throughout the rental industry have been relying on small business financing to keep the lights on. And equipment financing remains a great way to supplement your cash flow.
Related: The CARES Act: What the Stimulus Means for Event Rentals
Some equipment rental companies that predominantly focused on party tent rentals prior to COVID-19 have managed to pivot, using their commercial tent inventories to help their communities. Many of these companies have found financial success in arranging deals with local hospitals in need of triage tents and medical testing tents, and schools looking to distribute school lunches. And some of those companies are using equipment financing to expand their inventories, despite the slow-down in consumer-level rentals.
Equipment Financing Companies Respond to COVID-19
One of our popular financing partners, AP Equipment Financing, is summing up their operations during the COVID-19 pandemic in three simple words: Business As Usual.
We know there is a lot of heightened awareness regarding the Coronavirus,” says AP CEO Chris Endbom, CLFP, “and we have plans to make sure that you continue to receive the same excellent service from the AP staff, even in these unusual times.”
Related: SBA Disaster Loans: Small Business Relief from Coronavirus
Another titan of the equipment financing world, Marlin Capital Solutions, recently outlined how they entered into the COVID-19 situation with contingency plans that gave them a smooth transition.
“Our business continuity plan was designed to allow our workforce to access our systems remotely and has included tests of our technology infrastructure to ensure our ability to operate as normal during periods such as these,” explains Marlin CEO Jeffery Hilzinger. “We maintain sufficient capital to weather periods of uncertainty. We are continuing to take applications for financing and, as always, we are here to assist.”
Is Your Rental Business Ready for What Comes After COVID-19?
At some point in the near future, the government will sound the all-clear. Local and State governments will lift physical distancing restrictions and curfews. Limitations on business operations and social gatherings will cease. And when that happens, Americans are going to want to party like they’ve never partied before.
Your phone will be off the hook as families schedule belated birthday, anniversary, and graduation parties. Networks of friends, families, and small businesses will organize outdoor activities and celebrations galore. Job fairs will spring up all across the country to rehire America's millions of furloughed workers. And trade shows, expos, corporate retreats, and music festivals will make their way onto calendars once more.
Related: 10 Uses for Your Canopy Tents During Emergency Situations
Your rental business will suddenly find itself fulfilling a role as a first responder of fun. Equipment rentals may be slow now, but you can be using this time to prepare your party rental equipment for what most industry experts predict will be our busiest period of explosive growth ever.
Now is a great time to expand on your inventory of party rental equipment. Commercial inflatables like bounce houses, inflatable water slides, bounce combos, and inflatable obstacle courses are priced to move. So too are pole tents, frame tents, speedy pop up tents, and high peak frame tents.
Call Tent and Table today at 1-716-832-8368. Our party rental equipment experts will gladly answer any questions you may have, and will connect you with our great equipment financing partners to help you get that equipment shipped your way quickly.