Equipment Leasing Helps Local Cornish Companies Overcome Financial Challenges

Despite the challenging economic climate, the county of Cornwall has one of the highest increases in SMEs in the UK and an increase in GDP of more than three percentage points. What is more, businesses across the county, particularly in the tourism and farming sectors, are increasingly able to finance their growth plans and invest in capital equipment with the help of flexible equipment and machinery leasing solutions.

With a strong presence in Cornwall, leading finance company WestWon, for example, has successfully arranged lease agreements for businesses in a variety of sectors in the county and has a network of over 85 partners. This includes 7 partners in Redruth, 7 in Falmouth, 6 in Newquay and 10 in Truro and Launceston.

Leasing not only allows businesses to improve performance by acquiring the latest technology without tying up capital or existing lines of credit, but it also protects against future obsolescence – a major issue for IT and computing equipment. Plus, leasing payments offer considerable tax benefits and can even be tailored to match a businesses seasonal cash flow, which is a benefit for many businesses in Cornwall.

Unlike buying, leasing means businesses can pay for an asset as they use it. After an initial payment, a business can start benefiting from the equipment straight away and spread the cost over its useful life.

Some of the most popular types of equipment leased are:

• IT equipment (e.g. computers, tablets, printers)
• IT Software
• Engineering equipment
• Office furniture
• Scientific and medical technology
• Catering equipment
• Industrial machinery
• Hairdressing and beauty equipment
• Sports and leisure equipment
• Processing and packaging machines
• Retail equipment
• Manufacturing equipment (e.g. cutting machines, injection moulding systems)
• CCTV and security systems
• Scaffolding and construction equipment
• Waste and recycling equipment

WestWon is well placed to provide Cornish businesses with a tailored local leasing service and client services managers who can visit a client’s premises to discuss their requirements in person. The company has many years’ experience working with organisations in the private and public sector in Cornwall, helping them source manufacturers and equipment or provide information and quotes on various options. WestWon also provides specialist lease-based funding suitable for the 300 schools in Cornwall.

For more advice on leasing and selecting a reputable leasing partner, download your free Essential Guide to Leasing for Business.