Leasing is now one of the popular sources of funding when it comes to financing equipment for businesses throughout the UK and this is particularly evident in the West Midlands, where leading local leasing company WestWon has recently arranged over 80 leasing agreements for a variety of organisations.
Recovery in the West Midlands has been firmer than in other regions of the UK, with manufacturing performing strongly and the logistics sector also providing a significant and important component. The structure of West Midlands economy, with large globally ranked producers (such as JLR, Bentley, JCB, Toyota, Rolls Royce and Alsthom) sourcing products from precision-based SME manufacturers and traditional craft industries, ensures it is comparable to the more dynamic regions of the European economy.
Leasing provides many the businesses in the West Midlands with an easily accessible source of funding, which enables banking and other lines of credit to be kept free for any future cash flow issues or unexpected problems. And lease payments can often be set against profit, thereby potentially reducing tax bills.
Unlike buying, local equipment leasing opportunities means companies can pay as they use. After an initial payment, businesses can start using the equipment straight away and spread the cost over its useful life, so an asset can be paid for with the income it generates. Plus, leasing provides the ability to simply upgrade equipment or expand resources as and when the need arises, ensuring companies can always have access to the latest technology.
The lease itself can be tailored to suit local business needs. Agreements can be over an agreed period, for example two years, and repayments can be made monthly, quarterly or annually, by direct debit or invoice, whichever is most convenient. Equipment for leasing can be sourced from multiple suppliers, and ‘soft costs’ such as maintenance agreements and project fees, can often be included in the lease agreement,
From IT equipment or manufacturing systems to an entire office refurbishment, a wide range of specialist equipment can be leased as well as entire projects. Other lease options for locally leased equipment include furniture, computers, security systems and retail and restaurant fit outs.
WestWon Limited has many years’ experience working with organisations in the private and public sector in the West Midlands, helping them source manufacturers and equipment as well as arranging flexible lease agreements. As a leasing company with a strong local presence in the West Midlands, WestWon is well placed to provide businesses with a tailored service with over 600 leasing partners and suppliers in the region, which includes over 200 in Birmingham and 90 in Coventry, 50 in Wolverhampton, and nearly 40 in both Walsall and Solihull. 1,200 schools in the West Midlands are also well catered for by WestWon’s local leasing solutions for education.
For more advice on leasing, download your free Essential Guide to Local Leasing for Business.