With a long history of international trade, much of the economy of Essex is characterised by small businesses. Like many regions across the UK, the county has seen more and more SMEs turn to leasing to finance their businesses plans.
Leading asset finance and leasing company, WestWon has helped over 65 local Essex businesses in a variety of sectors to acquire the assets they need to grow and prosper by arranging flexible lease agreements.
Essex, which has a population of over 1.7 million and covers 3,670km2, is an attractive location for businesses thanks to its close proximity to both London and Cambridge as well as easy access to Europe. Its infrastructure is amongst the best in the country, being home to the UK’s third largest airport, London Stansted, and the largest deep water port at Tilbury.
Leasing has an important role to play by providing businesses with the opportunity to pay for assets as they use them and keep vital lines of credit free. In terms of technology, IT equipment can become out of date in just three to four years. With a lease agreement, equipment can be added or upgraded without having to repurchase, so a business can always have the most cutting-edge hardware and software.
Many businesses find leasing advantageous from a budgeting standpoint as switching from outright purchase to a lease agreement changes how the equipment is accounted for. Leasing enables the equipment needed to be paid for over a fixed period of time, which helps spread the cost. Plus, with an operating lease, rental payments are an allowable business expense that can be set against profit – thereby potentially reducing your tax bill.
A wide range of equipment, from IT hardware and software to packaging machines and medical technology, can be leased. Other leasing options include general office equipment such as furniture and photocopiers. In fact, almost any type of tangible equipment can be considered for leasing.
With years of leasing experience in serving businesses in the Essex area, from Colchester to Romford, WestWon possesses valuable local knowledge to help companies find the right leasing solution for their particular business and has a comprehensive list of local suppliers. In fact, WestWon has over 700 partner manufacturers and suppliers throughout the county, including 74 in Colchester, 64 in Chelmsford, 39 in Basildon, 35 in Harlow and 34 in Ilford.
WestWon Limited can provide asset finance solutions for a variety of businesses in Essex. For more information, download the Essential Guide to Leasing for Business.