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Micro loan finance can be the right fit for new kit

By Gaynor Morris

Whether you’re starting your business or expanding an established company, having the right equipment can be vitally important.  It can reduce your costs, increase your capacity, make your business more efficient or even more competitive.  

There are many different reasons why you might need to buy some new equipment and a micro loan from Finance Wales could help you to fund the purchase. 

Here are some examples of how we could help:

Office equipment

Sometimes you just need the basics to get you started.  Individually, the costs of buying office equipment like computers, desks, phones and printers can seem manageable, but costs can soon mount up if you have to buy them for two or three staff and can suddenly take up a significant amount out of your budget.

Specialist gear

At other times you may need specialist equipment to get your company going, whether it’s a batch freezer to sell ice cream or high-tech camera lenses to take photos.  It’s always worth looking around for second hand specialist equipment, but even that can be expensive and this needs to be factored into your start-up costs early on.

Up-and-coming Cardiff production company, recently upgraded their filming equipment with a £25,000 micro loan.  Our finance even helped them purchase an aerial drone to enable them to offer new services.

Read their full story here.

The Storm+Shelter team with their new equipment

Reducing outsourcing/developing new income streams

For a more established business, investing in new equipment can help to reduce your overheads.  For instance, outsourcing can often hit your profit margins and leave your businesses vulnerable to rising supplier costs.

By developing your own capabilities in-house, you’ll have greater control over your costs and you could even develop new income streams as a supplier to other businesses.

Need some new kit?

Whatever equipment you need to purchase, a micro loan from Finance Wales can provide a useful source of finance to ensure your business has all the tools it needs to succeed.

If your business is looking for funding to invest in new equipment visit our micro loans page and start your application today.