The outbreak of COVID-19 has impacted individuals and businesses alike. A variety of industries that operate on-premises laundries have been hit hard and are debating upgrading to new equipment to stay ahead of the game. But what does financing equipment look like during the unprecedented times brought on by a global pandemic?
A recent article in American Laundry News interviews laundry professionals and takes a look at the effect that the COVID-19 pandemic has had on financing new laundry equipment, along with the benefits and fallbacks of financing versus paying with cash.
Jeff Harvey, manager of U.S. Underwriting North America for Alliance Laundry Systems is featured in the article, which is titled “Laundry Equipment Financing in Unprecedented Times (Part 1),” and provides useful information about trends he’s observed for financing equipment versus paying with cash.
“We are seeing greater utilization of financing in 2020,” Harvey said in the piece. “This has been driven by aggressive financing rates offered through manufacturer promotions and the preference to preserve capital in the uncertain times we’re living in.”
To learn more about the useful insights Harvey shared in the American Laundry News article, check it out at https://americanlaundrynews.com.