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FEBRUARY 2013 issue of
Rental Management

Free tool is helping members work with lenders
02/01/2013

Since its launch on Nov. 7, 2012, more than 100 people have ordered ARA’s Financing Your Rental Business: Smart Ways to Work with Your Lender, the latest addition to the American Rental Association’s (ARA) Business Line Series.

“Loans are a necessary part of a rental business and obtaining credit is always a challenge. The new normal in the banking industry has left bankers hesitant to lend and ARA is concerned about the difficulties members continue to face when trying to secure credit,” says Kathy Schwartz, ARA’s senior vice president of operations and chief financial officer.

“This document was designed to help rental business owners optimize their ability to navigate the process with greater confidence and obtain the financing they need to grow their businesses,” she says.

This free resource is designed to help rental business operators optimize their ability to obtain financing, offering advice and insights on effective ways to approach and build a relationship with lenders. Since the financing process is constantly changing, this tool also
offers the opportunity for a rental business owner to review current approaches to banking and make adjustments as necessary.

The information in this resource includes:

  • Understanding the loan approval process. This can be overwhelming for any business. This document offers a thorough explanation of the steps in the process and what can be done to increase the chances of getting approved.
  • Tips for meeting with bankers. The document offers insight into how to strengthen this important business relationship.
  • Helping bankers create a credit presentation. This helps give a rental business more control over how the business is being presented to those who will decide on loan approvals. This guide explains what can be done to help bankers make a strong case for a rental company’s loan.

“The excellent response from members indicates a demand for this information to help equipment rental business owners maximize profitability by enhancing their relationship with their bankers now so they can obtain credit when they need it,” says Tom Hubbell, ARA’s vice president for marketing and communications. “Through the development of tools like this, ARA is helping the industry as a whole by offering important information that will allow our rental store members to gain the financial freedom they need to make equipment purchases from our associate members.”

This guide is available for free to ARA members and nonmembers can receive a copy for $50. For more information or to order Financing Your Rental Business: Smart Ways to Work with Your Lender, contact Member Services at 800-334-2177 or visit the “Member Resources” section of ARArental.org.

 

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