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Ask 'Em About the Money: Five Questions for Your Distributor (Part 1)

Must-ask inquiries before you start your next big project

OSHKOSH, Wis. — When you’re thinking of financing a garment care project, contact your distributor first! They work closely with lending institutions to offer flexible financing programs designed to meet different customer needs.

Moreover, the distributor is your local garment care expert. Partner with them early on about your garment care development project or equipment replacement project.

When it comes to financing, ask them the following questions (first three of five):

1. What finance programs are out there for me?

Know that there are multiple finance programs available and your distributor will help you secure the plan that fits best with your project and background. Be forthcoming with your distributor about your expectations and needs.

2. How will my new investment work for me?

Here again, your distributor works with you to determine your project’s profit potential by developing a pro forma that details your income estimates using the new equipment mix, expenses, cash flow and return on investment. The pro forma is an essential part of your financing application.

3. What are the finance package requirements for my specific financing program?

Your distributor will provide everything that’s required for your financing application in the form of a checklist. Every item on that checklist matters and must be completed and submitted, or there will be delays in processing the financing request. Depending on your program, there can be from two to 15 required items.

Check back Thursday for the conclusion.

Ask 'Em About The Money

(Photo by Tim Burke)

Have a question or comment? E-mail our editor Dave Davis at [email protected].