Financing Options For Small Businesses Make New Technology Compute For More Companies
By: Stacey Moore
Small and medium-sized businesses (SMBs) looking to put the
brakes on high IT costs have followed the lead of millions of
American car buyers.
The companies now use credit lines, loans and leases to finance new
office technology. The result is that many SMBs have increased
their competitiveness while expending a minimal amount of capital
(leasing alone can triple an SMB's buying power).
In fact, industry analyst firm Yankee Group found that financing
programs make it easy to extend IT cost solutions over time,
enabling small and medium businesses to manage business finances
more effectively and preserve cash for focused, core business
initiatives.
According to a Yankee Group report, "Vendor Financing Solutions Are
Gaining Interest in the SMB and Mid-Market Segments," more than
half of SMB respondents viewed the availability of financing
options to be at least somewhat important when making purchasing
decisions.
SMBs can work with groups such as HP Financial Services, which has
a number of financing packages. With only a $350 minimum
transaction size, the latest offers from HP Financial Services are
available to even the smallest of customers. Via new credit line
capabilities, SMBs are also automatically preapproved for the
maximum amount for which they are eligible. Those preapproved lines
provide credit availability for future technology purchases. In
addition, a new loan product is available that gives SMBs another
financing option by allowing them to maintain ownership of their
technology from the start of their financing agreement.
Part of the HP Total Care portfolio, these new financing options
are intended to provide SMB customers with a differentiated and
better experience with HP.
Experts have referred to the financing products as the "pay as you
grow" solution for smaller firms. Because the products break IT
costs into manageable monthly payments, SMBs can afford to stay
ahead of the technology curve, helping them keep their competitive
edge.
Through October 31, 2006, SMBs can get 4.9 percent financing
promotions on all of the company's LaserJet, multifunction, inkjet
and large-format printers, as well as a wide variety of business
PCs, workstations and servers.
Additionally, SMBs can secure low promotional rates on bundled
technology, such as HP BladeSystems and Storage Works products. The
rates translate into low monthly payments for 24-, 36-, 48- or
60-month terms.
Customers can also take advantage of promotional 0 percent lease
rates and reduce the cost of obtaining their technology across
various products and terms. This lets SMBs easily upgrade their
equipment at the end of their lease term.
To learn more, visit the Web site at www.hp.com/Go/HPFinan cialServices. Leasing, financing and loan programs can all be inexpensive ways for small and medium-sized businesses to update their technology.
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