If you are considering restaurant equipment financing to fund your Cleveland 24EM24, you should first learn the basics of this business funding method and how it works. Almost all businesses need some kind of equipment to perform their operations. Whereas some businesses can buy their equipment in full, others might lack the capital. Thankfully, restaurant equipment financing provides an effective funding solution for high-priced equipment.
Cleveland 24EM24 Overview
24EM24 is an electric steam generator designed by Cleveland. It features a 24″ wide cabinet base, hinged cabinet door, modular design, solid-state water level steam generator control, and automatic blowdown at shut down. Cleveland 24EM24 also has an automatic refill on startup, stainless steel construction, and 6″ adjustable legs.
Standard Features Of Cleveland 24EM24:
- 6″ Stainless Steel Legs with level adjustment
- Hinged Cabinet Door
- Low Water Power Cut-off
- Major elements serviceable from the front of the unit
- Pressure Limit Controls with fifteen psi Safety Valve
- Secondary Low Water Cut-Off, factory installed
- Separate “Start/Reset” illuminated switch controls and Pressure Gauge
- Single cold water connection (no hot water needed)
- Solid State Steam Generator Water Level Controls
- Stainless Steel Base Frame
- The standard voltage is 208/220 volt, 60 Hz, 3 Phase, 3 Wire
- Steam Generator Drain incorporates “Jet Rinsing” and Water Cooling.
- Steam Generator empties under pressure automatically upon every Shut-Down.
- Automatic Water Refill on Start-Up
- Steam Generator is complete with Sight Glass Gauge and Access Hole/Cover Plate
- Type 304 Stainless Steel exterior enclosure; TableTop with #4 finish
Options And Accessories Of Cleveland 24EM24
- Power take-Off Kit
What Is Steam Generators Financing?
Restaurant equipment financing involves the use of a loan to secure equipment for your business. Provided by both conventional lenders and equipment financing companies, it enables you to start using the steam generator almost immediately. Similar to a mortgage or an auto loan, you will have to make regular payments on the appliance. The lender or restaurant equipment financing company might require you to make a down payment while also making regular monthly payments until the Cleveland 24EM24 is paid off.
How are Steam Generators Loans Important?
A restaurant equipment financing loan will enable you to finance up to 100-percent of new or used commercial equipment. Typically equipment financing companies are better options than equipment leasing companies since you can keep the appliance under an equipment finance plan. Steam Generators loans will also save you the hassle of paying out of pocket for your business needs. Besides, you will find that many equipment loans have reasonable interest rates that are suitable for your budget.
Restaurant equipment can cost thousands of dollars, which is upfront money that many starting business owners do not have. A steam generator loan allows you to get Cleveland 24EM24; you need to make sure your restaurant thrives in the long-term. Going without vital business equipment can place your restaurant in peril. Startup restaurants must take risks to establish a firm base of success. That risk might include procuring costly business items like generator steamers that are beyond your current budget. Nonetheless, you can reduce the risk by getting an equipment loan that gives you access to the best restaurant equipment.
You can get prime appliances through alternative financing without settling for cheaper variations that might hamper your restaurant operations. At a time when your restaurant is just starting, you will want the latest steam generator that simplifies your enterprise and offers impeccable customer service. Most importantly, the new appliance can generate more revenue for your restaurant. You can use the extra revenue to expand your business.
Expanding your restaurant could mean purchasing more equipment or opening new store locations. And that extra revenue will indicate more profits for you. Also, restaurant equipment loans can help you stay competitive against businesses that provide the same services and products. You can remain competitive by offering better services or products using high-quality equipment. Furthermore, steam generator financing can give you a fighting chance if you are competing with larger restaurants.
How Does Cleveland 24EM24 Financing Work?
With Cleveland 24EM24 financing, you can apply for the loan online, and you can get funding in as little as twenty-four hours. However, before applying, you must know the various types of equipment loans at your disposal:
- Equipment loans
- Term loans
- Line of credit
A business line of credit will let you draw funds when required and without borrowing a lump sum. And a business line of credit is an unsecured loan, indicating that you do not have to pledge personal assets to obtain the loan. You can use the money for equipment or other aspects of your restaurant.
Moreover, a business credit line has a variable APR instead of a fixed one. It also comes with simpler approvals. However, this depends on lending standards. The credit amount varies on your credit rating and how much you intend to borrow. Nonetheless, a max of $250k is suitable for restaurant owners who require short-term funding. If you need more money, consider a term loan or business cash advance.
Term loans for equipment have a fixed interest rate. You will borrow an upfront sum and pay it back over time. With a term loan, you can purchase the steam generator and use the money for other aspects of your restaurant. For instance, in addition to Cleveland 24EM24, maybe you want to use the funds to expand your marketing efforts. Or, you might want to use the money to hire more staff.
A term loan offers you enough leeway to expand to other areas of your business. Nonetheless, special restaurant equipment loans only let you buy business equipment. It has the same fixed interest rate and payment structure as a term loan. Generally, the borrowing range is between $25,000 to $4 million. The rates are as low as 7.5 percent. You will also find that online lenders provide flexible terms as long as eight years.
The term of the loan depends on lending preferences. However, you can talk to the lender if you want a specific payment structure. A longer payment plan offers lower monthly payments. And you will have more money for your restaurant.
Nonetheless, you will pay more interest as you pay the loan. With a short-term plan, you will pay a higher payment every month. But the good thing is you will be debt-free much sooner. Moreover, you will pay less interest throughout the lifespan of the loan. Most online lenders allow you to tailor a loan package to your budget and needs. Talk to a loan representative concerning the best option for you.
Cons Of Buying Cleveland 24EM24
Just like any other business financing method, restaurant equipment financing has its drawbacks. The greatest is obsolescence. With purchase, you are stuck with an outdated steam generator until you purchase a new appliance. Moreover, the competitiveness of the marketplace and the availability of tax incentives with leasing are usually enough to dissuade many restaurant owners from buying equipment outright. The cost to maintain and repair appliances, in addition to a steep purchase price, might put too much financial strain on many restaurants. By some estimates, businesses budget one-percent to 3-percent for sales for maintenance costs. This is a rough approximate, though. The equipment itself, equipment ages, service hours, quality, and warranty determine the real maintenance costs.
Restaurant Equipment Financing vs. Equipment Leasing: What Is The Difference?
An alternative way to secure Cleveland 24EM24 for your restaurant is to lease it. While similar to restaurant equipment financing, though, restaurant equipment leasing works in a different way. With restaurant equipment leasing, you pay to use the steam generator for the length of the term.
The main difference between restaurant equipment financing and restaurant equipment leasing involves ownership. After paying off an equipment financing loan, you will own the appliance. Once you reach the end of the lease term with restaurant equipment leasing, you will typically have the choice of renewing the lease, canceling the lease- and thus returning the equipment- or buying the steam generator according to the lessor’s terms.
Cleveland 24EM24 Financing With The Right Lender
Select a lender who provides startup restaurant equipment loans with a reasonable interest rate. As a new restaurant, you do not have to pay a higher interest rate to get commercial equipment. More online institutions are providing competitive startup restaurant equipment loans. Before, startup and new restaurants had a tougher time obtaining loans; however, alternative lenders have made the process simpler than established lending institutions.
Are you interested in getting steam generator financing for your restaurant? Top Financial Resources is your source of restaurant equipment financing and leasing and offer a variety of services to help you improve your company and allow it to attain its full potential:
- Working capital
- Buy equipment
- Vendor financing
- Franchise financing
- Equipment Financing
- Equipment Leasing
We have worked with thousands of restaurants to make sure that their financial needs are met without hindering the productivity of their business. Our restaurant steam generator financing and leasing allow you to launch your business to the next level with the help of new equipment, buyout options, and affordable monthly payments you can feel good about.
