The equipment required for a full commercial coffee operation is a significant investment. Fortunately, finance is usually available from a number of sources.
Lease finance or hire purchase options are the most easily available source of finance for purchasing coffee equipment. Restaurant or cafe businesses can usually obtain lease finance from their current bank. Grenke Finance, Lombard (Ulster Bank), AIB and Finance Ireland are currently providing this type of finance.
Leasing companies are interested in providing finance if the investment in the coffee equipment is greater than €4000. The investment can be financed over 2 to 5 years. Typical repayment rates are €33 per thousand per month over a 3 year period, or €23 per thousand over a 5 year period. The customer needs to be careful of higher first payments or higher final payments. Some leasing companies require 37 payments for a '3 year' term or 61 payments for a '5 year' term. So the customer needs to be aware of these factors when selecting a leasing company. Financial services companies that can provide leasing include Grenke, Finance Ireland, Lombard.
For most businesses, the first choice for loans is their own business bank, usually in the form of a term loan for the purposes of setting up the business or investing in the equipment of the business.
Finance for coffee equipment may also be available from Linked Finance crowd funding, or from SME Finance Kilkenny.
For new startup businesses a grant may be available from the Department of Social Protection. For existing businesses a grant may be available from the Local Enterprise Office.
In cases where the customer cannot avail of finance, Qflow Coffee will consider a rental contract whereby ownership of the equipment passes to the customer when the last payment has been made. For further information, please contact us with your details and requirements.
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