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2020 has been a tough year for most service-based businesses. With that said, resiliency is on full display, with companies big and small finding ways to reach customers and remain open.

What’s more, some businesses are thriving like never before. The following are six services seeing significant success in 2020:

Lending

With so many individuals and companies experiencing financial shortfalls this year, it’s no surprise borrowing rates are going up. More families are using personal installment loans to supplement reduced household income, while companies are using business loans to cover payroll and expenses. Lenders have stayed busy, processing applications as fast as they’re received.

SaaS

It’s safe to say 2020 has become the year work-from-home went mainstream. Companies around the globe have shifted to entirely remote-based operations, meaning many of them have come to rely on software as a service more than ever before.  Whether it’s business-grade video chat apps or collaborative software, companies count on them to conduct business as usual during most unusual times.

Delivery

In response to social distancing guidelines, more consumers are turning to online shopping. Whether it’s a pallet of toilet paper or a month’s worth of groceries, these and other essential products must get delivered to your door. While the fulfillment process is getting pushed to its limit, there’s no denying delivery services are booming in 2020.

Streaming

Among other memorable events – some related others not – 2020 will be remembered for the amount of time we spent at home. It’s been a goldmine for streaming services, with record numbers of new subscribers as well as an enormous increase in hours of content watched. Whether this burst in demand becomes the norm or reverts to pre-2020 levels remains to be seen, but it’s been an excellent year for streaming services.

Gaming

On a similar note, gaming consoles and their respective online gaming services have seen record sales and subscriptions in the last few months. In particular, stores and online sellers can’t keep up with the demand for the Nintendo Switch, a gaming console first released over three years ago. Given how much time everyone is spending at home, it’s no shock to see sales soar for video game products.

Grocery

In times of crisis, such as natural disasters and social unrest, people tend to start panic buying food items and other products deemed to be essential. The result is iconic images of empty aisles in stores across the planet. While it’s safe to assume the owners and executives would prefer an average year to this one, grocery stores and supermarket chains have been some of the real winners in terms of maintaining and exceeding sales expectations for 2020.

The world has seen better days, but it’s also seen much worse. As far as most businesses and individuals are concerned, the main objective is merely getting through the rest of the year in hopes 2021 will improve. For others, the demand for their services has never been greater. Regardless of whether sales are up or down, we can all agree a return to normal is the preferred outcome.

In order to operate a construction business at full capacity, you need updated heavy equipment that ranges from 100k to 15million dollars. You require huge capital to invest if you want to run the business smoothly. As a startup business owner, you may not find adequate finances to meet your equipment requirements so it is best for you to consider the approach of heavy equipment financing which is a good money lending program that suits your needs. If you are still wondering about financing the construction equipment for your business then you should read the following pros of availing the loan for your business.

It resolves cash flow issues:

As mentioned above that construction equipment is costly so in order to pay cash for purchasing it, you need to spend all of the business working capital that you have in the hand. It will cause financial hardship for you as you will not be left with adequate money to operate your business smoothly. For smooth business operation, you require cash flow so by opting for the heavy equipment funding you can resolve the issues of cash flow as you will get the adequate amount to buy the expensive excavators, loaders, cranes, backhoe, and tractor without using your working capital.

You get money to purchase the machinery:

Professional money lenders have simple loan application and processing programs so it can resolve the matter without letting you delay buying the construction equipment. You can get instant access to the money by simply completing the loan application form and by providing the proof of business existence and guarantee for loan re-payment. Most of the professional equipment financers lend money on the same day of approval so you do not have to keep the idea pending for purchasing the heavy construction equipment in order to support your business.

You can acquire the equipment quickly:

Professional equipment financing companies have solid relations with the equipment vendors so after getting your loan approved and financed you do not need to waste your valuable time to look for the equipment vendors. They can provide you with the list of certified equipment suppliers which makes it easy for you to pick the machinery for a construction business to commence it as soon as possible. Consulting with professionals for heavy equipment financing will prevent the hassle to search for reliable sellers and to compare the prices with different vendors as you can get the equipment at competitive prices.

Get a loan without additional collateral:

Collateral is an asset that acts as a security for the loan and most of the loan types require collateral before getting approved. But in the case of heavy equipment finance, you do not need to keep your property or assets as collateral as the equipment will itself act as collateral for the loan. If you are not able to pay the loan amount then the lender has the right to seal the equipment and can sell it to recover the balance amount so loan for heavy machinery does not require additional collateral which is an added advantage to you.

It improves construction business operations:

Getting a loan for the heavy construction equipment can allow you to buy the machinery that you cannot afford. Whether you want large equipment like excavators, cement mixtures, loaders, and lifting equipment or have a requirement for office equipment you can fulfill it with the finances. If you have a good credit score then you can acquire up to 50000000 dollars loan from the equipment finance company with financial disclosure and can improve the operations of your business without any fail which will also boost the growth of your construction company.

You can reap tax advantage:

As an owner of a construction company, buying heavy equipment through financing can provide you with a tax advantage. According to section 179 of the IRS tax code, you can get deductions from the taxes by showing the documented proof of financing and can get tax relief up to the full cost of the equipment purchased in the tax year. You can pay fewer taxes to IRS and can save money to use for construction business operations.

Possess full ownership of equipment:

Equipment financing for construction business will also enable you the facility to get full ownership of the equipment that you have purchased. You can repay the loan amount with fixed monthly installments which is an easy way to get clearance from the moneylender. As compared to leasing, financing is the best way to possess full ownership of the equipment and after clearing the loan you can also sell or rent it to make money. In a leasing agreement, you will be charged for any modification and changes made to the rental machinery as you will not become the owner of the equipment.