GrowIt Media provides end-user financing and leasing for electrical and communications/data products. Our mission is to simplify the financing process for our clientele. Entire projects may be financed, including hardware, installation and soft costs such as maintenance agreements and software. Innovative and flexible financial products make it possible to customize financing programs for your business.
More than a decade of leasing experience has taught us what our customers want, and we take pride in our ability to deliver it. GrowIt Media understands your business and we know that your business is unique and, as a result, so are your financing requirements. We’ll learn enough about your situation to help you structure a financing package that meets your specific needs.
We offer quick turnaround for credit approval. Our financing professionals are linked by an electronic communications network. This enables us to process your financing requests rapidly.
Below is a brief overview of the many different types of leases offered by GrowIt Media:
Finance Lease
(also called a ‘Capital Lease’ or ‘Conditional Sale’)
The finance lease combines some of the benefits of leasing with those of ownership. Payments are spread over a period of several years and often represent the full value of the equipment.
The advantage of a finance lease is that you have the opportunity to own the equipment at the end of the lease, generally for a minimal payment, such as $1.00, or for a small percentage of the original equipment cost.
True Lease
(also called a ‘Tax Lease’)
Under a true lease, the lessor is the legal owner of the equipment. For that reason, this type of arrangement can be particularly attractive for companies and professional practices acquiring equipment that is vulnerable to technological obsolescence, such as computers.
A true lease gives you a lower monthly payment for a given piece of equipment than a finance lease would, and in some cases, your business can claim the lease payments as tax deductions. Consult your tax advisor for advice on how a particular lease structure would be treated.
Operating Lease
An operating lease is generally for a short term (typically three years or less) and is often used with high-tech or other obsolescence-prone equipment. In this type of lease, the lessor typically takes a significant residual position in the lease pricing, thereby bearing more of the risk of ownership. This, in turn, allows a lower monthly payment for the lessee.
Operating leases may qualify for ‘off balance sheet’ financing for the lessee, in that the lease is recorded neither as an asset nor as a liability. In addition, the lessee has no further obligation with respect to the equipment once the conditions of the lease have been fulfilled. As with a tax lease, the lessee usually is given the option to purchase the equipment at fair market value. You should check with your accountant to learn if your leasing arrangement can qualify as an operating lease.
You have three options at the end of the lease term. You may purchase the equipment for its fair market value, continue to lease it, or return the equipment to the lessor.
State and Local Government (SLG) Lease
GrowIt Media makes this type of lease available to state and local governments for tax-exempt equipment leasing and purchase financing. The SLG lease provides an alternative to other methods that municipalities use to acquire equipment, such as cash purchases or bond referendums.
Because the interest income derived from such leases is exempt from federal income taxes, we are able to offer lower rates through SLG leases, making this a lower-cost way for municipalities to acquire equipment.
Why Lease?
- Payment plans can be structured to meet your needs.
- Special low interest rates for municipal customers such as schools, state and local government.
- Possible tax benefits with operating leases.
- Easier budgeting because you know what your annual costs will be from year to year.
- Preservation of credit lines and cash reserves due to low monthly payments and little or no money down.
- Helps you hedge against equipment obsolescence.
- A simple process designed to complete your acquisition in a fast and efficient manner.
- Add equipment or upgrade at any time.
Note: 100% financing includes equipment, installation, cabling, software, training and maintenance services.