Equipment Financing

Brand Ambassador Spotlight – Kevin Nelson

| Kim Lorang

We are grateful to partner with so many wonderful foodservice dealers to offer equipment lease financing to their customers. To show our appreciation, we honor sales reps that have demonstrated a strong commitment to our partnership by distinguishing them as brand ambassadors. In addition to being featured on our blog, our brand ambassadors receive a gift card to a local restaurant they choose.

This week, we are pleased to feature one of the wonderful sales reps from Supplies on the Fly as Kingswood Leasing’s* first brand ambassador.

Headshot of Kevin Nelson
Kevin Nelson

Kevin Nelson has been with Supplies on the Fly for about five years, where he helps restaurant owners get the equipment they need to run their businesses well in his role as a Foodservice Equipment Specialist.

Kevin brings the unique skillset of an in-depth knowledge of the operator’s struggles and point of view to Supplies on the Fly. After attending the University of Georgia, Kevin accepted a management position at Atlanta restaurant The Mellow Mushroom. After six months, he was promoted to General Manager. Kevin enjoyed that role for the next 15 years.

While Kevin loved the restaurant industry, he started to long for a role with more regular weekday hours. After talking with a friend from high school about his job at Supplies on the Fly, Kevin decided that applying for a position there would allow him to work a more regular schedule while still being in the industry he loved.

Now, he enjoys working with restaurant owners and can easily relate to them thanks to his experience on their side of the industry. While he loves working with all his customers, he has a sweet spot for mom-and-pop restaurants.

While representing Supplies on the Fly at a food supplies and equipment showcase in Dallas, Texas, Kevin met the owner of Boo-Ray’s of New Orleans. The owner was opening a new location and Kevin was given the opportunity to assist with the opening equipment package. It went off without a hitch, and he is thrilled to be assisting with the opening of their next location.

Kevin understands how fast paced the operator’s world is and how full their plates are at any given moment. He prides himself on being available when his customers need him and bringing them solutions that will help them succeed.

Just as he is there to provide unyielding support to his customers, Kevin is grateful to have that same support from his boss, Jan Vergouwen. “Jan is the best manager I’ve ever had,” Kevin said with conviction. He appreciates that Jan gives him the space to work his book of business like it’s his own business. Having that freedom, paired with the unwavering support from his team, makes Supplies on the Fly a great place to work.

Karen Matheny, Leasing Manager at Supplies on the Fly, was thrilled to learn Kevin would be recognized as their first Brand Ambassador. “If I were a customer, I’d be delighted to have Kevin as my sales representative. Kevin takes a personal interest in his customers. He listens to what they are saying, asks questions to help better understand their needs, and offers constructive suggestions to help them make an educated decision. In addition, his service doesn’t stop when the sale is made. He is always available and follows up with any issue or questions that come up after the sale. It is no surprise he has a large number of repeat customers.”

In his free time, Kevin can typically be found hiking with his wife Carissa and their black lab, Maggie. The Blue Ridge Mountains are among their favorite places to explore. When it’s time for a break from hiking, Kevin and Carissa love stopping at a brewery in the mountains to relax while sippin’ some ice-cold IPA’s.

Smiling black lab
Kevin’s dog, Maggie

We presented Kevin with a gift card to the restaurant of his choice, and he was excited to name Caper’s Restaurant and Bar as his top choice. He and Carissa have visited Caper’s many times and are particularly fond of their Hawaiian ribeye.
https://www.capersonmain.com/

KL: How does working with Kingswood Leasing* as an equipment lease financing option benefit your customers?

KN: It gives the customer the options. Not every small business is going to have the upfront capital to start up their dream business but with the option of leasing to own they can make it happen.

KL: What career advice would you give someone starting out in the industry?
KN: Honestly and transparency are key to building lasting customers.

KL: What aspect of your role do you enjoy the most?
KM: Getting to work with small business owners to help them be successful.

KL: What is one fun fact most people likely don’t know about you?
KN: I have never missed an episode of the TV show Survivor. Yes, it still comes on!

Kevin and his wife hugging at an event
Kevin and his wife, Carissa

*Kingswood Leasing Powered by TimePayment

The intent of this program is to foster engagement with strategic partners and encourage originations.

How to Choose a Fryer for Your Commercial Kitchen

Learn how to choose a fryer for your commercial kitchen with these tips from Kingswood Leasing!
| Kim Lorang

A fryer is a staple in many commercial kitchens, but not all commercial fryers are created equal! With the help of Kingswood Leasing, you can get a fryer by paying comfortable monthly payments with no payment due at signing. Preserving your working capital is essential. In this post, you’ll learn how to choose a fryer that will best suit your operational needs.

How to Choose a Fryer for Your Commercial Kitchen

Tank Type

First, determine what size fryer will best keep up with the demand of your hungry patrons.

Fryer tank capacities are primarily measured by how many pounds of oil they hold. This means a 50-pound fryer can hold 50 pounds of oil. Most commercial fryers have an output of two times the weight of oil each hour. So, a 50-pound fryer can reasonably be expected to produce up to 100 pounds of food per hour.

While single-tank models work well for frying one type of food at a time, twin-tanks allow you to cook multiple kinds of food at once. One added benefit of twin tanks is that you can choose to run only one tank at a time. This benefit can help the unit be used in a more energy-efficient way.

Filtration

A fryer model with built-in filtering capabilities can be an excellent choice for those looking to reduce operating costs. These models filter the oil used in the fryer to extend its life and improve cost-effectiveness.

Without a filtration system, operators can expect most oils to last no more than three days. While manually filtering the oil can extend oil life by a few days, units with built-in filtration can keep oil fresh for up to nine days. Not only does this reduce your oil expenses, but it also saves your staff time and ensures your food items are always fried in great-tasting oil.

Learn how to choose a fryer for your commercial kitchen with these tips from Kingswood Leasing!

Temperature Control

Your options here are either a computer process controller or a manual dial thermostat controller. The manual control is just that; it allows the operator to control the unit’s temperature manually. While this is often a lower-cost option, the operator must have advanced knowledge on how to fry different food items to ensure everything is cooked correctly. A computer process controller automates the process and allows the fryer to adjust temperatures, resulting in perfectly cooked items every time.

Recovery Time

Recovery time refers to how long it takes for the oil to return to the optimal temperature after food is added. This is important because it can affect the taste of the food and the efficiency of the fryer. Learn more about recovery time here (https://www.pitco.com/blog/why-fryer-recovery-times-are-important).

Sediment Zone

The location of the sediment zone is essential when it comes to the ease of fryer maintenance.

As small pieces of food fall off during the frying process, they collect and eventually become carbon residue. This process is called carbonization, and it can ruin the taste of your food. Carbonization also ruins your oil quality.

Sediment zones prevent carbonization by holding food particles at a slightly lower temperature, so they do not burn.

You will need to clean the sediment zones regularly and ensuring you can access the area easily is key.

Learn how to choose a fryer for your commercial kitchen with these tips from Kingswood Leasing!

Gas Vs. Electric

Electric fryers are typically used in kitchens that fry foods infrequently or at a low volume. Gas options offer quick cycle times and can fry a high volume per hour.

Learn more about the difference between gas and electric options in this in-depth article from the Foodservice Equipment Journal. (https://www.foodserviceequipmentjournal.com/the-big-fryer-debate-should-you-buy-gas-or-electric/)

Placement

Finally, you’ll need to choose between a model that sits on the floor and a model that is set on top of an existing surface. For establishments frying high volumes of food items, a floor-standing model will be best. However, if only niche items are fried in small batches or your fryer is used infrequently, a smaller tabletop model will likely suffice. Freeing up floor space can be especially helpful in small kitchens, such as cafes or concession stands.

Equipment lease financing ensures you get the equipment you need now while still having the cash you need on hand for increased labor costs, unforeseen expenses, and day-to-day operational costs.

Contact us today to learn more about how we can help you with your equipment lease financing needs!

For more information on how to choose a fryer that will best suit your needs, check out these resources:
A Quick Primer on the Different Types of Commercial Fryers
Vulcan Fryers: Good, Better, Best
Preventative Maintenance for Your Commercial Deep Fryer

Information for Kingswood Equipment Sellers and Referrers Regarding COVID-19

| Zeb Wright

Information for Kingswood Equipment Sellers and Referrers Regarding COVID-19

Is Kingswood open?

Kingswood’s offices are open (8am-8pm EST). All services are functioning as usual, however we are transitioning to a “work–at–home” operating model as part of our broader business continuity plans. Because the situation is dynamic, we will be adapting our plans each day while also planning for longer term implications.

What happens if Kingswood’s offices close?

We have the ability to work remotely from locations across the country, such that our day–to–day operations won’t be affected.

Where can we find the latest information?

Kingswood will update our website, KingswoodLeasing.com, your Partner Portals and will be sending out informational emails if there are changes you need to know. You should always be able to reach your account manager and you can email us at Sales@KingswoodLeasing.com or Info@KingswoodLeasing.com.

How is Kingswood settling with Sellers and Referrers?

We are settling transactions the way we always do; however, in the event our office closes there may be a delay in receiving physical checks from us due to closures or postal service delays. To avoid any interruption, we strongly recommend that you sign up for ACH disbursement. The form can be filled out and submitted online by clicking the link below:

ACH Direct Deposit Enrollment Form: Click Here

Will COVID-19 change who gets approved?

No, but all leasing and lending companies consistently reassess certain underwriting policies and practices to fully consider the current business and economic environment. It’s likely that some changes will be made for some industries. If we see changes, these will be promptly communicated.

Remember everyone at Kingswood is here to help you and your customers succeed. Let us know how we can help!

We Make It Simple

| Zeb Wright

Here Are Some Of The Ways We Make Equipment Financing Easy…

Paperwork, Schmaperwork – App Only up to $250K!

Kingswood now has application only funding limits up to $250,000. That means less time and paperwork needed to get you the financing you want to make that next big equipment purchase. And typically these credit decisions are made within 2-4 business hours.

Minimum Ownership Requirements – Corp Only Options

Kingswood has options to secure businesses with established credit without a personal guarantor, an option called Corp Only. And for businesses without the established credit, Kingswood has options to secure financing with a minimum of 1% ownership. Either way, that means less time getting every owner’s signature to apply or to sign for financial documents.

Electronic Documents

When it comes to closing the deal for your equipment, almost no one wants to wait for paper documents in the mail any more. With eDocs financial documents can be sent instantly to your email address for signing.

 

Kingswood Offers End-to-End eCommerce Solutions

| Zeb Wright

Kingswood Leasing Announces Suite Of Digital Tools

Kingswood Leasing now has the ability to offer access to equipment financing through eCommerce shopping solutions, such as previewing payment options instantly, applying for approval, and signing financial documents – all online.

Together these eCommerce solutions provide a complete end-to-end online experience for this digital age.

  • Shoppers can view estimated monthly payment options while browsing items with our Finance Button
  • Buyers can select from a full set of monthly payment options online with our Quoting Calculator
  • Buyers can select an option and proceed to secure their financing with our online Finance Application
  • Financial documents can be sent electronically and signed digitally with out having to print and return by mail.

As a seller, this means getting funded on your sales faster, while providing your customers the experience they want.

Want to learn more? Contact Us or call 888-327-8121.

Buy Now & Pay Later

| Zeb Wright

Buy Now, Pay Later!

No Monthly Payments for 90 Days

The popular 90 Day Deferred Program is back! That means you can buy the equipment you want now and let it earn you money for 90 days before making your first monthly payment. Save your hard earned cash and still get the equipment you need!

How Does This Work?

Qualified buyers may now choose a 90 Day Deferred Payment Program. Qualified buyers that proceed with the 90 Day Deferred Payment Program have their first monthly payment due 90 days from the date of the funded transaction. For example, if a deal is funded December 15th, the first payment will be due by March 15th. This option is only available to qualified buyers purchasing eligible equipment.

How Do I Qualify?

Just ask. Call us, email us, or says so when filling out our online application:

We simply need to know that you are interested in this program in order to qualify you for this option.

What Are You Waiting For?

It’s that easy. Get the equipment you want without having to make a payment for 90 days. Put the equipment to work right away and let the equipment pay for itself. Get pre-approved today and go shopping!

Apply Now

No Payments for 90 Days

| Zeb Wright

Give Your Customers The Power To Do More

Qualified buyers can buy the equipment they want now, and make no monthly payments for 90 days.

“Buy Now & Pay Later”

Program Highlights

  • The first payment will be due 90 days from the date of funding. For example, if a deal funds on December 15, the first payment will be due March 15th.
  • Certain restrictions apply, including, but not limited to: Startup restaurants, startup salons, ATM equipment, security monitoring agreements are not eligible.
  • Commercial customers only. Qualified businesses must have at least 2 years time in business to qualify.

Program Benefits

The benefits for your customers are obvious. They can get the equipment they want now and use that equipment to earn money for 90 days before the first monthly payment is due. Tell your customers to keep their hard earned cash and let the new equipment earn they money to pay for itself!

This program is also very popular with equipment suppliers who can leverage this limited-time offer to help earn more business. Tell any customer that shows interest in the option that there is no cost or obligation to get approved.

How can I get my clients Approved for No Payments for 90 Days?

You and your customers can apply like normal. We simply need to know that your customer is interested in this option. If there is mention of No Payments for 90 Days on an application we will immediately begin qualifying for this program.

Don’t wait until it’s too late – Tell all your customers about this option and share our secure application to find out if they qualify. It’s that simple!

Capitalize On Your Tax Benefits Before Time Runs Out!

| Zeb Wright

Maximize Your Section 179 Tax Savings Every Year!

What Is Section 179?

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Section 179 is one of the few incentives included in any of the recent Stimulus Bills that actually helps small businesses. Although large businesses benefit from Section 179, the original target of this legislation was much needed tax relief for small businesses – and millions of small businesses are actually taking action and getting real benefits.

How Does Section 179 Work?

When your business buys certain items of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example). Now, while it’s true that this is better than no write off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it. In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That’s the whole purpose behind Section 179 – to motivate the American economy (and your business) to move in a positive direction. For most small businesses the entire cost can be written-off on that year’s tax return.

Limits of Section 179

Section 179 does come with limits – there are caps to the total amount written off, and limits to the total amount of the equipment purchased. See our “IMPORTANT NOTICE: Section 179 Expanded” post for details on limits for a given tax year.

How Can I See How Much Money I Can Save?

Included on our Finance Calculators is a “Section 179 Tax Savings” feature to show you an estimate of how much you can save with this benefit. Simply put an amount in the calculator, and hit the calculate button to see Potential Tax Savings. By default, a 21% tax bracket is assumed for calculation purposes.

Business Is All About The Bottom Line!

When considering equipment for your business the decision almost always depends upon the bottom line. For your convenience, our finance calculators automatically print the total Bottom Line Equipment Cost After Tax Savings along with every quote.

Make sure you consult with your tax advisor to understand your eligibility and to discuss any specific questions you have about these tax benefits.

Business Tax Deduction Ends Soon

| Zeb Wright

Section 179 Qualification Ends December 31st

What Is Section 179?

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Section 179 is one of the few incentives included in any of the recent Stimulus Bills that actually helps small businesses. Although large businesses benefit from Section 179, the original target of this legislation was much-needed tax relief for small businesses – and millions of small businesses are actually taking action and getting real benefits.

How Does Section 179 Work?

When your business buys certain items of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example). Now, while it’s true that this is better than no write off at all, most business owners would really prefer to write off the entire equipment purchase price for the year they buy it. In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That’s the whole purpose behind Section 179 – to motivate the American economy (and your business) to move in a positive direction. For most small businesses the entire cost can be written-off on their tax return.

Limits of Section 179

Section 179 does come with limits – there are caps to the total amount written off, and limits to the total amount of the equipment purchased. See our “IMPORTANT NOTICE: Section 179 Expanded” post for details on limits for a given tax year.

How Can I See How Much Money I Can Save My Customers?

Included on our Finance Calculators is a “Section 179 Tax Savings” feature to show you or your customers how much they could save with this benefit. Simply put an amount in the calculator, and hit the “Section 179 Tax Savings” button to see Potential Tax Savings. By default, a 21% tax bracket is assumed for calculation purposes.

Show A Discount Every Time Without Ever Reducing The Price!

The Tax Savings Estimate is a great way to show a discount on a product without ever having to reduce the purchase price. For your convenience, our finance calculators automatically provide this estimate along with every quote. If you have any questions about how to provide this estimate along with a finance quote, please contact us for assistance.

Garrison City Beerworks

| Zeb Wright

Kingswood Comes Through For Local Brewery

“Less than 2 years into business and we needed to buy more equipment to grow. Kingswood Leasing came through with a deal that no one else could match. A year later we needed working capital to take advantage of a contract that otherwise would have hindered our cash flow. Now Kingswood has helped us get a small business loan and line of credit, which is enabling our next phase of growth at the brewery. Every time I have a financial need, Kingswood has come through.” – Mike Nadeau, Founder & CFO, Garrison City Beerworks

Garrison City Beerworks (GCB) entered the scene at the end of 2013 with the mission to become NH’s premier craft brewery. Fortunately for us, they took up residence just a couple blocks from our own primary office in Dover, NH. Founder Mike Nadeau didn’t need our help to get started, but after his initial investment to get going, he realized that much more would be needed to be as successful as he wanted to be. In 2015 Mike came to us to make a big investment in a canning system that would significantly increase the brewery’s ability to distribute the premium craft beer that they make. In addition to the canning system, Garrison City would need a lot of cans to take advantage of this new piece of equipment. The challenge for us was how to get this brewery that was less than 2 years old the full amount of money that they needed in order to accomplish the full order of equipment and cans.

The Equipment Loan

Garrison City qualified for the best start-up rates available in the marketplace, and had several options of how to finance the canning system. The ‘soft costs’ of the project, however, including the large inventory of cans, exceeded the normal 25% allowance of the transaction. In this case the shipping, installation, accessories and inventory was a whopping 55% of the total transaction we were attempting to finance. We could have separated the transactions, but that would have cost Garrison City Beerworks more in total. And we have great relationships with our banks, some of which we have been doing business with for 26 years. So we leveraged our experience and great relationships to earn an exception on this deal that would typically be unheard of. The bank would finance the full amount for our neighbors down the block. We made every attempt to do what was best for our client, and our funding source rewarded us and our client with everything they needed to get the job done.

Working Capital Loan

About a year later, Mike came to us looking for a line of credit. His primary need at the time was to secure a yearlong hops contract that would set up the next years’ worth of craft beer production. True business lines of credit have been harder to secure for businesses since the economic recession of 2008, and at that time Garrison City Beerworks did not have enough time in business to earn what was reserved for more established companies. But that didn’t mean that Garrison City didn’t have other options for working capital. Small business loans are one of the industry’s most popular products and any company with more than 6 months’ time in business can secure a short term unsecured business loan based on the strength of their monthly deposits. Fortunately for Garrison City, their monthly deposits exceeded the amount that they needed to secure the hops contract, and we secured for Mike a small business loan equal to what he needed. That loan helped smooth out GCB’s cash flow and set them up for sustained growth.

Term Loan & Line of Credit

Well into their third year in business and GCB is growing again. They have expanded their service and capacity and have sustained year over year growth every year in business. To take advantage of the opportunity before them, GCB needed the tools that other established businesses have at their disposal. We are so pleased to play our part in securing GCB a 5-year term loan and a true business line of credit, both of which were earned by Garrison City Beerworks for all their hard work and dedication. It truly is an honor to watch a business grow and succeed. And regarding Garrison City Beerworks, we can’t wait to watch what they do next!

Are you a Greater Dover Chamber of Commerce member?

Working with local businesses is an experience unlike any other, and we could not be more proud to serve Garrison City Beerworks. And as this experience with GCB shows, sometimes a hometown company can do things for you that no other company can. What could be better than that? How about a hometown discount?! From now on any Greater Dover Chamber of Commerce member will receive a discount on any contractual fees up to $250!

I am a Greater Dover Chamber of Commerce member! – I want a hometown discount!