But they still need to acquire the latest technologies to stay competitive. As a result, these companies increasingly find themselves seeking financing options of one kind or another.
According to Adrian Fernandez of Videojet Technologies and Paul Ringuette of Direct Capital Corp., the seemingly intimidating process of applying for financing can actually be broken down into these six simple steps:
• The CPG company expresses interest in financing options and fills out a credit application.
• The financing company performs a credit check.
• Once the credit check is approved, the financing company provides the financing package and payment schedule to the CPG company.
• The CPG company agrees to the financing package.
• The financing company issues a purchase order to the machinery manufacturer.
• The machinery manufacturer contacts the CPG company to schedule installation.
More on the subject of equipment financing from Fernandez and Ringuette is available at packworld.com/webonly-27834.
