Equipment Program > Frequently Asked Questions
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What kind of program is the equipment lease/purchase program?
It is an REI program to assist small manufacturers by purchasing equipment for them and leasing it to them until purchased or paid off. The intent is to increase production, lower operational costs, create more knowledgeable employees, create new jobs and increase sales and delivery capabilities of the small manufacturer.
What are the requirements?
First, the business must employ 25 or less employees to qualify and be involved in manufacturing or value added processes. The total purchases must not exceed $75,000. The business must also complete an application that will be submitted to the lease/purchase committee for approval.
What type of equipment is eligible?
New and used equipment is acceptable along with accessories and attachments. Multiple items can be included in one application. Material handling equipment is eligible when supporting a manufacturing process. Office equipment and furniture or fixtures are generally not acceptable.
Are there any other benefits?
Below market flat lease rates, engineering and process assistance, employee training and customized payment plans and no early payoff penalty are a few. Clients may also receive marketing assistance and exposure featuring their new capabilities.
For more information Call REI at 800-658-2823
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