WSJ: Leasing / Section 179

A good discussion of leasing, but with an error:

http://online.wsj.com/article/SB122637531714016677.html?mod=todays_us_marketplace#articleTabs%3Darticle

The error: you can finance with a lease and take advantage of the Section 179 deduction this year for the full value of the equipment, not just the amount of payments made. See here:

http://www.section179.org/section_179_leases.html

Free IPOD from Wirth Business Credit

Vendor Financing Tightens, Hitting Companies, Customers (but Wirth still open for business!)

http://news.morningstar.com/newsnet/printNews.aspx?article=/DJ/200810171510DOWJONESDJONLINE000719_univ.xml

Vendor Financing Tightens, Hitting Companies, Customers

Vendor financing, an important source of sales financing for American businesses, is likely to become harder to tap and more expensive in the months ahead. Companies and their customers will probably be affected.

The latest indications came Thursday, when CIT Group Inc. (CIT) executives said the company was focusing on improving its vendor financing unit's profitability in part by increasing pricing and focusing on higher-margin customers. General Electric Co.'s (GE) vendor financing arm is also raising prices and becoming more selective about taking on new accounts. And motorcycle maker Harley-Davidson Inc.'s (HOG) in-house financing arm has raised the rates on its consumer loans.

It's another sign that large-scale credit problems affecting financial services firms are filtering down to Main Street, says Sameer Gokhale, an analyst at Keefe Bruyette & Woods. "This is a clear manifestation of the credit crunch's effect on ordinary businesses and their customers."

Speaking of CIT, Gokhale says, "When they're saying they can't lend as much to middle-market businesses, that has a serious impact" on companies that are directly involved with small to mid-sized firms and their customers.

CIT and GE Capital are major providers of vendor financing, which helps companies outsource their customer credit lines. A restaurant chain might offer franchisees a line of credit to help open their new eateries, or a photocopier seller might offer businesses a payment plan through a third-party financing firm like CIT and GE. CIT customers include Dunkin' Donuts and heating and air conditioning system giant Lennox International Inc. (LII); GE says it doesn't release the names of its vendor finance customers.

But these major vendor financiers also have to borrow money so that they can continue to offer such lines of credit, and that has become extremely difficult in this year's tight credit environment. The market for securitizations, in which lending lines are bundled and sold off to investors, has effectively closed; corporate bonds aren't flying off the shelves; and banks are even wary of lending to one another.

That's left vendor financing businesses facing their own problems with tough borrowing terms. At the same time, existing multi-year contracts they signed with customers pre-2008 can crimp their ability to pass on those costs, and setting prices on new accounts is difficult with market conditions shifting daily.

Vendor financing units are becoming "very conscious of who they are lending to," says Matthew Albrecht, an equity analyst at Standard & Poor's. "The end result is likely to be some degree of restrictive lending practices, just for safety's sake."

Any tightening of the vendor finance spigot means businesses ranging from large equipment manufacturers to retailers who outsource their credit lines will have a harder time offering their customers loans to buy new products. And that, in turn, will lead to fewer new sales.

"I think it would be very helpful to Main Street if the government were to allow companies like CIT, with industrial loan banks, to access to some of the liquidity provided to bank holding and financial holding companies," KBW's Gokhale said.

CIT on Thursday said it took a $455.1 million pretax goodwill and intangible- asset impairment charge in its vendor finance segment, a move triggered by diminished earnings expectations for the segment. Alexander T. Mason, president and chief operating officer at CIT, told analysts the company has re-prioritized its use of capital to make it available strictly to "strategic customers where we provide high value-added service," and that it is aiming to make the vendor finance segment "substantially" more profitable in 2009.

"Let me be clear. We are focused on risk-adjusted return on capital, and thus we are willing to forego originations if our desired pricing is not there," Mason said during the analyst call.

GE's vendor financing department is open for business and honoring its existing contracts, says Stephen White, a spokesman for GE Capital Solutions. But rates for new business have risen and the company is being careful about screening the accounts it will take on.

"Conditions dictate that we've got to be pretty selective on new businesses we'll fund until things settle down," said White on Friday.

On a broad basis, the latest data from the Equipment Leasing and Finance Association also show slowing activity. The trade group has more than 700 members; its Monthly Leasing and Finance Index, which reports economic activity for the $650 billion equipment finance sector, showed overall new business volume for August decreased 14.5% when compared to the same period in 2007. The organization's president said the decline was likely a combination of capital constraints among lessors and lenders, enhanced underwriting standards and risk- based pricing, and some slowing demand.

-By Lynn Cowan, Dow Jones Newswires; 301-270-0323; lynn.cowan@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/al?rnd=%2FYK%2B0D%2FD2mOTWDfGxW3QRw%3D%3D. You can use this link on the day this article is published and the following day.

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Illinois SBA Loans Down 33% (but Wirth still open for business)

http://www.chicagopublicradio.org/Content.aspx?audioID=29283

Illinois SBA Loans Down 33%

Produced by Adriene Hill on Thursday, October 02, 2008

For the first time in five years, the number of Small Business Administration loans approved in Illinois has dropped.

Basic loans to small businesses for things like working capital are down over 33 percent from last year. The actual dollar amount of those loans is down about 7 percent.

ROUSSEL: It’s fair to say we are concerned.

Judith Roussel is the Illinois District Director for the SBA. The federal agency guarantees the loans, but doesn’t approve the loans, that’s up to banks.

ROUSSEL: So during these times when they have to make some decisions we think what’s happening is that there’s a tendency to look to the larger loans.

Roussel thinks start-ups are feeling the credit crunch more directly than established companies, as banks look to trim risk from their portfolios.

I’m Adriene Hill, Chicago Public Radio.

Winmark Business Solutions - Free Resource for Small Business Owners

Check out the re-designed Winmark Business Solutions website:

http://www.wbsonline.com

Equipment Leasing Important Options in Current Business Climate

Equipment Leasing Important Options in Current Business Climate
The Economic Stimulus Act allows companies purchasing new equipment before the end of the year to take an additional 50% first-year depreciation for tax purposes.

By Ken Turner, Sr. Vice President, Direct Sales Group, Key Equipment Finance Oct. 8, 2008 --

Faced with some of the most challenging economic conditions ever, manufacturers of all types and sizes are looking for new ways to improve their bottom line.

Between now and the end of the year, you may want to consider the benefits of equipment financing and the capital equipment provision in the Economic Stimulus Act of 2008 as you strategize how to generate sales and increase profitability. As equipment wears out and maintenance costs increase, the need for replacement equipment and the timing of that acquisition is an important business decision. Despite the current economic climate of rising fuel and raw materials costs and decreasing consumer spending, now just might be the best time to invest in equipment.

Economic Stimulus Act

Most people are familiar with the portion of the Economic Stimulus Act of 2008 aimed at increasing consumer spending that included sending checks to taxpayers. However, the act also includes some lesser-known benefits to companies acquiring capital equipment before the end of the year.

Similar to the stimulus provisions enacted after Sept. 11, 2001, this new stimulus package was signed by President Bush on Feb. 13, 2008, with some key provisions that expire on December 31, 2008.

Benefits of the Economic Stimulus Act include allowing companies purchasing new equipment before the end of the year to take an additional 50% first-year depreciation for tax purposes. This means manufacturing companies needing to upgrade or purchase new equipment -- anything from assembly machinery to commercial vehicles to office equipment -- are eligible for the regular modified accelerated cost recover system (MACRS) depreciation they typically use to depreciate new equipment, as well as the additional first-year 50% depreciation.

Manufacturers who prefer to lease equipment can also take advantage of this tax change because the benefit passes through to the leasing company, who in turn can offer lower financing rates to lessees.IRS Section 179 offers another temporary tax change that increases the amount of money small businesses can write off on equipment purchased before the end of the year. Under this section, companies purchasing up to $800,000 (up from $510,000) in capital equipment can write off $250,000 (up from $128,000) of that investment on equipment purchased through Dec. 31, 2008.Both these provisions effectively lower the stated profits on a manufacturer's income statement, thereby lowering its tax burden. And because both apply only to equipment purchased this year, it makes smart business sense for many manufacturers to purchase equipment now that they may have been planning to acquire in the future.

Financing Adds to Possibilities

With equipment leasing, manufacturers can obtain everything from machine tools to injection molding machines to printing presses and assembly lines while conserving cash for use in revenue-generating projects. Leasing is one way for plant managers to acquire new equipment or upgrade existing equipment and avoid the headaches of obsolescence, and leasing also means manufacturers can postpone the ultimate purchase decision for a piece of equipment until the end of the lease.

Cash flow management is particularly important during an economic slowdown. With leasing, manufacturers can acquire machinery and processing equipment based on their operating, not capital, budget, which can be a major benefit since the lease payments can be closely matched with revenue generation.

Additional benefits include:

Tax treatment -- The IRS does not consider certain leases to be a purchase, but rather a tax-deductible overhead expense. Therefore, manufactures can deduct lease payments from income.

100% financing -- Since a lease often does not require a down payment, it is equivalent to 100% financing.

Immediate write-off of the dollars spent -- With leasing, payments are treated as expenses on the income statement, so equipment does not have to be depreciated over an extended term.

Flexibility -- As businesses grow and needs change, the lessee may be able to add or upgrade equipment at any point during the lease term.

Asset management -- A lease provides the use of equipment for specific periods of time at fixed payments. The leasing company assumes and manages the risk of equipment ownership. At the end of the lease, if the customer elects to return the equipment, the leasing company is responsible for the disposition of the asset.

Improved cash forecasting -- A manufacturer can more accurately forecast the cash requirements for equipment since it knows the amount and number of lease payments required.

Flexible end of term options -- There are typically three flexible options at the end of a term. The lessee can return the equipment, purchase the equipment from the leasing company or extend the lease for an additional period of time.

Tax benefits -- Leasing companies can pass the tax benefits of ownership on to the businesses in the form of lower monthly payments.

Offer Leasing To Your Customers, Too

In addition to taking advantage of flexible financing for the equipment you need to remain competitive, many manufacturers also offer a finance option to customers, as well. Offering one-stop-shopping for products and financing can help provide a strategic, competitive advantage, particularly during a tough economy. Specifically, offering an equipment finance program can help manufacturers:Generate larger, more profitable sales faster; Increase account control; Improve sales efficiency and productivity; Improve cash flow; Convert rental customers; Differentiate your company from its competition; Provide complete solutions for customers; and Control the after-market of used equipment.

Regardless of whether you're considering leasing equipment or offering a finance program to your customers, its important to choose your finance partner wisely. Look for a reputable finance company with experience in your industry and service levels to meet your needs.Even in the most challenging of economic times, one thing is certain. With guidance of an experienced and reliable financing partner, manufacturers will be in the best position to explore all avenues -- whether leasing or utilizing the tax benefits of the Economic Stimulus Act of 2008 -- on the way to meeting exceeding their business goals.

WSJ: Entrepreneurs Scramble for Financing

Banks are holding on to their money, Wirth is still deploying money. check us out at www.wirthchicago.com

Subject: WSJ: Entrepreneurs Scramble for Financing

http://online.wsj.com/article/SB122290315280796157.html?mod=todays_us_nonsub_marketplace#printMode

* FINANCING
* OCTOBER 2, 2008

Entrepreneurs Scramble for Financing
By KELLY K. SPORS and RAYMUND FLANDEZ

Small businesses are turning to angel investors, suppliers and
personal credit cards as the financial crisis spreads to Main Street
and access to commercial bank loans becomes more restricted.

After being rejected last month at two commercial banks, Education 4
Kids Inc. owner J.M. Ivler is back to financing his 5-year-old online
retailer with personal credit cards. "I can't get the banks to give me
a loan," complains Mr. Ivler, whose Las Vegas company is profitable
and produced $350,000 in sales last year.

Brian Moran, president of magazine publisher Moran Media Group LLC,
decided to sell $125,000 in accounts receivables and incur a 3%,
30-day rate on outstanding balances to finance his Paramus, N.J.
company after a bank credit line wasn't renewed. The bank told him it
was cutting back on small business lending to minimize risk.

It is unclear how many commercial banks aren't writing new small
business loans. But reports from across the U.S. suggest that small
businesses are chasing alternative financing more vigorously than a
few weeks ago.

What money is available can carry high interest rates. Harold Bradley,
chief investment officer for the Ewing Marion Kauffman Foundation, an
entrepreneurial-research organization, says small businesses with
variable-rate loans are "shell-shocked" by the jumping rates on those
loans.

Shelly Karras, president of Fordham Financial Services Inc., an
alternative financing company in Northbrook, Ill., says he now
receives six to seven inquiries a day from banks trying to help
customers line up alternative financing, up from just a handful a
month last summer.

Mr. Moran had to dip into cash reserves to pay off an $80,000 balance
when his local bank declined to renew a $350,000 credit line. Another
regional bank turned him down for a $200,000 credit line, citing his
personal credit score and the fact that his company didn't have enough
assets to secure the line.

Some businesses, meanwhile, are finding sympathetic suppliers will
help get them over the financing hump. Jorge Marinez and his two
partners went this route after getting turned down by seven banks over
eight months.
[Angel-investor] Getty Images

"No one wanted to qualify us for a business loan," says the
39-year-old Mr. Marinez, who with partners sought a $250,000 loan to
open a steak and seafood restaurant in Burr Ridge, Ill. "They kind of
complained to us that the way the economy is going right now, the
banks don't want to take a risk in the restaurant business."

Mr. Marinez approached the property's landlord, who agreed to finance
the endeavor last month. The landlord was also getting hit hard by the
economy and wasn't finding any other renters for the site, Mr. Marinez
says.

He hopes to open the restaurant, called Porterhouse, in late November.

Write to Kelly K. Spors at kelly.spors@wsj.com and Raymund Flandez at
raymund.flandez@wsj.com

Copyright 2008 Dow Jones & Company, Inc. All Rights Reserved

WSJ: Businesses Pressure Congress on Bailout Plan

As other sources are tightening, Wirth Business Credit has capital available to deploy and our equipment financing volume is increasing. Check us out at http://www.wirthchicago.com

Businesses Pressure Congress on Bailout Plan

A chorus of business leaders and trade groups urged Washington to enact a financial-markets rescue plan, warning that inaction would have dire consequences for the economy and their businesses.

Calls for passage of a measure designed in part to get the nation's financial institutions lending again came from the National Association of Manufacturers, as well as organizations representing retailers, restaurants, wholesaler-distributors and other industries.

The Business Roundtable, a Washington group that represents big-company chief executives, held a conference call of corporate chieftains Tuesday to coordinate stepped-up lobbying efforts, a person familiar with the matter said.

General Electric Co. and Verizon Communications Inc. also have begun lobbying drives. And Microsoft Corp., which has relatively limited borrowing needs, "strongly urges" Congress to reconsider a rescue package "that will re-instill confidence and stability in the financial markets," said the company's top lawyer, Brad Smith.

Even Microsoft, which is sitting on a $23 billion hoard of cash, would be tested by a protracted credit crunch, as its chief executive, Steve Ballmer, noted Tuesday. Speaking to reporters in Norway, Mr. Ballmer said, "No company is immune to these issues."

It remains to be seen whether big business's push for a rescue bill will help speed one through Congress or further inflame the Main Street backlash that derailed similar legislation Monday. The proposed $700 billion rescue package was narrowly defeated in a House vote.

Tuesday's calls for action came as new figures for the third quarter confirmed a major slowdown in corporate borrowing in the nation's capital markets. Indeed, businesses big and small said borrowing was getting harder as the cost of funds rose.

Corporate-bond issuance in the quarter plunged to $76.7 billion from $337.3 billion in the second quarter, according to figures from Thomson Reuters. Companies overall were forced to reduce their borrowings on the short-term commercial paper market by $212 billion between the end of February and last Wednesday, as investors continued to back away from the corporate IOUs.

Randall Stephenson, AT&T Inc.'s chief executive, said the telecom giant's access to short-term commercial paper was limited to overnight loans for a few days last week. An AT&T spokesman said the situation has since improved and the company now has "full and ready access" to such credit for longer terms and at "reasonable rates."

The finance arm of Caterpillar Inc. last week sold $1.3 billion of bonds in a two-part offering. The world's largest maker of earth-moving machinery is rated single-A, but the company said it had to offer yields upward of 6% and 7% to lure investors. In August, Caterpillar issued $300 million in bonds at a yield of 4.9%.

On Friday, Caterpillar CEO Jim Owens sent a letter to Congress urging lawmakers and the Bush administration to act quickly to keep the economic climate from deteriorating further. He also has been contacting individual lawmakers.

The credit crunch is also affecting commercial construction. The developer of the Chicago Spire, a new downtown skyscraper slated for completion in 2012, said work on the building will slow because it has been tougher than expected to raise financing for the project. The foundation is complete, but construction above ground will begin only when the credit turmoil subsidies, said Shelbourne Development Group Inc.

On farms, which generally have fared better than the overall economy, the cost of basic supplies like fertilizer and seed are rising-so farmers will be seeking larger loans as credit tightens. The American Farm Bureau Federation recently warned that "the fallout from the general financial malaise...will most likely moderate the demand for agriculture products and ingredients [and] reduce the demand for U.S. agricultural exports," lowering commodity prices and squeezing farmers' profits.

High commodity prices and tighter credit have been a particular problem for the livestock and meat industries. The nation's largest chicken producer, Pilgrim's Pride Inc., Pittsburg, Texas, last week warned investors that it would report a "significant" fourth-quarter loss and risked going into default with its lenders due partly to high feed and fuel prices. Pilgrim's Pride this week reached an agreement with its lenders to temporarily waive a certain debt covenant.

Other food companies have also been hit by the volatile commodity markets, and tighter credit could become an issue. ConAgra Foods Inc.'s chief executive officer, Gary Rodkin, recently said that "dramatic and immediate action is necessary to help stabilize institutions that impact the financial security of millions of American consumers." A spokeswoman said the company hasn't supported any specific measures, however.

David Brandon, chief executive of Dominos Pizza Inc., said he has been frantically trying to reach lawmakers while on a business trip in Mexico to encourage them to pass a bailout measure after Monday's failure. "I'm text messaging and leaving voice messages for every elected leader I know to encourage them to get back to the table and put some sort of sensible deal together that will restore confidence," Mr. Brandon said in an interview. "I have never experienced anything like I have in the last several days where members of my team at Dominos are coming in, looking at me and asking whether their money is safe."

Tighter credit has made it harder for Dominos franchisees to borrow money. "Banks where they've been doing business for a long time ... are turning them away," Mr. Brandon said. Weak consumer spending has already hurt Dominos and other restaurants. Typically , stronger franchisees buy out weaker ones in such times. But Mr. Brandon said franchisees can't act because their financing has been curbed.

Some large restaurant chains, including McDonald's Corp., have warned franchisees that lenders are tightening up as a result of the credit crunch. GE's GE Capital unit, a large commercial lender, is getting stricter in pricing and granting loans for new franchisees.

After the rescue bill ran aground Monday, the National Restaurant Association identified those members of Congress it felt could be most easily swayed. It asked restaurant owners in those members' districts to contact their representatives and urge them to reach a compromise and pass some type of rescue package, said John Gay, the trade group's top lobbyist.

Retail-industry representatives were quick to push lawmakers for action after the rescue plan failed to pass the House. On Tuesday, the Retail Industry Leaders Association released a statement from its president urging "decisive action."

Even before the events of the past week, many retailers had already been experiencing credit pressures. According to a survey released Tuesday and conducted in late August and early September, 41% of retailers' chief financial officers reported experiencing a tightening of credit by their lenders and 37% reported a reduction of planned inventory purchases for this year. The survey was conducted by consulting firm BDO Seidman LLP.

—Andrew LaVallee, Robert A. Guth, Janet Adamy, Scott Kilman, David Kesmodel and Susan Carey contributed to this article.

Write to Amol Sharma at amol.sharma@wsj.com, Jennifer Saranow at jennifer.saranow@wsj.com, Ilan Brat at ilan.brat@wsj.com and Lauren Etter at lauren.etter@wsj.com

How to use your business cards

Sometimes we see people being miserly with their business cards. We have a saying that says: "Your business card is worthless until it is the hand of either a potential client, or someone who is in the position to refer business to you." You have produced your business cards for a reason. They are to let people know your name, your business and most importantly, how to get in contact with you. So be plentiful with your business card. Is there anything more ridiculous than someone saying or thinking "I won't hand out my business card to these people, because then I'll have none left." That is the point of having them in the first place, to get them out in circulation! When they are sitting in your wallet, they’re just pieces of cardboard, when they’re out in circulation, they are marketing tools.

Naperville Sun: Business: Morning Briefing: September 4, 2008

http://www.suburbanchicagonews.com/napervillesun/business/1144272,6_3_NA04_BIZBRIEFS_S1.article

Credit service caters to small business

Jerry Huang announced Wednesday the launch of Wirth Business Credit operation, part of a national business finance company that specializes in providing small business owners with financing options. His office is in Naperville.

Wirth serves small business owners whose financing needs range from $5,000 to $300,000 by providing lease financing for business critical equipment. According to a recent Equipment and Leasing Finance Association Report, U.S. businesses leased almost $600 billion in capital goods in 2006, yet credit lines are the dominant form of financing in the small business segment.

Visit www.wirthbusinesscredit.com/chicagowest or call Huang at 630-303-9325.

Visit www.wirthchicago.com

What is tax advantage of Capital lease?

http://wiki.answers.com/Q/What_is_tax_advantage_of_Capital_lease (9/3/2008)

A capital lease ($1 buy out lease) allows the lessor to take advantage of the accelerated depreciation methods, and/or the bonus first-year expensing method (e.g. section 179 deduction) for the leased asset. The lessor also gets to deduct the interest portion of the lease payments, which is greatest at the beginning of the lease. Theoretically, the aggregate deductions over the life of the lease should be equal. Thus, the lessor gets the benefit of accelerated deductibility, and therefore the desirable time value of money.

A capital lease allows the lessor to take advantage of the accelerated depreciation methods, and/or the bonus first-year expensing method (e.g. section 179 deduction) for the leased asset. The lessor also gets to deduct the interest portion of the lease payments, which is greatest at the beginning of the lease. Theoretically, the aggregate deductions over the life of the lease should be equal. Thus, the lessor gets the benefit of accelerated deductibility, and therefore the desirable time value of money.

Always consult your tax accountant before making assumptions about the tax impact of any financial transaction.

Group Touts Section 179 as 'Magic Bullet' to Lift Equipment Sales

http://www.monitordaily.com/app_enews/news.asp?news_ID=21926

Group Touts Section 179 as 'Magic Bullet' to Lift Equipment Sales

Finance experts say Section 179 of the Economic Stimulus Act has led to increased sales among equipment manufacturers as customers reap the benefits of the new tax deduction.

The economic stimulus package dictates that in 2008 businesses can write off twice as much equipment acquisition costs as an expense rather than depreciating the purchase over several years, with qualification extending to almost all tangible corporate property. If the company exceeds the $250,000 cap, the law features a provisional depreciation bonus that lets it write off up to half of the purchase in the first year, on top of the regular depreciation allowance.

And according to financial professionals cited by the informational group Section179.Org, equipment manufacturers, distributors, and resellers have experienced a boost in sales since the introduction of the Stimulus Act.

The group has launched a website to educate those in the industry and is urging its constituents to promote the benefits of Section 179 as a way of boosting sales. Group spokesperson Chris Fletcher went so far as to call Section 179 a "magic bullet to lift equipment sales."

"Because the Economic Stimulus Act of 2008 greatly enhanced Section 179, it's the perfect time for any business to buy new equipment" said Fletcher. "This means that everyone involved in any kind of business equipment - from the manufacturers to the distributors to the sales force - should make certain their client base knows all about section 179".

Equipment Leasing for Small Businesses

Why would I use lease financing?

Do you own a small business?

Did you know that you could acquire new equipment or upgrade your existing equipment without adding debt to your balance sheet, tapping your available lines of credit or having to make a large upfront cash payment? Did you know that over 80% of businesses in the United States use lease financing? Why Lease?

Do you sell to small businesses?

Did you know that in a lease transaction you get paid for your products upfront as if it were a cash transaction? Did you know that you can offer financing to your customers without creating an administrative burden of credit evaluations and collecting monthly payments? Did you know that you can sell more by offering monthly payment terms to your customers? Why Wirth?

Introduction to Wirth Business Credit

Wirth Business Credit is a unique small ticket leasing and financing company serving the 25 million small businesses that make up the backbone of the U.S. economy.

Whether you are a small business that needs equipment to grow your business or an equipment vendor with products and services for which you want to provide financing, Wirth provides the expertise and exceptional customer service you expect from a preferred business partner.

This blog is maintained by the Chicago West regional office of Wirth. You can visit our full website at www.wirthchicago.com