By Tonya Fry (Published in American Cranes & Transport Magazine)

There are currently five major finance issues facing the crane industry today. The best ways to mitigate these issues are to provide lenders a complete credit package, take time to speak directly with your lender, and be sure to keep an open mind. 

The top two issues facing crane companies today in regard to obtaining credit is limited funds availability and maximum risk aversion by credit sources. Since 2008, many banks have either ceased all equipment financing, or those that have not, have severely decreased their lending capacity, especially in the construction industry.

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WHAT IS IT THAT YOU LIKE ABOUT WHAT YOU DO?

The old saying is do what you love and the money will follow. In our case we love what we do by helping companies reach their goals. We enjoy the customers we have met over our 20 years and many, if not all, we consider friends.

WHAT ARE THE BIGGEST CHALLENGES IN THIS BUSINESS?

Like everyone else, the biggest challenge is riding the economic roller coasters.

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By Harry Fry (Published in American Cranes & Transport Magazine)

In 1995, Harry Fry formally left the corporate world of finance and struck out on his own. Twenty years later he is a leader in the realm of crane and lifting equipment financing, known for his industry knowledge and acumen for financing and leasing equipment. “I left the corporate world because we were getting transferred every couple of years or less, and I promised my daughters, once they got into high school, no more moving,” he said. “We started out on our own in January 1995 as an agent for MBCC/Debis (Daimler- Benz Inter-Services). We were formally incorporated in April 1995.”

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By Tonya Fry (Published in American Cranes & Transport Magazine)

Most crane owners understand that even with economic swings, cranes are excellent long term investments. Most companies that are considering adding a crane to their fleet typically evaluate new and used cranes for several reasons. Many of our clients considering adding a crane do so to grow their business, increase revenue or replace an aged machine. Or they may need a crane for a specific job. Since the recent recession is indelibly etched in the memories of many, the new versus used crane evaluation is a frequent exercise by crane owners. Even when the crane purchase can be justified and an immediate need is evident, there remains a hesitation to move forward. Often times, a used crane is purchased because it achieves the goal at a lower cost. However, there are also cases in which a new crane is the better decision, especially when comparing financing.

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By Tonya Fry (Published in American Cranes & Transport Magazine)

Whether you are purchasing cranes or other equipment for your company, or are a dealer recommending financing to your customers, finance sources should not be chosen solely based on the best rate. Instead, customers and dealers need to ask themselves, is this lender the best fit for my business? Rather than focusing on just the interest rate, the lender should be viewed as a strategic business partner who will help grow and enhance the business.

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"My experience with Harry Fry & Associates was wonderful. I had spent 3 months looking for financing for a start up business with a large initial finance request. I had filled out dozens of credit applications with large and small financiers only to be told at the very end of the process they didn’t provide large start up loans. It was extremely frustrating to do all the leg work on documentation only to find out I wouldn’t have gotten the financing anyway. I had come to the end of my rope and had given up the idea of my business plan. A friend sent me Harry’s information and suggested I give it one more chance. After contacting Harry, spending quite a while on the phone with him, he asked me to submit a credit application. It was approved and he found me wonderful financing. He truly got to know me and understand what I was trying to do before I submitted the application. Finally someone willing to finance a start up business! The quality of service from Harry and his team is unmatched. Responses are immediate and the wealth of knowledge in all aspects of the finances and pitfalls are truly expert. I have had such a wonderful experience with this firm. I would highly recommend Harry Fry & Associates for anyone looking for financing. I’m truly thankful I took a chance on them and they were willing to take a chance on me."
Steve C. - Certified Arborist, Massachusetts