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.