The financing allows taxpayers to deduct the cost of certain property
January 23, 2019: Storage Business Owners Alliance LLC (SBOA) has partnered with Lease Corp. of America (LCA) to provide equipment-financing solutions to its members. SBOA is a buying group for the U.S. self-storage industry. LCA offers financing on HVAC systems, golf carts, keypads, office furniture, security systems, storage units and other items.
The financing consists of fixed-payment options, zero-down availability and potential tax savings under Section 179 of the Internal Revenue Code, which allows taxpayers to deduct the cost of certain property as an expense when the property is placed in service. LCA offers credit-turnaround times of less than four hours on applications for up to $150,000. A $1 purchase option allows customers to own equipment at the end of the term, as per the press release.
SBOA members will get an advantage of pre-negotiated discounts on goods and services from more than 30 preferred vendors, including SBOA Merchant Services and SBOA Tenant Insurance. The company has more than 7,000-member facilities.
LCA founded in 1988. Since its inception, the company has booked and serviced more than 88,000 leases, with an original equipment cost of more than $1.2 billion. The company provides flexible leasing and finance programs to resellers, distributors and manufactures.