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Your guide to growing your business with equipment finance

16 February 2024

Growing and improving your business is top of mind for many small to medium business owners. Maximising productivity in a competitive environment is important, and one way to do this is to update your equipment.

What to buy is the question many businesses will ask first. But why to buy is the most important first step, said Bendigo Bank’s Head of Specialist Sales, Stephen Batchelor.

"Providing your customers best quality products and service is one way to stay ahead of your competition, especially when the environment is always changing," Stephen said.

“Upgrading vehicles or equipment that is near end of life or have better technology may help to maximise the efficiency of your business. You'll often reduce downtime and repair costs when you upgrade, but it can be expensive.”

Collaboration: Your business' hidden ace

Businesses will often make decisions to purchase vehicle and equipment using available cash. This can place pressure on working capital, and may create unforeseen, longer-term risk.

As Stephen explains, "This is where collaboration is your hidden ace. A team of expert banking professionals that each have specific expertise will back you when you need it. This way, you will understand your current and future needs and any operational risks before making large purchases. Working with your banking team will help you be aware of the options available to ensure your cash flow is optimised.

"Not all financial institutions offer this care and capability to their business customers. It's what you should expect. It will make all the difference in how you make the best decisions for your business today, and as it grows."

Getting the right advice about suitable equipment finance options is key.

What are my equipment finance options?

Bendigo Bank's equipment finance loans are flexible to suit your business needs.

"With equipment finance, your business can preserve capital by paying for the asset over a longer period,” Stephen said.

An equipment loan allows you to purchase an asset, using the equipment as security for the loan.

With a finance lease, the bank purchases and owns the asset and leases it to you for an agreed period. At the end of the term, you can make an offer to purchase the asset.

An asset purchase allows you to own the asset upon paying instalments over an agreed period. We then transfer ownership from the bank to you.

For the purchase of vehicles for employees, a novated lease may be an option. It’s designed for employee motor vehicles that form part of a salary package arrangement.

“It's a great funding solution that is not limited to cars and heavy machinery. You can finance all computer assets, including laptops and servers. You can even finance medical equipment, so it’s best to talk to your relationship banker about your options.”

Given the best lift: The case of Premier Cranes

Premier Cranes is a great example of how collaboration with their banking team helped the business to succeed.

The Melbourne based crane operation business has grown from strength the strength. Since opening its doors in 2008, the company has delivered some of Victoria's most significant infrastructure, construction and engineering projects. Having the best equipment available has always been at the top of the list for the company.

Premier Cranes builds trust with clients by offering the best solutions and personalised service. It’s no surprise that a collaborative approach to understanding the business’ equipment finance needs resonated with CEO, Chi Shankar.

“Our partnership with Bendigo Bank and its team of banking professionals has been a cornerstone of our business’s expansion,” she said.

“Our relationship was pivotal in understanding our specific needs during our early stages. This included the acquisition of several cranes, and also played a key role in the strategic financing of our fleet's flagship, a 450-tonne crane.

“Bendigo Bank further supported our growth by providing independent advice on business performance. They helped us set future targets and KPIs, which enabled us to secure funding for a second 450-tonne crane.

“Their tailored financial advice and support have been invaluable, guiding our team to make informed decisions and significant purchases.

“The exceptional level of service and attention to detail from Bendigo Bank exceeded our expectations. Taking time to deeply understand our business, and offering personalised financial guidance and frequent check-ins, ensured we were well-prepared for future funding opportunities.”

To find out more about Premier Cranes, visit their website -

Your Business Matters.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should assess with the help of legal, financial and taxation advice, whether it is appropriate for your situation before acting on it. Please read the applicable product disclosure statement(s) on our website before acquiring any product.


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Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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