Crane Rental extends lender diversification by adding a new equipment financing option.
Crane Rental Service, Inc.
• Crane Rental Service, Inc. serves businesses, ports and other organizations across Southern California
• In addition to crane rentals, the business offers rigging and trucking services
• Founded in 1965, the company has been woman-owned since 2013 and is certified by the Women’s Business Enterprise National Council
Crane Rental Service, Inc. is a woman-owned business serving largely male-dominated industries in Southern California. To ensure her company can purchase cranes whenever needed, Owner and President Cathy Greinke maintains ongoing relationships with a handful of financing providers. She recently added Wheeler Financial from Pitney Bowes™ to the mix.
When Crane Rental was shopping for a partner in refinancing an older crane, Greinke chose Wheeler Financial for its responsiveness, clarity on loan terms and great interest rates. Since completing that transaction, Crane Rental has financed two additional equipment purchases through the firm. Every time, the rate and terms have met the company’s needs, and the consultative approach of the Wheeler Financial team has made Greinke comfortable tapping into this new source of financing.
Crane Rental has been in Greinke’s family for more than half a century. Today, the company provides construction projects, road-repair crews, port authorities and others with access to equipment ranging from 25-ton truck-based cranes to 450-ton all-terrain cranes. “We’ve always been a company that purchases all of our equipment,” Greinke says. “We typically hold onto cranes for 20-plus years, so leasing has never really made sense to us.” This means Crane Rental generally relies on external financing to add equipment to its fleet.
Equipment Financing Through Wheeler Financial from Pitney Bowes™
When impending California Air Resource Board (CARB) emissions limits were going to require the company to replace several cranes, Greinke began looking for a financial partner to support those purchases. Crane Rental was satisfied with its financial services providers, but Greinke saw value in further diversifying. “Many years ago, we owed a significant amount to a single bank,” she says. “At a time when business was down, the bank called all the notes. We found another bank that was willing to finance us, but we learned not to put all our eggs in one basket.”
The interest rate on the refinanced loan is nearly a percentage point lower than Crane Rental was previously paying, so the company was able to simultaneously free up some operating cash and shorten the loan term. The refinancing experience was so positive that Greinke has subsequently turned to Wheeler Financial twice to finance equipment purchases. “Wheeler Financial has done a very good job of making me comfortable with their equipment financing,” she says. “I appreciate having a point person I can meet with face-to-face when I have questions. I can’t imagine doing the kind of financing we do without that personal connection.”
Wheeler Financial has now supported Crane Rental’s purchases of two new cranes, one pre-owned crane and a service truck. In addition, Crane Rental replaced an older crane with one that is CARB-compliant.
Greinke explains, “We replaced it with a newer crane that is compliant — and is an upgrade. It has higher capacities. It lifts more. It has a locking jib. Everything about the new crane is better, and Wheeler Financial made that purchase possible.” More important, the relationship with Wheeler Financial gives Crane Rental an additional source of financing for future equipment purchases.
“I like the versatility of having multiple sources of financing,” Greinke says. “That way, if something happens with one financial services firm, we will continue to have access to liquidity. The personalized, consultative approach of Wheeler Financial makes them an obvious choice for our business.”
Before replacing the aging cranes, Greinke decided to first refinance a loan on a crane she intended to keep. The financing process faced a time crunch because year-end was approaching, and Greinke was heading out of town. She met with a representative of Wheeler Financial, a firm that provides equipment financing for small and mid-sized businesses across the United States. The Wheeler Financial representative quickly pulled together a proposal based on Greinke’s requirements and provided the documents in time for her to review and sign before leaving town.
“I stipulated our parameters, which were no prepayment penalties, 100 percent financing and competitive interest rates,” she says. “He shared the paperwork so that I could make sure the terms and conditions met our needs. He also quoted rates for different loan terms, from 36 to 60 months. Wheeler Financial was very competitive in rates and easy to work with.”
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