GE Capital in
the US offers commercial distribution finance for musical
instruments, although it has yet to bring the facility to
Europe.
The company works with
instrument manufacturers to set up inventory financing programmes
for retailers who want to sell the products, offering cashflow
facilities for stocking purposes.
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GE Money, another subsidiary
of American behemoth GE, also works with consumers to provide
finance for the purchase of instruments.
Based in Hoffman Estates,
Illinois, the CDF business is expected to lend more than $28bn
(€19.9bn) to a total of 36,000 customers in the Americas this
year.
Clients include Yamaha,
Steinway, Fender, Korg and Taylor. Dealers of their products are
offered revolving credit lines based on their specific
needs.
GE Capital is also active in
the media, communications and entertainment segments and provides
financing including leases and asset-backed funding.
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By GlobalDataCustomers have included
Manchester United Football Club and comic publisher
Marvel.
• A number of musical
instrument finance companies also exist in the UK. They include
Duet Finance, which offers leasing, and companies like Moneyway
Music Finance, which provides music loans; as well as the Take it
Away scheme backed by Arts Council England.
Vision Asset Finance offers
musical instruments on hire purchase and personal contract hire,
although the facility is rarely used.
A company spokesman said: “We could do it but the rates
would be high, the customer would have to be extremely strong and
so would the supplier. We could fund musical instruments as a
business asset.”
