CONSTRUCTION AND CONTRACTORS FINANCING
Looking to expand your construction business? You’ll need funds to grow. That’s where a Construction Business Loan or financing can help. Get financing to purchase supplies, pay your employees or update equipment. Read on to learn about the different types of funding options for your business.
Financing Your Construction Business for Success
Your clients rely on your expertise and professionalism to build and improve their homes and businesses. In order to provide the type of service that your customers expect, there are a lot of moving parts you need to manage — including staff, supplies and bills. All of these business needs require cash at your disposal.
Buy Materials and Parts
You just secured a contract to construct 6 single-family homes. The developer has asked that you begin construction in 1 month. It’s a great opportunity for your business but you’re in need of funds to buy the materials you’ll need to get started. A construction business loan can provide you with capital to invest in your new project.
You bought your CAT excavator circa 2000. The bright yellow has faded to a dull mustard, and rust covers your machine like the countries on a map. You’ve replaced parts as repairs have come up, but you’re overdue for an upgrade. The construction contract you’ve just secured seems like the perfect time to buy that new piece of equipment. After all, it could lead to more business. The right type of construction financing can help.
Fill Invoice Gaps
If cash flow is a problem, there’s financing that can help. Get funding to supplement your revenue as you’re completing construction jobs and waiting to be paid for them. Small business loans are available to provide funding while you’re in between jobs.
In a recent survey of construction firms by Tsheets, 84 percent reported problems with cash flow, and 19 percent said they dealt with cash flow issues constantly.
According to 2018 data provided by the U.S. Bureau of Labor Statistics, the median pay for construction workers and laborers is about $17 per hour. If you had 5 employees working 40-hour weeks, you’d need to come up with more than $13,000 each month just to pay your workers. That can be challenging when you haven’t yet been paid for the job.
How to Get Construction and Contractor Financing
After your submission has been processed, our Business Consultant will reach out with the status and timeframe for approval.
Receive Construction and Contractor Loan Funding
Upon approval and your acceptance of the offer, funds are deposited directly into your bank account so you can use the money immediately.