Construction Company Funding
By 2023, NEW CONSTRUCTION IS SUPPOSED TO REACH A $1.5 TRILLION VALUE. GET UP TO $500K IN FUNDING IN JUST 24 HOURS TO BUILD YOUR CONSTRUCTION BUSINESS AND MEET DEMAND.
Fast, Easy Construction Company Funding
Construction companies of various sizes and specializations can profit from construction company funding, whether they're trying to expand, bid on new projects, or cover seasonal gaps.
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It can be challenging to obtain the money you require from a traditional lender, such as a bank. Weeks may pass throughout the process, and the majority of loans are turned down since financing for construction companies is frequently viewed as "high risk" because of the industry's erratic demand, erratic cash flow, and narrower profit margins.
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Compared to traditional lenders, Biz Loans, an alternative lender, can approve more loans for construction companies—often in only one working day. We provide a variety of small business financing options, ranging from $3,000 to $500,000. Our alternative construction loans can help you expand your construction company. All disciplines are funded by us, including Concrete, Remodelers and Renovators, Contractors, Electricians, Plumbers, HVAC specialists, Landscapers, and more.
Construction Company Funding Rates
The funding rates for construction companies vary depending on the kind of alternative small business funding you are awarded. Instead of using a standard interest rate, the majority of alternative financing alternatives for construction companies employ factor rates. Factor rates, which are derived from your risk assessment, are straightforward decimal numbers that indicate how much "extra" you will owe on the initial loan amount.
Construction Company Funding Solutions
OUR KIND, KNOWLEDGEABLE FUNDING ADVISORS WILL COLLABORATE WITH YOU TO SELECT THE BEST FUNDING OPTION THAT WILL SUPPORT YOUR GOALS WITHOUT AFFECTING THE CASH FLOW OF YOUR BUSINESS.
How To Use Construction Company Funding
Biz Loans finance for construction companies can be used in any way you choose. Generally speaking, financing for construction companies is best utilized to supply the cash flow required to develop or grow your firm. Make use of your funds for:
Invest in or fix machinery to lessen your need on outside contractors.
Raise a bid for larger projects by adding employees or modernizing equipment.
Invest in more powerful scheduling software or 3D printers to develop technologies.
Invest in supplies to begin a new or impending project.
Spend money on mentorship and training initiatives for recent hires.
Make the most of seasonal slowdown to finance marketing or new technology
Accept emerging technologies such as 3D printing, telematics, robotics and drones, virtual or augmented reality, Building Information Modeling (BIM), and autonomous cars.
The additional working capital required to handle the particular difficulties of managing a construction company can also be obtained through a construction company loan, including:
Whether demand is seasonal or variable, fixed costs must still be covered during the off-season, which can negatively impact your company's cash flow.
High cost of materials and equipment: Although they need a large upfront investment, raw materials and the right equipment are necessary for pitching, beginning, and finishing jobs on schedule.
Lack of competent workers and high employee turnover— More construction workers are retiring than can be replaced by younger workers.
Past-due receivables
How Construction Company Funding Works
1
Apply
Collect three months' worth of bank statements and other documentation. Give us secure access to the transactional data from your bank account so we can approve it more quickly.
2
Choose Funding
Within an hour (during regular business hours), a financing advisor will get in touch with you to finish your application and go over your funding alternatives.
3
Get Funded
Your money can be authorized and deposited within 24 hours after you and your funding advisor decide which funding option is best for your company.
4
Set Repayment
Your company's debit and credit card sales on a daily or weekly basis will be automatically subtracted to cover payment. The amount of your payment will depend on your sales.
Will You Qualify for Construction Company Funding?
The specific qualifications required vary based on the kind of funding you are looking for for construction companies. Biz Loans does not base its approval of construction firm finance exclusively on your credit score or financial history. Rather, we concentrate on the general well-being of your company, which includes:
Revenue for businesses
Money movement
Payment history of the vendor
Years of operation
Public documentation