The Complete Guide to Small Construction Business Loans

Dec 19, 2019

The Complete Guide to Small Construction Business Loans

Money. It makes the world go round. It fuels projects, feeds mouths, and ultimately keeps your business alive and growing.

If you own a small construction business and find you’d be a lot better off with a bit more cash, rest assured—you’re not alone. Whether your construction business is brand new or relatively small, cash flow will always be top of mind. Even the most successful construction businesses face financial bumps, and that’s not necessarily a bad thing.

Need for a loan doesn’t always indicate weakness or that something is wrong. Debt is a strategic financial tool that businesses should utilize (responsibly, of course). If you never need a loan, you’re probably not pushing your business operations to their maximum potential or efficiency.

Even if capital isn’t a concern now, sooner or later, you’ll likely need a construction business loan. Why? Because often initial deposits and their progress payment schedules don’t perfectly align with project demands. Inevitably, up-front costs, machine repairs and upgrades, materials, employee wages, unexpected expenses, etc. will exceed current money in hand. When that happens, you’ll need capital to complete the project and collect the rest of your dues.

To help you find the best construction loan for your small business, we’ve compiled this ultimate resource. We’ll walk you through construction business loan nuances, use cases, expected terms and qualifications, and which loans should be your first consideration.

Hold on to your forklift—you’re just a loan away from accelerating your construction business’s growth.

About the Author

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Jesse Sumrak

Jesse Sumrak is a Social Media Manager for SendGrid, a leading digital communication platform. He's created and managed content for startups, growth-stage companies, and publicly-traded businesses. Jesse has spent almost a decade writing about small business and entrepreneurship topics, having built and sold his own post-apocalyptic fitness bootstrapped startup. When he's not dabbling in digital marketing, you'll find him ultrarunning in the Rocky Mountains of Colorado. Jesse studied Public Relations at Brigham Young University.

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