More than 5,800 construction loans were funded through the Lendio marketplace in 2019. Construction companies turn to us because of our 15-minute application, network of 75+ lenders, and quick access to capital.See your options
Dec 19, 2019
Don’t let common challenges of the construction industry like competition, hiring, cash flow, and equipment repairs stand in the way of your business’s growth. The right construction business loan can help you increase revenue, attract new customers, and retain the customers you already have.
Working capital is one of the most common challenges we hear cited by the general contractors and construction business owners we work with. A business line of credit can be the ideal solution for construction companies because of its flexibility. You have to roll with the punches on a daily basis, and a business line of credit works the same way. A line of credit allows you to borrow from a set amount of funds. You can dip into it as much and as often as you’d like, and you only pay interest on what you use. This flexibility allows construction companies to keep a safety net to finance small working capital needs one month and a larger project the next.
Equipment is key to your success. There’s not a construction company on earth that operates without equipment. Acquiring the necessary equipment and financing necessary repairs keeps your operation running smoothly. A broken piece of equipment can throw a whole project behind schedule. An equipment loan was made to meet these specific needs. Because the loan type is secured by the equipment you’re financing, it’s one of the more accessible and affordable forms of financing.
Capital tight because you’re still waiting to receive payment for your last job? Consider accounts receivable financing, which allows you to borrow against those unpaid jobs to increase your current working capital. Accounts receivable financing, also referred to as factoring, can help you avoid a negative impact on future business because of a payment lag.
A business credit card should be in the toolbox of every general contractor and construction business. This flexible form of financing allows you to earn rewards on everyday business purchases. Plus, it helps you build credit for your construction business, making you more likely to qualify for other loan types, like an SBA loan, down the line.
SBA loans have fantastic rates and robust loan amounts. Because of their larger requirements and competition, SBA loans will only be an option for established construction businesses.
When you need access to cash and you need it quick, a short term loan will get you out of a jam. Short term loans are best for construction companies when urgency is key. You can often access funds in as little as 24 hours. The convenience of speedy capital frequently comes with a premium on your repayment rates, so be prepared to repay your short term loan over a …shorter term than other loans.
Avoid a mountain of paperwork and the needless delays of the bank loan process. Apply for a construction loan using our smart 15-minute application, and you can start comparing loan offers from our network of 75+ premier lenders. Your personal funding manager can help you weigh the benefits of each loan type and lender to choose the best loan for your business.
Complete a single 15-minute application to gain access to offers from 75+ lenders.