Quick, Simple Funding for Construction Companies
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.
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.
Compared to typical lenders, Main Street Finance Group is an alternative lender that 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. We provide funding for many types of professions, including concrete, electricians, plumbers, HVAC specialists, landscapers, remodelers and renovators, contractors, and more.
How To Use Funding From Construction Companies
The rate at which you pay for construction company funding is contingent upon the kind of alternative small business funding that you are awarded. The majority of alternative construction company funding options employ factor rates, which are straightforward decimal numbers that indicate the amount of "extra" that you will ultimately owe on the original loan amount. These figures are established by your risk assessment.
Funding Options for Construction Companies
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.
Advances for Merchant Cash
Working capital is provided as needed. Until the advance is paid back, we will earn a portion of your credit card sales on a daily or weekly basis.
Factoring invoices
We will pay the net amount in cash for your outstanding invoices. When we receive payment, you will be paid the remaining balance on the invoices (less our charge).
Secured Loan
a secured loan that lowers risk by utilizing commercial real estate. You can be qualified for a greater loan amount with cheaper rates and fees because the loan is secured.
Line of Credit for Businesses
Without the commitment of a fixed-term loan, borrow as much or as little as you need. Pay interest only on the amount you have borrowed; take what you need and pay it back as you go.
How To Use Construction Company Funding
Main Street Finance Group 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 Financing for Construction Companies Operates
Utilize
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.
Select 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.
Obtain Money
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.
Decide on 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.
Are You Eligible for Funding from Construction Companies?
The specific qualifying requirements for each type of construction company funding vary. Main Street Finance Group bases its approval of construction company funding on the whole health of your firm, not just your credit history or credit score. This includes:
- Revenue for businesses
- Money movement
- Payment history of the vendor
- Years of operation
- Records accessible to the public
Construction Company Funding Q&A
Your best bet for obtaining the necessary funds is to work with an alternative lender such as Main Street Finance Group. Financing for alternative construction companies is perfect for buying raw materials that will help you land a big project and boost your earnings. We provide a simple, fast application process, and most candidates can get cash the same day. Find the best solution for you by having a conversation with one of our helpful Funding Advisors.
Both conventional lenders, such as banks or the SBA, and non-traditional lenders, such as Greenbox Capital, offer financing to construction companies. Alternative lenders offer revenue-based financing options, like merchant cash advances for low credit, that are better suited for businesses with lower credit scores. These lenders also have more flexible approval requirements that take into account the overall health and potential of your business, not just your credit score. To find out more, speak with one of our funding advisors.
Our application process is quite straightforward, and funding is accessible the same day. Speak with a Funding Advisor or complete our one-page application form to get started.
The majority of conventional banks refuse to support construction enterprises because they pose a high risk. We can grant finance for “high risk” industries because we are an alternative lender with different approval procedures. Often in less than a day, we can give you the money you need to pay for project costs, labor, supplies, and more.