Small Business Loans For Construction Companies
If you’re the owner of a construction company, you already know that cash flow can sink your business. Without question, general contractors and subcontractors find themselves in a competitive environment. You may feel at a loss when it comes to meeting expenses.
More than likely, you’ve already considered the prospect of a conventional loan. However, small business owners encounter problems when applying for bank money. Join the crowd if your company receives a loan rejection letter.
Truth be told, banks turn down between sixty to eighty percent of all applications for small business loans for construction companies. It makes it nearly impossible to meet expenses and grow your business.
However, another option exists for businesses in any of the trades. If your company accepts credit cards, you’re most likely eligible for a merchant cash advance.
Business Funding assists contractors and subcontractors in the construction business in funding their operations. A merchant cash advance does not represent a loan. In fact, the words speak for themselves.
After quick approval of your application, Business Funding arranges a lump sum payment to your business. The money represents an advance and is reimbursed by daily credit card charges authorized by your clients.
The benefit isn’t just the fear of long waiting periods for bank loans that result in rejection. A merchant cash advance allows you enormous flexibility in a couple of ways.
In the first place, you only make payments according to the revenue you bring in. You’re not faced with high monthly payment obligations that appear impossible to meet.
Next, you’re not constrained to use the merchant cash advance in any particular manner. Assumingly, you know why you want money and the best way to use it for your business needs.