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As the owner of a business in the construction industry, you’ve probably dealt with your share of financial challenges. From unexpected equipment breakdowns to having to float jobs during long payment cycles, cash flow shortages can pose all sorts of problems. And with seasonal lulls in sales and a somewhat inconsistent cash flow, it can be a struggle to make payroll or even to pay your vendors.
Read on to find out how your construction business could use extra capital to help you maintain the day-to-day operations of your company, invest in new opportunities, or simply keep the business running smoothly.
Purchase or Lease Equipment
With SBG Funding’s equipment leasing and financing options, you can hold onto your cash and still get the equipment needed to keep your business moving forward. We’ll foot the upfront bill and create a custom-tailored repayment plan that allows you to keep cash flow strong.
Extra capital can be used to purchase or lease new machinery and tools such as excavators, safety equipment, cement mixers, or trucks. It can also be used for office equipment like new computers, desks, or software.
Bridge the Gap While Waiting on Payment for Outstanding Invoices
It’s no secret that cash flow struggles are common in the construction business. Contractors are often expected to float jobs while waiting on payment. A bridge capital loan can help you bridge the gap while waiting on outstanding invoices. It’s a short-term loan that lets you quickly get your hands on cash for your business. It’s great if you’re in a hurry, and you can always move on to longer-term financing if desired. Bridge capital loans enable you to catch up on essential bills, bid on new jobs, and improve day-to-day cash flow.
Pay Vendors or Subcontractors
If you’re struggling to pay your vendors and subcontractors in a timely manner, securing business funding such as a business line of credit may be the answer. You’ll be able to pay your vendors and subcontractors promptly in order to maintain trust and a good working relationship for future jobs.
Hire or Train Employees
Having adequate employees to get the job done quickly and efficiently is a must in the construction industry. But so is having a knowledgeable and reliable crew. Whether you need to hire additional employees for an upcoming job or to invest in training, a construction business loan can help.
Your employees are your most important asset and if you can’t meet payroll, you’ll quickly lose their faith in the company. Furthermore, not only does your crew rely on you to compensate them for their time, but there can also be legal ramifications if you delay payroll. If you find yourself in a situation where you’re struggling to pay your employees, SBG Funding can help.
Purchase Additional Materials
Need additional materials for an upcoming job, but the small deposit you received won’t be enough to cover the cost? Our funding solutions allow you to take on new clients, buy materials, and keep things rolling when you’re waiting to get paid and unexpected costs sneak up on you.
Seize an Opportunity
Do you have a chance to stock up on bulk materials that have been heavily discounted or to purchase a piece of machinery that is finally on sale? A construction business loan can help you take advantage of a lucrative opportunity.
Expand Your Business
Having additional capital can help you seize a new business opportunity like buying a new building, renovating your office, or expanding the list of contracting services you offer. Whatever your long-term goals are for the growth of your construction business, extra capital can help you achieve them.
How to Secure Construction Business Financing with SBG Funding
Our construction loans allow you to take on new clients, buy equipment, and keep things rolling when you’re waiting to get paid and unexpected costs sneak up on you. We understand the ebbs and flows of the construction industry, and we’re here to provide a custom-built loan that works around them. Apply today to see how SBG Funding can help.
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