Get the Best Construction Business Loan Options
Construction companies and specific trade contractors have a constant need of capital by the nature of the construction industry. Getting money to help support cash flow for the business is essential when balancing multiple jobs. Many times you have to purchase supplies and make payroll before funds come in from clients. Even for a successful business, business loans have always been challenging to get from banks and/or credit unions due to the high-risk nature of the construction contracting business. AdvancePoint Capital can provide business loans to construction companies like yours, with attractive interest rates, and unique financing options, so you focus on running your business and making it grow. Experience our service that you won’t see at banks when looking for a construction loan.
6 Best Construction Business Loan Options (May 2023)
Small Business Loans for Construction Company
A loan for the construction business provides a fixed rate, fixed term, and a fixed payment that is predictable and affordable. A small business loan is a term loan with attractive interest rates and repayment terms. Minimum annual revenue applies for a term loan.
Construction Business Line of Credit
A credit line is a revolving line of credit up to a set credit limit that you can draw funds at will without having to contact the lender. Great product to supplement the business's cash flow and gain access to working capital on the fly. This is not a construction business loan but a flexible credit line. Pay interest only on the outstanding balance.
Equipment Financing for Construction Business
There is a lot of costly equipment needed in the construction business. Having to ability to own and purchase equipment can save a lot of money in rental fees. Equipment loans and leases are excellent vehicles to buy new equipment and save money with a loan. Equipment financing is repaid in regular installments, typically monthly, with the term length depending on how long the lender anticipates the equipment will last.
SBA Loans for Construction Company
The SBA administers and sets guidelines for the SBA loan program. This loan program allows a construction company to expand its business with a longer-term loan which provides for a higher loan amount at attractive loan terms with affordable interest rates and payments. A loan down payment and fixed assets may be needed for collateral. The Small Business Administration guarantees the lender recovery of a certain percentage of the loan to the approved lender to cover the default, which encourages lenders to lend. Your personal credit score must be good for SBA approval. SBA offers monthly payments available with a personal guarantee.
Invoice Factoring or Financing
Construction companies invoice many clients. Invoice factoring allows construction business owners the opportunity to get an advance off of the invoice before the terms are paid, speeding up the time it takes to get paid.
Merchant Cash Advance (MCA) for Contractors
When small business owners can't get approved for traditional construction business loans they turn to MCA for their working capital needs. Allows for a lower personal credit score. This is not a construction loan, but an advance on future receivables.
Get Started Today
AdvancePoint Capital makes the loan application process a simple, straightforward experience.
Types of Construction Companies We Serve
We offer construction financing to a wide range of small businesses within the industry. We provide construction business loans, lines of credit, and other construction business financing solutions that you can take advantage of today for a wide range of needs. Various types of construction companies that we serve include:
- General Contractors
- Plumbing Contractors
- Electrical Contractors
- Home Improvement/Remodelers
- Landscaping Contractors
- HVAC Contractors
- Residential House Builder
- Commercial Building Contractors
- Construction Manager
- Sub-Contractors
- Demolition Contractors
- Property Maintenance Contractors
How Can You Use the Acquired Business Funding?
The construction business funding you acquire can be used for various business purposes including buying new equipment for your construction site or hiring manpower to make your life easier. The money can be used for purposes like:
- Construction Equipment
- Working Capital Loans
- Hire Workers
- Retain Jobs
- Increase business assets
- Commercial Construction Loan
- General Business Purposes
Get started today. We offer a wide range of construction loans and lines of credit options that you can take advantage of for your construction business — regardless of your credit score or history.
Finding the right funding solution can be difficult, but here at AdvancePoint Capital, we make it easy to get the funds you need.
Why AdvancePoint Capital?
Advancepoint has been finding business funding solutions for construction companies for years. Our lender network has a range of construction loans and other funding alternatives that can best suit the needs that work best. We offer a simple application process with a 1-page application and limited documentation needed to get offers and terms that are fully disclosed.
Your construction company will benefit from our professional experience within the industry and knowing what product will best solve your need whether it's working capital, equipment purchase, a need to buy supplies, or to make payroll. We make it easy to get loan offers with a fast approval process.
- Experience in the Construction Industry– Over 10 years serving the needs of construction companies.
- Trust – Top Google reviews, an A+ rating with the Better Business Bureau, and plenty of positive referrals.
- Loan Specialists – Educated and knowledgeable business funding specialists who have experience in financing in the construction industry.
- FREE Quotes- Quotes are provided before commitment at no cost
- Products – Advancepoint's lender network has a variety of financing products for new businesses or existing businesses. We offer the best products in the industry.
- Customer Service – We are responsive and always available during business hours.
Construction loans can be intimidating, but they don’t have to be. At AdvancePoint Capital, we can find a funding solution that works with your construction company instead of against it. Go to our website form, fill it out and apply and find out what your loan terms would be!
