As a contractor, you understand how capital intensive your business can be. You need equipment, a team to execute, and capital to fulfill bids on upcoming projects. In lieu of this, the last thing most contractors want to do is spend their valuable time looking for financing.Though a good portion of contractors who have been in business for years and have established both personal and business credit, can qualify at a bank; there is a larger pool of contractors who will get turned down by a traditional bank immediately.Several factors come into play when seeking unsecured funding to grow your contracting business\u2026Time in businessPersonal FICO scoreMonthly deposits and ending bank balancesCredit historyMost traditional banks won\u2019t consider lending unsecured capital to you unless you have been in business for at least two years and have superior credit (720+ FICO)What\u2019s the alternative for contractors who need access to immediate capital to fulfill their growth demands?There are several financing vessels that are well-tailored to meet the needs of contractors. Equipment financing, business lines of credit, cash advances, and invoice factoring are the most common forms of funding in this specific industry. Now let\u2019s break down how each program applies to your business and what it takes to qualify.EQUIPMENT FINANCING AND LEASINGWhen seeking equipment for your upcoming project or business expansion, you will have the option to attain an EFA loan (Equipment loan with monthly payments- you own right away) or a lease where you have an option to buyout at the end of the term.The good news here is that there are a select few lenders who will take more risk on a startup (under 2 years) and look more towards your projections than your current revenues. Also, credit is much easier to overcome for some of these groups. Partnering with a small\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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