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How can I get Construction Business Loan

By SiliconIndia   |   Tuesday, February 26, 2019
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How can I get Construction Business Loan

From hiring workers to adding equipment or simply having cash on hand, the construction business loans can help provide serious stability for your operations. Business construction loans help small business owners finance the direct costs associated with building projects—like materials, on-site facilities, temporary machine parts, wages for your crew, or invoice gaps with contractors.

Hire More Workers

  • Address hiring needs for larger projects
  • Set yourself up for growing your business

Purchase Equipment

  • Acquire tools, machinery, trucks and more
  • Purchase or lease, new or used

Challenge Competitors

  • Have cash to compete with larger companies
  • Feel secure bidding for bigger projects

Manage Cash Flow

  • Address uncertainty of bids and work scope
  • Maintain operating capital during ups & downs

The 4 Best Construction Loans for Your Building Company

1. Equipment Financing: Equipment leasing and equipment financing process is designed to help us quickly respond to your equipment leasing needs and provide the best possible opportunity for an approval of the perfect program for your business

2. Business Line of Credit: With a business line of credit, you can borrow up to a certain limit — say, $100,000 — and pay interest only on the portion of money that you borrow. You then draw and repay funds as you wish, as long as you don’t exceed your credit limit. A line of credit is similar to how credit cards work.

3. SBA 7(a) Loans: A business can’t operate without the funds to buy inventory, hire staff, and get the word out to customers. The working capital you need to run your business isn’t always readily available, however, and that’s where a loan from the Small Business Administration can help. The SBA family of loans allow businesses to use the funds for a wide array of purposes – including for working capital.

4. Business Credit Cards: If you’ve got a business, new or old, big or small, you should consider getting a business credit card. That’s because businesses need access to credit, and these specialized business credit cards can be a great way to fund business purchases, along with saving large amounts of money over time.

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