Why the construction business loan process is a breeze
Running a construction business requires many moving parts. You need to bid on jobs, have money to complete projects, with enough capital leftover to pay employees, pay for equipment updates and satisfy other obligations.
Understandably, being able to afford these components can be challenging. That’s why it can be useful to apply for a construction business loan. Many construction business owners don’t realize how simple the loan process can be, due to their industry type. In this post, we’ll detail why applying for a construction loan is stress-free, and how receiving a loan can boost your business!
Receive pre-pay discounts
With pre-pay discounts, you can receive a loan, use the financing for whatever your needs may be, and pay back the lender in less time than your assigned term. This is more cost effective, as you’ll be paying the lender back less money. Participating in pre-pay discounts is beneficial for construction business owners especially, as they often need capital in order to finish a job. Once that job is completed, they are able to quickly repay their capital, and receive a less expensive rate. It’s that easy!
You’ll have plenty of ways to utilize the loan
For some industries, it makes more sense for them to pursue a loan when they have an expansion project, last-minute repair or other singular need. As a construction business owner, there is always a benefit to receiving a construction business loan. Your business is either bidding on a project or in the midst of completing one, so either way you’ll need capital in order to pay for equipment, materials and labor costs.
Receive small business construction loans quickly
At Fora Financial, we hear again and again from our construction customers how straightforward our loan process is. After filling out a one-page application and submitting 4-months of bank statements, you’ll receive your approval status within 24 hours. We understand that construction businesses need to receive their working capital as soon as possible. Many times, they cannot finish a job without it. That’s why we aim to make it as seamless as possible!
Applying for a construction loan means having fast financing that you can use to complete your next job. While bank loans may take weeks or even months to receive, receiving small business construction loans from a lender requires minimal effort. Now that you’re in-the-know about receiving a construction business loan, apply for one, and watch your business prosper!