Businesses of different scales benefit from having the right financing options at the right time. When dealing with a sudden spike in customer orders, being able to use a loan to finance production and delivery means an online business can expand its scale. When aiming for long-term growth, there are secured financing options to turn to as well.
For construction firms, knowing there are available financing options and understanding how to best utilize them are the kind of things that bring huge competitive advantages on the market. Before you start using loans to help your construction firm, we are going to take a look at the financing options available today.
SBA 7(a) Loans
The SBA 7(a) loans are government-backed loans designed specifically to stimulate the construction industry. Construction companies – including yours – can use this financing option for various purposes, including for consolidating existing debts and for financing new projects.
SBA 7(a) loans are tough to qualify. You have to make sure that you have your papers in order, and that you are operating by the book. Making one of the most common Chicago building violations is simply not acceptable.
Business Credit Cards
For smaller expenses …