Summertime is rush time for your HVAC business! Before you know it, you’ll be running all over town handling all sorts of projects. From routine maintenance like cleaning dirty filters and coils, to more urgent requests, like broken parts. Sometimes, you need to explore your HVAC financing options to really heat business up.
Are you prepared to provide your customers with stellar service throughout the warmest months?
Don’t head into the summer without the tools and resources you need for your busiest season. Equip your company for every service call with the right business loans and financing options.
Applying for funding in advance of the summer rush enables you to keep your company running at peak performance. You can use the extra money in your HVAC business to:
Making these investments builds trust with your customers and positions your business for growth. When you’re able to provide consistent high-quality service, your recommendations will do the work for you.
This can result in new jobs and more lucrative contracts as customers start to talk up your services.
Now you know the why of pursuing business funding – but what’s the best way to get the money you need? Here are five common options for handling your HVAC business expenses this summer.
When you need a ready source of cash for routine expenses, a line of credit has you covered. It’s the perfect solution for:
There are no limitations—you can put the funds toward any expense that helps your business. Lines of credit give you flexibility to cover new expenses during times of growth, and a cushion during difficult phases.
Look for lenders offering revolving credit lines. This structure provides a credit limit that replenishes every time you make a payment.
You’ll always have funds available, instead of having to apply for another loan once you’ve spent a given amount.
A line of credit puts less strain on your budget, too.
The only time you have to worry about fees is when draw additional funds. The rest of the time, the cash is waiting for you when you need it – without the burden of monthly payments.
The bottom line: this HVAC financing option gives you ample funding and flexibility.
Your equipment will get a lot of use during the summer.
Make sure everything is in top condition before the rush hits, and consider HVAC business financing to replace or upgrade whatever isn’t. This is a great option if you want to invest in new equipment or technology, but don’t have enough cash on hand. Using equipment financing to get the best tools now can boost your ROI throughout the season.
Don’t forget about reliable transportation to job sites, either. Your trucks need to get you and your employees to and from every call without delay. If any vehicle in your fleet has been acting up, or you’re simply due for an upgrade, it’s time to act.
Unfortunately, you don’t always get paid for your HVAC service calls before new expenses crop up. Bills keep coming in whether or not your customers pay on time. This HVAC financing option helps you to leverage unpaid invoices to your advantage.
Better invoicing practices can help prevent late payments, but when you still find yourself waiting on your money, there’s accounts receivable financing.
A/R financing is a simple concept:
You sell one or more of your outstanding invoices to a lender and get a percentage of the money right away. When the invoice is paid, you receive the rest (minus fees).
By eliminating gaps between invoicing and payment, you can take on new jobs and keep money flowing into your business all summer.
What about when you need to make big purchases?
HVAC business loans use a traditional term loan structure to give you access to larger amounts. You receive a set amount of funding and pay it off over a period of time, usually anywhere from a few months to a few years.
Business loans are best for:
Online lenders are able to rapidly underwrite loans, at a much faster pace than banks. Speedy funding is useful if you require extra money in the middle of a crazy summer schedule.
Although it’s better to pursue a loan before you find yourself in dire need of cash, an online lender can be a valuable resource when time is of the essence.
At National, we can help you find the best financing option for your HVAC company without jumping through hoops. Our simple requirements and quick application process make qualifying simple, and there’s no minimum FICO!
Apply now to get your funding in as little as one day!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!