Construction projects are more limited during the winter months. Foundations cannot be poured, nor structures erected. Interior finishing work takes center stage along with stock taking and preparation for the season ahead.
This is when contractors approach potential new suppliers, review subcontractors they may wish to hire on as well as review office staffing requirements.
There have also been advances in technology that streamline some operational construction project aspects, especially at worksites, that have to be factored into overall costs to run a construction business.
For example, in recent years mobile devices such as company-issued cell phones, tablets and lightweight laptops have become more prevalent at construction sites.
This is an expense that was unheard of only five years ago. As for term loans and structured payments for existing materials, supplies and equipment costs that are being carried over, the off-season is crunch time.
When a demand for additional working capital arises, many construction firms turn to alternative financing companies. These firms have proven highly effective in assisting business owners of every size company in every industry to qualify for and to obtain extended credit more readily than at a bank or credit union.
Over the last decade banks’ funding pool for smaller businesses has dwindled. Therefore it is more difficult to obtain short term construction funding to cover off-season expenses at a bank.
However, alternative financing companies will strive to locate the financing that a client needs to carry them over until they receive an influx of cash in the spring.
Another benefit for seasonal business owners who finance through alternative financing companies is that an ongoing financial relationship can be established.
A seasonal business’ operations and cash flow can be reviewed and financing recommendations made so that the off-season cash crunch becomes a distant memory.
National Business Capital & Services, a leading alternative financing company will evaluate a seasonal business’ working capital requirements and offer financial guidance.
This will free up your cash flow and prevent future working capital bottlenecks. To learn more about business financing options, please give us a call: (877) 482-3008.
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!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.