When contractors are awarded sizeable new contracts, the next step is to examine their assets to ensure they can fulfill expectations on time and budget. One of the best ways to achieve a satisfactory result is through the acquisition of new, more advanced equipment. With a production start possibly only weeks away, contractors seeking additional capital will need to turn to a reliable source for fast and flexible construction financing.
In the past, banks have been the traditional place to secure their financing. However, over the last decade banks have extended their application to financing timelines to weeks and sometimes months. Tight construction schedules cannot wait indefinitely for financing approvals. Additionally, banks will specify the vendor from whom borrowers must lease or buy their equipment, which may not be the borrower’s vendor of choice.
In recent years contractors have been applying for working capital through alternative financing companies. A key advantage is that the financing process timeline is much shorter than at a bank, so that once approved, the money is made available to the borrower within days.
National Business Capital is a leader in this industry and assists contractors to obtain construction financing including a specialized Equipment Financing program. National Business Capital’s Business Consultants will also work with clients to determine their best financing option and ensure it will both provide sufficient capital and affordable terms.
Another advantage to alternative financing through National Business Capital is that our financing decisions are not based on FICO alone and are made within 24 hours. Borrowers may also lease or purchase their equipment through the vendor of their choice without restriction. For more information about construction financing please call us at (888) 888-9124 or fill out our application.
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.