Most building contracts are awarded. When applying for consideration for any project, commercial, residential, municipal or even an extensive renovation, construction businesses need to make themselves known to prospective employers in the best light possible. In addition to their portfolio of completed projects, general contractors work with an extended list of subcontractors and suppliers. The background of every firm that will be associated with the project, especially their financial history, will be considered. It is very similar to the process every business will undergo to obtain contractor financing.
Construction is an industry where if your key personnel, subcontractors and suppliers, are unprepared, then your chances for being awarded a contract are lost. These two groups are key to the success of any project. So before seeking that opportunity that will take your general contracting firm to the next level, ensure that your team is both solid and solvent.
Subcontractors and/or suppliers who are undercapitalized may not have sufficient cash flow or a business-line-of-credit that will cover their expenses in line with the payment schedule outlined in a construction project contract. This creates a trickle-down situation that impacts the entire project timeline, from general contractor, construction manager, project developer and other subcontractors. Time is money and project delays equal lost profit and future rejections.
In fact, it may be considered a plus for any construction business to have fast access to additional working capital or contractor financing. That is where a well-established business relationship with an alternative financing company can make the difference between receiving an opportunity or being passed over in favor of a more financially secure competitor. National Business Capital is a renowned alternative financing company. We seek to establish long-term business relationships with our clients so that when opportunities arise, we can assist them to obtain the financing their business requires as quickly as possible.
If you would like to learn more about how a contractor financing relationship can assist your business, please call us at (888) 888-9124.
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.