Ways Equipment Financing Can Help Small Construction Businesses
Until recently the size of projects small construction businesses could undertake was limited. Competing against larger firms for the same building projects was pointless. Not only were these businesses small in size, but also had older, possibly outdated equipment. When exploring their equipment financing options, most small construction businesses came to a dead end. Banks view small businesses as greater credit risks so an acquisition strategy that included bank financing seldom came to fruition.
With almost no way to obtain substantial construction equipment financing to make larger purchases or leases, small construction businesses could not compete for additional market share. In recent years, however, we have opened up our Equipment Financing programs.
Where to Find Construction Equipment Financing
Some of the features that make small construction business owners more competitive include:
- Now small construction firms can often receive 100% equipment financing, some programs eliminate a down payment so these funds may be put toward repayment terms, project startups, expansion, other improvements and even marketing their business instead.
- Work with the latest technology. Leasing equipment ensures small contractors will not eventually own obsolete equipment.
- Business expenses such as cash flow during fluctuating business cycles can be anticipated and preplanned.
- Certain financial products may be bundled and provide for entire equipment costs, installation, maintenance and repair, user-training, for example.
- Construction equipment financing increases business’ efficiency by reducing overhead costs.
While banks now feature similar financial products, an alternative financing company will offer the fastest application process timeline. National Business Capital is a leading alternative financing company that assists businesses including small construction companies to obtain the construction equipment financing they require quickly, and at terms they can manage. Applications do not take long to complete, financing decisions are made within 24 hours using realistic criteria, and borrowers will receive their money within days.
National Business Capital assists small businesses to gain market share and grow more competitive. We invite small construction business owners with questions about equipment financing to call us for a confidential business review at (888) 888-9124.
Megan Capobianco is the Marketing Manager at National Business Capital. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.
