The construction industry plays a dominant role in sustaining the U.S. economy. Because buildings are required to maintain productivity and housing to support population growth, construction is among the greatest contributors to the Gross Domestic Product (GDP), however, this sector had been particularly hard hit during the economic downturn in 2008. While it has rallied every year since, annual expenditures for construction projects have not yet returned to their previous high levels.
Despite this industry’s positive impact on the economy, banks have restricted their general lending criteria, especially toward small businesses. Banks still offer construction financing, however their funding criteria has tightened and application processing timelines have been extended. It may take up to several months to receive a loan decision and financing.
Many construction company owners know that there are specialized loans available to underwrite the cost of new equipment, expansion, additional staff, or building supplies and materials. However, company owners don’t know where to turn to obtain financing once their bank has turned them down.
Alternative Construction Financing Options
Increasingly, construction business owners who require quick construction financing have had to look to new funding sources for additional working capital. A trusted alternative financing company, such as National Business Capital, may provide that solution. Here are some of the alternative financing options for non-construction funding that business owners might consider:
- Business Line of Credit: use for business contingencies, bulk-purchases, and short-term cash-flow bottlenecks.
- Commercial Mortgage Financing: enable business owners to expand their businesses to a new location or to remortgage an existing building.
- Small Business Loans: based on reasonable underwriting criteria, not your personal credit and offer set payments, set terms and fast approvals and financing
As a leading alternative financing company, National Business Capital strives to locate the right financing for our clients. We understand that construction financing requirements demand quick turnarounds. Our Business Consultants will strive to locate the right financing that your construction business requires. We want to assist your business to succeed, not just today but well into the future. For a confidential consultation and business review, please call us at (888) 888-9124 or fill out an application.