Small Business Loans for Construction Companies and Contractors

It takes a special kind of business owner to be a contractor.

In addition to dealing with demanding homeowners and other clients, contractors have to work with numerous vendors and partners over whom they only have limited control. That being said, being a contractor can be an exciting and remunerative career for the right person, with the right partners.

Contractors can’t be averse to getting calloused and sweaty. On a construction project or build out, the buck stops with the contractor, so to speak, so duties range from project management to swinging hammers.

Competition is fierce, however, so a shiny new set of tools and an appreciation for hard work won’t cut it on its own. Solid marketing and reliable partners are a must-have for successful contractors in today’s market.

Construction Company Financing

Things are looking up for the construction industry. Since it comprises so many diverse groups, the industry has undergone recovery from the economic downturn in fits and starts. Some segments are doing better than others, and even among growth segments, some are growing more quickly than others. But on balance, the financial picture for construction is viewed by industry experts as optimistic.

Construction spending in the U.S. is roughly $1.2 trillion annually. The industry has a significant impact on the general economy but is also vulnerable to broader economic disruptions. But now, alongside the U.S. economy, construction is showing strong signs of rebounding and future growth:

• The unemployment rate for the construction industry declined in October 2017 to an eleven-year low of 4.5 percent.
• Private residential construction is growing, as demand picks up for homes and apartments.
• Private non-residential sectors are also growing. Among the strongest: Power construction, including work on oil and gas fields, pipelines and electricity.
• Public construction shows more mixed results since projects like a highway, street, and school construction are subject to the ups and downs of federal, state and local budgets.

Why You Might Need Construction Financing

Industry watchers are optimistic about the construction industry’s future growth. That’s why we believe that having access to business capital is a necessity, both to take advantage of growth opportunities now and to be well situated for uncertainties that may lie ahead. Funding Wizards is uniquely positioned to help construction companies do just that. Not only can construction companies obtain business financing for up to $2 million through our lender network, but the application process itself is quick and easy.

Funds can be used for virtually any business need, including:

• Purchasing new or used construction equipment and materials
• Expanding or upgrading your company’s facilities
• Hiring new employees; training and education
• Overcoming unanticipated business expenses
• Managing cash flow