If you’re looking for the best loans for your roofing company, you’ve come to the right place. However, we imagine you’re reading this because you may be unsure of which loan is right for you. There are tons of loans available in today’s modern world to help you get off your feet. But looking at all of the options out there can cause a pretty big headache.
It’s exciting that you’re taking the leap into starting your own business, but it’s good to be aware of some of the challenges ahead. It’s an incredible thing, and yet it can be a little daunting. There’s a big process when it comes to starting your own business, and this is especially true with a roofing company. There’s a lot of things you’ll need to purchase in order to really be successful; however, you might not have all of the funds you need off the bat.
Regardless of your financial situation, there are plenty of great loans out there. And when it comes to funding things like transportation, storage, supplies, tools, and even employees, there’s a lot to consider. So, as you’re probably aware, you’ll have to spend money to make money.
Fortunately for your roofing company, there are a ton of options when it comes to getting the cash needed to finance your roofing business.
Best Loans For Your Roofing Company
- Bank Lines Of Credit
- Business Credit Cards
- Equipment Financing
- SBA Loans
Business Lines Of Credit: Best Loans For Your Roofing Company
When running a roofing company, you never know when you might have a surprise expense. So, it’s important to have funds available when that happens. Bank lines of credit are very flexible when it comes to revolving credit. When you request a specific amount of money, you only have to pay interest on the cash used, and not the total limit. You only withdraw what you need at the moment and the repayment periods are very flexible. With bank lines of credit, your roofing company could receive anywhere between $50,000 – $250,000.
Business Credit Cards: Best Loans For Your Roofing Company
If you’re in the roofing industry, it’s never a bad idea to have a business credit card. When applying for one, the process is pretty similar to that of a regular credit card. However, business credit card applications are much easier than other loans. You can use a business credit card for dozens of reasons and they’re a great way to keep your personal and business credit separate. The only downside is that they have higher interest rates, but you can receive upwards of $25,000 – $150,000 in funding.
Equipment Financing: Best Loans For Your Roofing Company
Equipment financing can fund up to 100% on any new or used equipment for your roofing company. It can include anything from transportation, supplies, and tools. However, it can also fund much more. The application process itself is pretty easy– with very little paperwork. And since the equipment is the collateral, it’s relatively easy to qualify.
SBA Loans: Best Loans For Your Roofing Company
“SBA” stands for the Small Business Administration. The Small Business Administration is a Government Program and Agency designed to assist roofing contractors to develop their companies by granting access to the finances they need. However, a common misconception when it comes to SBA loans is that the Small Business Administration is the lender. In actuality, the SBA provides borrowers with a guarantee of a bank loan. By doing so, the SBA uses government money to guarantee a percentage (up to 85%) of the loans by banks. This gives the banks a greater incentive to lend their money out to small business owners since there is less of a risk.
Finance Factory Can Help You Find The Best Loans For Your Roofing Company
Finance Factory has a passionate team that guides and educates clients so they can make the best and most informed decisions possible. They help you every step of the way and give you all of the information for your application. Their specialty is making and building relationships between small business owners and vetted lenders while offering great rates and affordable terms for everyone.
Are you interested in funding your roofing company? Finance Factory would love to help! If you’re looking to fund your business and have a credit score of 660 or better, let’s chat! Get pre-qualified right now with our quick-step pre-qualification form! And don’t worry, this will not result in a hard credit inquiry of sensitive information. We just want to learn more about you and your business. Click below to start!