It’s exciting stuff when you finally decide to take the leap and get funding for your flooring business. And I can imagine you’re here because you want to become a contractor in the flooring industry. It’s not always easy starting fresh and creating something on your own, but it’s still an incredible thing to do. And of course, while it’s exciting and incredible, you’re reading this because you’re unsure about taking the final step.
There are many possibilities for why you might not have all of the funding for your flooring business. You’ll need things like tile, hardwood floor, and carpet to be purchased and sold. But you’ll also need the basic equipment to transport both your products and the tools needed for installation. At the end of the day, small businesses require an investment, and you’ll need to spend money to make money.
Maybe you’re on top of your finances, but for those who aren’t, you’ll need to look into alternative funding.
Luckily for you, there’s an enormous amount of options available for you to help you get funding for your flooring business.
Here are some tips on how to get funding for your flooring business.
Flooring Business and Loan Options
Banks, interest rates, bad credit. These are what you typically think about when you’re considering a loan. It’s stressful, but they don’t have to be as intimidating as stereotypes make them out to be. There are many loan options nowadays to get funding for your flooring business and they don’t always have to involve a discussion between you and a bank. They may not always be a fun idea, but they’re a necessary part of getting businesses going.
As I’m sure you’re aware, traditional banks and financial institutions require you to put up some form of collateral before receiving a loan. You’d call these secured loans, and they are the type of loans that can cause you to lose your car or home if things go south. Luckily, there are companies that can give loans without the need for any collateral. We call these loans unsecured, and they’re quickly becoming one of the safest and efficient forms of money for funding your flooring business.
When getting alternative funding, it’s good to be aware of the three Cs, because they determine whether you’re qualified or not: your credit score, monthly business cash flow, and collateral. The best part about the three Cs is you only need one of them to qualify.
Flooring Business lines of credit
When it comes to funding your flooring business, It’s good to keep a little extra money for a rainy day. Lines of credit are really helpful, and you should apply for one before you need the money since you never know when you could be in a pinch.
Like a credit card, business lines of credit allow you a specific amount of money. And each time you withdraw, you pay it back with some interest. However, once you’ve paid it off, you can go right back to using the full amount of credit available again.
Of course, this line of credit is also unsecured – and as we’ve already said, unsecured means no collateral, and no collateral means one less thing to worry about. Financial companies will pretty much look at your business revenue to decide whether you qualify or not.
Flooring Business Equipment Loan options
It’s safe to say you’ll need equipment as a flooring contractor starting your own flooring business. But you may not have the cash needed to get all of the tools, facilities, and modes of transportation to get things rolling. Fortunately, equipment financing is practically the easiest loan to get since the equipment is the collateral in case of a business meltdown.
No hoops to jump through when getting an equipment loan and you can pretty much get them along with your startup, small business loans, and other funding for your flooring business.
Why Finance Factory is a great choice when it comes to Funding your Flooring Busines
Finance Factory has a team of highly trained professionals who guide and educate clients so they can make the best and most informed decisions possible when looking at loans. 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.
Interested in finding funding for your business? Finance Factory would love to help! If you’re looking to fund your business within the next 30 to 90 days for $25,000 to $500,00 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 get started!