There are various types of construction companies each specializing in a different area requiring various types of equipment, tools, technology, and craftsmen. Whether it is an experienced construction company or a recently established one, there will always be a need for small loans to ensure that business operations are running smoothly. The construction field requires heavy equipment to carry out the construction activity and needs constant allocation of funds for buying, maintenance, repairs, and services. There are various types of business loans on the market and those that best fit the construction industry are very few. Commercial banks offer business loans to construction companies and contractors, but they are time-consuming and involve a lot of paperwork. Qualifying for the loan itself can be difficult for new contractors as the traditional bank loans require the borrowing business an established one with good credit rating. The best option of business loan for construction companies is merchant cash advance. The cash advance lenders do not consider credit score or collateral but are approved based on sales of the business. The construction company needs to accept payments with debit or credit card to qualify for the loan.
Why Choose MCA?
Considering merchant cash advance as the best option of a business loan for construction companies will prove to help you get funds quickly from lenders. The main objective of the MCA lender is to help small businesses expand and prosper by providing the funds easily in a few simple steps. This kind of business loans are flexible and help the company to overcome short-term financial gaps. Applying for the loan is simple, and the approval takes only a few days to one weeks’ time which the primary reason why the small businesses are turning to the merchant cash advance lenders. There are several other benefits of availing this type of loan.
While traditional banks and credit unions take several weeks to months to process and arrive at a decision for the business loan applied, the merchant cash advance is created to make the process simple and its approval process easy. The process involves fewer documentations as the majority of the information is collected from the merchant account provider of the business. The application can be made online and can get approval in as little as three days. Your approval is conveyed in less than 24 hours which cuts down the waiting time for the borrower.
High Approval Rate
While most banks and financial institutions turn down construction company applications for various reasons, merchant cash advance loans deliver higher approval rates than any other business loan lenders. Lenders create their lending guidelines and are not much concerned about your credit score when making the lending decision.
Every construction business is unique and has a different revenue cycle and customer base. Merchant cash advance lenders understand the small business financial needs better than any other non-bank lender and hence will work closely with you to customize the loan to suit your business requirements.
Obtaining a business loan for construction companies is crucial to run a stable and prosperous business. Even large enterprises with adequate cash in the bank are not staying back from availing easy and flexible cash advances.