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United Capital Source has issued numerous types of working capital loans to commercial plumbers, roofers, electrical contractors, masonry contractors, and window fabricators, just to name a few. In some cases, funding can be approved in less than two business days. Contractors can immediately begin gathering resources for an upcoming project, make repairs or pay their bills, even they are cash-poor at the moment.
Standard working capital loans can act as a buffer for slow periods or fill in gaps before receivables come in. They can be accessed before, after, or during projects. Temporary setbacks are virtually inevitable for contractors, but they shouldn’t stop you from accepting work, maintaining a loyal team, or delaying projects. Our network of lenders provide working capital loans are particularly advantages for seasonal businesses thanks to their flexible repayment terms. Many UCS clients use bridge financial programs to cover regular business expenses when money isn’t flowing as freely and pay off the majority of the debt when projects are underway.
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Another type of working capital loan that is becoming increasingly popular for construction contractors is Accounts Receivable Factoring. The business lender purchases unpaid receivables for a discount price and pays the borrower right away, shortening a business cycle from at least 30 days to just a couple of business days.
Accounts receivable factoring allows contractors to work with virtually anyone since they’ll essentially be paid upfront no matter what the project’s contract says. Larger projects typically come from clients who take more time to pay. But with accounts receivable loans, you can effortlessly agree to their terms without worrying about how you’ll pay your team in the middle of the project.
And you don’t have to receive a single payment. Business lenders can distribute certain amounts of cash at different intervals, which is ideal for contractors because they work in phases, and each phase has its own costs.
Rather than wasting precious time negotiating and jeopardizing client relationships, you can devote 100% of your attention to figuring out what you’ll need to complete your newest project. Apply now to see how much you qualify for!