Construction companies don’t have to remain small if they take advantage of equipment financing opportunities. In the past, projects that construction firms could compete for were limited. This is because competition against larger companies ended in lost bids and wasted time. Without support from banks for equipment financing, their outdated or inefficient machinery was no match for what larger firms provided.
Now there are avenues for construction firms to help level the playing field. Alternative business lending levels the playing field. SMB Compass does this through equipment financing options to make purchases or lease new equipment. But also with other lending packages to build and sustain financial resources over time.
We particularly encourage small firms to look into alternative business lending because:
- It’s possible to obtain the financing for all of your equipment needs, not just a portion. This means you could avoid a down payment and be able to hold on to more of your operating cash, while retaining your own money for other needs such as marketing, expanding work teams or locations, new projects, or other improvements.
- Manage the ups and downs of your business cycles with steady cash flow. In addition to equipment financing, SMB Compass helps smaller firms with loan programs such as invoice financing, multi year term loans, and operating lines of credit, solve current and anticipated needs by helping you plan for eventual slow periods.
- Upgrade to the latest equipment available. Fast advances in technology leave some smaller businesses in the dust, literally. With an equipment loan for leasing programs, you can confidently bid on projects knowing you have access to the latest technology in your field. We can help you decide which package is best for you, leasing or buying, based on your current profile. Sometimes leasing works best if high-tech is critical for your projects. Other times, buying is better for tried-and-true, standard equipment necessities.
- Bundled financing programs keep you competitive, reduce maintenance costs, and boost productivity. Consider your needs beyond the initial purchase and choose a package of products to cover the cost of equipment, installation, training, and future repairs.
Banks do offer loan products for small construction businesses, but you can expect a long timeline, intense application process, and strict qualifications. At SMB Compass we work hard to provide you with programs that fit your needs, without lengthy applications.We use whole-picture criteria and basic business history instead of relying on only a credit score. With us, you can have access to your funds within days instead of weeks or months. Agreeable terms means there’s no worry as you grow.
If you are ready for your small construction firm to gain more of the market share, call us with your questions today. SMB Compass is a leader in heavy equipment financing and complete alternative lending programs for your every need.