Landscaping Business Loans
Increase Your Working Capital with Landscaping Business Loans
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How a Landscaping Business Loan Can Help Your Business
Like any business, you need substantial working capital to start or expand your landscaping business. This might be a problem if your cash flow is insufficient or unavailable.
In order for a landscaping company to generate a steady flow of cash, it must take on projects, which might require large amounts of investment capital. To complete a project, a landscaping company must hire skilled workers, secure necessary equipment, and create a plan to finish the project on the client’s specified date. However, landscaping companies only get paid when the project is done.
Because of seasonality, generating funds for growth and expansion isn’t as easy for landscaping companies as it is for other businesses. Your landscaping company might enjoy a surge in demand during the warmer seasons, but then experience off-seasons during colder months. Despite an off-season, you still need to pay your bills all year.
Another factor that might influence your landscaping business is the weather. The unpredictability of the weather might delay projects, which can put an even larger gap in cash flow.
SMB Compass understands the challenges of running a landscaping business. That is why we’re committed to working with you to help you attain the funding you need. At SMB Compass, we will take the time to find a financing plan that fits your every need.
Best Ways to Use a Landscaping Business Loan
Running a successful business isn’t easy. But with a reputable funding partner, that believes in your potential, you might have a shot at success.
Here are some ways you can use the funds from a landscaping business loan:
One of the most effective ways of recruiting and retaining skilled landscapers is by offering incentives and rewards. Examples of incentives are giving bonuses for quality work, beating deadlines, or setting new milestones. However, implementing a reward system costs money – and many businesses need additional working capital for that. A landscaping business loan can help you secure the funds to motivate your workers with employee incentives.
Create a Website and Social Media Pages
If your landscaping business doesn’t have a website or social media pages, how will your clients find you? Without the help of technology, you’re missing out on countless opportunities that might have come your way. If your business already has a website, kick it up a notch by making it mobile-friendly. This opens doors to more opportunities for lead generation, improved business operations, and a steady influx of customers.
SEO and Digital Marketing
In today’s technologically-advanced world, people mostly rely on websites and social media pages to look for products and services. But putting up a website isn’t enough. You must invest in digital marketing and SEO to reach your targeted audience. An updated and optimized website or social media page enables you to interact with clients, display your landscaping work, and boost your business’ credibility.
Over time, your landscaping equipment may need to be repaired or replaced in order to provide the quality of service promised to your clients. Lawn mowers, drop spreaders, string trimmers, leaf blowers, sprayers, and other landscaping equipment cost a fortune. Don’t let equipment purchases break your bank! A landscaping business loan gives you the funding you need to purchase brand new equipment for your business.
How Long Does Landscaping Financing Take?
SMB Compass offers quick approval for your landscaping loan. Our company has provided more than $160,000,000 to small businesses all over the country. All of our clients are presented with the best loan programs tailored to their needs. We’ll take the time to find the right option to fit all of your demands.
We offer fast and flexible funding. In four easy steps, your business will receive the funding you need:
Apply for a landscaping business loan online
Our simple online application lets you fill out and submit your request for funding. The process is pretty simple, but if you need help along the way, you can contact us via phone, chat, or email.
A friendly 5 to 10-minute introduction
The next step is an introductory conversation with one of our account executives. We will go over your needs and begin to discuss the different options available.
Documentation and underwriting
Once you make a decision and reach an agreement, we’ll provide closing documents to review the terms. We’ll also answer any final questions you might have.
Approval and funding in less than 24 hours
When your loan has been approved, we immediately send the funds to your business bank account within 24 hours.
Best Types of Loan Programs for Retail Store Business Loans
SMB Compass offers different types of financing options for your landscaping business needs. To ensure that your business gets nothing but the best, our trusted financial advisors will help you find the right loan, based on your business’ specific needs and goals.
Here are the most common types of financing options for landscaping businesses:
SBA 7(a) Loans
The Small Business Administration (SBA) offers small businesses the opportunity to secure long-term financing via the SBA program. The SBA incentivized lenders to offer loans to businesses by guaranteeing up to 85% of the loans to lenders. This means that banks and private lenders are more willing to lend you the money, since the SBA secures most of the funds. This increases the chances that your landscaping business will qualify for this type of loan.
If you don’t have the cash to pay for equipment purchases out-right, you can apply for an equipment loan. Once you’ve qualified for an equipment loan, lenders provide you with the funds you need to buy or repair landscaping equipment. With an equipment loan, you don’t have to stress over the costs of purchasing the equipment you need up-front.
Merchant Cash Advance
Technically, a merchant cash advance isn’t a loan. Merchant cash advances refer to a cash advance against your business’ credit or debit card sales. With this type of cash advance, your business doesn’t have to pay off the debt until your business generates revenue from card transactions.
Invoice factoring is more of a business transaction than a loan. Your landscaping business can sell your pending invoices, for a fee, to lenders, in exchange for immediate cash. After the transaction, the lender owns the invoices. Your customers then pay their remaining balance directly to the lender.
Business Line of Credit
A business line of credit gives you access to a predetermined amount of capital, which you can draw upon whenever you need it. This line of credit works similarly to credit cards. A business line of credit can cover the costs of your business’ needs, such as buying equipment, employee payroll, purchase inventory, add working capital, pay off debts, or deal with cash flow problems.
Best Types of Loan Programs for Hotel Business Loans
SMB Compass offers different types of financing options for your hotel business needs. We have financial experts on hand, ready to help answer any question to make sure you find a loan product that fits your needs.
Here are the most common types of financing products for hotels:
SBA 7(a) Loans
The Small Business Administration (SBA) gives incentive for lenders to offer loans to small businesses by guaranteeing a percentage of the funds immediately. This makes SBA loans ideal for small businesses.
The SBA 7(a) loan is also ideal for hotel financing because it has low-interest rates, long repayment terms (10 to 25 years), and you can borrow up to $5,000,000. The SBA 7(a) loan is flexible, and you can use it to fund any hotel financing need, such as purchasing commercial real estate, construction, renovations, equipment purchasing, additional working capital, and more.
If your business doesn’t have enough revenue or cash flow to qualify for other forms of business financing, you might want to look into asset-based loans. Asset-based loans are ideal for businesses with a high value in assets or on their balance sheets.
Businesses can use their assets as collateral to secure financing. Most lenders consider the following as collateral for an asset-based loan:
- Accounts Receivable
- Intellectual Property
- Real Estate
- Marketable Securities
Merchant Cash Advance
A merchant cash advance is a good option if your hotel business needs working capital ASAP, or if you don’t have good credit. Technically, a merchant cash advance is not a loan; as the name suggests, it’s more of a cash advance.
With a merchant cash advance, lenders provide you with the funds you need in exchange for a percentage of your daily credit/debit card transactions. While a merchant cash advance isn’t a loan, it still offers similar benefits. It also has a higher approval rate than other traditional loan programs.
Buying new equipment for your hotel is expensive. Equipment financing provides you with the money you need to purchase new beds, washers and dryers, vehicles, or any other equipment your hotel needs. Typically there are two equipment financing options: equipment leasing and equipment loans.