Roofing Contractor Loans
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Financing for Roofing Companies
Roofing contractors make up one of the many components of a construction project. Just like other specialty contractors, roofing companies are typically hired as a subtractor by general contractors. Payment terms can be for time and materials or paid when paid. Both payment structures result in challenges for roofing companies. In addition to waiting on payment from general contractors, roofing companies also have to deal with other challenges. Some of those challenges include rising material costs, shortages of skilled workers, and changes in weather. Many roofing companies turn to roofing contractor loan programs to combat these obstacles.
Roofing company loans have proven to be beneficial to roofing companies. Instead of relying on operating cash flow roofing contractor loans can be used. There are many roofing contractor loan programs that provide a wide variety of benefits. Some of the reasons why roofing companies should consider exploring roofing contractor loans are below.
Purchasing new equipment
General working capital
New project bids
Hiring new employees
Advertising and marketing
Purchasing new tools
Roofing Contractor Loan Options
Factoring for Roofing Companies
Mobilization Funding for Roofing Companies
How to choose a Roofing Contractor Loan
There are many roofing contractor loans available to roofing companies, but it’s crucial to make sure that the right program is chosen. Interest rates, flexibility, and length of term are a few of the important features. An often-overlooked component is making sure that what you are using the money for fits the use of funds. If you are looking to use a roofing contractor loan to refinance debt, SBA loans and asset-based loans are great options. However, you should be using mobilization funding or bridge loans for roofing companies if you are looking to purchase materials for a new job. At SMB Compass we will guide you through the application process and make sure that you choose the right roofing contractor loan for your business.