General Contractor Loans
Get access to revolving funds when you need it most
August 1, 2021
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Financing for General Contractors
General contractors, whether a residential or commercial, have many expenses associated with the day to day operations of the business. There is always a need to lay out money for materials, equipment, and labor. General contractors are not only responsible for paying their full-time employees, but they are also responsible for paying subcontractors. A GC is usually paid directly from their client and once they are paid, it’s time to make payroll. General contractor loan programs can help pay vendors, make payroll, and pay subcontractors.
Many contractors turn to general contractor loans to help support the ongoing cashflow needs. General contractor loans can be very beneficial if used at the right time and in the right way. A combination of different general contractor loans can result in stronger operating cashflow, new projects, and continued growth. Some of the ways to use a general contractor loan are below.
Purchasing new equipment
General working capital
New project bids
Hiring new employees
Advertising and marketing
Purchasing new tools
General Contractor Loan Options
Factoring for General Contractors
Mobilization Funding for General Contractors
How to choose a General Contractor Loan
It’s always important to make sure that the right general contractor loan program is used for the right reason. Factoring for general contracts are meant for day to day operating expenses and not for one purchase. General contractor loans for one-time purchases should be structured as a term loan. Term loans options for general contracts can be short, like a bridge loan, or over multiple years, such as equipment financing. At SMB Compass we will guide you through the application process and make sure that you choose the right general contractor loan program for your business.
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