How To Get Funding As A Contractor When Your Credit Is Less Than “Perfect”
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As a contractor, you understand how capital intensive your business can be. You need equipment, a team to execute, and capital to fulfill bids on upcoming projects. In lieu of this, the last thing most contractors want to do is spend their valuable time looking for financing.
Though a good portion of contractors who have been in business for years and have established both personal and business credit, can qualify at a bank; there is a larger pool of contractors who will get turned down by a traditional bank immediately.
Several factors come into play when seeking unsecured funding to grow your contracting business…
- Time in business
- Personal FICO score
- Monthly deposits and ending bank balances
- Credit history
Most traditional banks won’t consider lending unsecured capital to you unless you have been in business for at least two years and have superior credit (720+ FICO)
What’s the alternative for contractors who need access to immediate capital to fulfill their growth demands?
