The electrical contractor business is considered a $160 billion dollar industry. Electricians operating independent contractor businesses play a vital role in bringing power, light, and communication technology to buildings and communities across the U.S. Additionally, service companies that use electrician business loans for capital, continue to fuel the sector.
These specialized technicians have the luxury of knowing their services are needed year-round. And with more people moving toward cities, demand for new construction and renovation in urban regions is rising. On one hand, this is great news because it brings more opportunities to sustain and grow your business. However, it also means small companies must update their practices and capabilities to stand out in the market. Electrician business loans can help support those efforts.
Many electrical contractors lack the capital to keep up with new projects, leaving them struggling to satisfy customers and maintain a pipeline of projects. Without electrician business loans, this can result in cash flow problems for many small businesses. Additionally, the demands of digital technologies are pushing electricians to innovate quickly, which is requiring business funding.
Hiring and training new staff, investing in wire troubleshooting technology, purchasing specialized equipment, and meeting employee payroll can all support growth in today’s business climate. But these strategies require capital you may not have. And electrician business loans can be hard to obtain through traditional lenders. Thankfully, emerging lending models have made it possible for electrical contractors to access small business loans in a matter of days. At QuickBridge, 95 percent of customers receive funds within 24 hours of loan approval. Here’s a look at how we transform lending for you:
We offer a variety of electrician business loans to fit different needs, but several are tailored for specific business situations. These include:
Short-term financing is ideal if you need an injection of cash to support a specific strategy. For example, there may be a surge in electrical and wiring repair jobs that require you to purchase additional equipment. You can use a short-term loan to get the funds you need to support your growth efforts.
The advantage of business bridge loans is that this type of financing allows you to cover daily operational costs when you run into cash flow issues. They’re invaluable if you hit a lull and need immediate funds to keep everything running.
Whether you have poor credit history or your new business lacks a strong credit base, bad credit business loans can help you secure funding. This type of loan works well for business owners that do not have a high FICO score.
QuickBridge provides fast access to electrician business loans that can help you get ahead. We blend the speed and efficiency of alternative lending with a highly personal, relationship-focused approach. Helping you find the loan that fits your specific business need is what we specialize in.
Innovative technology is at the core of what we do. We gather more data from more sources than traditional lenders, letting us get to know you and your business. However, we do this work digitally through online tools, so you don’t have to send us a ton of paperwork just to start the process. With all this data, we work with you to identify how much funding you actually need to achieve your goals, and with the backend work largely automated, get you money fast. We tailor our electrician business loans to your specific business needs:
• Keep loans small: For businesses with a high volume of credit or debit card sales, merchant cash advance companies can extend a lump sum loan that is repaid from a percentage of each credit or debit card transaction.
• Avoid long financing contracts: Our short-term loans are typically paid back within six months, so you’re not committing to an extended period of debt.
• Eliminate interest rates: Because our loans are small and short, you simply pay a service fee, so there aren’t complex rates to negotiate.