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Do you need new equipment, tools or materials for your next job?  We have the construction financing tools you need to grow.  Compare construction business loans with Upwise.

Construction Business Loans Financing

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Construction Business Loans: How They Can Help You

Construction Business Loans Equipment Financing

Running a construction or contracting business comes with many challenges unique to the industry. For example, bad weather or delayed permits can double the time it takes to complete a project. The high level of employee turnover also makes finding a high-quality team difficult. It might seem overwhelming to manage cash flow through these unexpected ups and downs. That’s where business loans for contractors and construction companies can help.  If you are a small business owner with physical location and you need to build a new office or remodel an existing one, then a construction loan can be used to finance your construction project.  Or if you need a business loan for construction equipment, see our financing and leasing options.

What can a Construction Business Loan be used for?

Compete for Bigger Jobs

  • Put yourself ahead of the competition to bid on larger projects with a construction business loan
  • Have the extra funds to feel secure when taking on bigger jobs, upgrading equipment or hiring workers

Hire More Workers

  • With construction business financing, you can address the need for hiring more employees
  • Finance education and training costs for those employees with your construction loan for your business

Marketing & Advertising

  • Use a construction loan to advertise and grow your customer base or expand to a new region
  • Build or optimize your website, add new signage, or place a radio or newspaper ad to generate new customers

Manage Cash Flow

  • Maintain your capital cash flow to manage expenses during the slow season
  • Utilize construction financing loans to fund your next project, while waiting to get paid from a previous job

Purchase Equipment & Materials

  • You can use a construction loan to buy new equipment or materials that will be used on the construction job
  • Use equipment leasing and financing to purchase office equipment such as, CAD software or heavy equipment

Make Payroll

  • Payroll needs to be met even if you have cash flow shortages or unexpected receivable issues
  • Construction financing can be taken advantage of to ensure you can always make payroll and as a result keep your workers happy

6 Best Business Loan Options for Construction Contractors

The construction industry has unique challenges when it comes to managing cash flow and working capital.  Undoubtedly, margins are usually thin and it can take months for the construction company to get paid.  For instance, you can use a working capital construction loan to bridge the gap between the time you receive payment and your next job.  Working capital loans provide a fixed amount of money, with a fixed cost which are paid back over a term of 3-18 months.

Equipment Financing for Construction Companies

100% of Equip ValueUp to 8 year terms
Finance or Lease New or Used Equipment
Equipment Used as Collateral
Leverage Equity in Existing Equipment
Monthly Payment Terms

An equipment financing loan can be a great option for a construction loan, especially if you are looking to lease or finance a piece of equipment.  Many construction companies utilize heavy equipment such as yellow iron and machinery to take on large jobs.  Therefore, a new piece of equipment can have a huge impact on growth of the business.  A business loan for construction equipment is usually structured as a lease to purchase or a fixed-term loan.

Lines of Credit for Construction Companies

Up to $250K6 mo - 2 year terms
Draw When You Need Funds
Only Pay Interest on What you Draw
Save on Interest by Early Repayment
Monthly Payment Terms

Business credit lines have the flexibility that other loans do not.  Similar to a credit card in the sense that it’s a revolving line of credit which allows you to draw funds as you need it.  Also, you only pay interest on the funds that you draw.  Additionally, early repayment discounts work great for construction companies because once you’ve finished using the money, you can pay it back and save drastically on interest.  So if you only needed the funds to cover a certain expense for short term, a line of credit works great.

Term Loan for Construction Companies

$25K - $20M5-30 year terms
Used for Many Business Purposes
Set Repayment Term Length
Fixed Interest Rates
Weekly & Monthly Payment Terms

A business term loan is another great option for construction industry companies.  Term loans are meant for established contractors. In other words, contractors that are showing a profit on their most recent tax returns, have been in business at least 2 years and have a good credit score.  The proceeds from this type of construction loan can be used for a multitude of business purposes such as marketing, expansion or taking on new jobs.

SBA Loans for Construction Companies

Up to $5M5-30 year terms
Longest Payment Terms
Guaranteed by the SBA
Low Interest Rates
Must Have Good Credit

A Small Business Administration loan or SBA loan is a loan guaranteed by the Small Business Administration.  On the contrary, the SBA is not the lender, but they do guarantee the loan through an approved SBA lender.  An SBA loan is a highly desirable financing product, however the process is long with many paperwork requirements and high credit standards.  See how an SBA loan for a construction business can help you. 

Real Estate Financing for Construction Companies

Up to $200M1-30 year terms
Larger Loan Sizes
Interest Only & Monthly Payments
May Require Appraisal
Lower Interest Rates

A real estate financing loan can also be a great option for a construction loan, especially if you have collateral to secure against the loan.  Many construction companies we come across have equipment, land, buildings or purchase orders which can be used as an asset to secure a construction business loan.  For instance, contractors will use an asset for more favorable terms, resulting in a higher approval and lower interest rate.

How to Apply for a Construction Business Loan

Construction Funding Solutions
to Boost your Success

Small business construction loans are easy to secure.  It only takes a few minutes to apply, and Upwise will present you with options. Applying won’t impact your credit score.
construction business loans financing

Why Upwise for Construction

Types of Construction Companies We Serve

construction company financing loan

We offer construction loans to a wide range of industries and companies.  You deserve options.  Therefore, Upwise provide construction working capital, lines of credit for construction companies, commercial loans, business loans for construction equipment, construction business term loans, real estate financing and other construction business financing solutions for all your needs.  Below are some of the construction companies & industries we’ve worked with:

Compare All Construction Business Loan Options

  • Business Term Loan
  • Line of Credit
  • Equipment Financing
  • Invoice Financing
  • Short Term Loan
  • Working Capital Bridge
  • SBA Loan
  • Real Estate
  • Account Receivables

Max Loan Amount

$25K to $20MM

Unsecured Line of Credit

Profitability

Shown on Tax Returns

Loan Term

5 to 30 Years

Credit Score

620+

Interest Rate

7 % - 30 %

Time in Business

Greater than 2 Years

Speed

As Fast As 2 Days

Annual Revenue

Over $200K

Term Loan

A traditional business term loan is a lump sum of capital that you pay back with regular repayments at a fixed interest rate. The “term” in “term loan” comes from its set repayment term length, which will typically be one to five years long. Most business owners use the proceeds of term loans to finance a specific, one-off investment for their small business.

Loan Amount

$5K to $250K

Unsecured Line of Credit

Loan Amount

$100K to $10MM

Secured Line of Credit

Loan Term

6 Months to 2 Years

Credit Score

500+

Secured Line of Credit: 620+

Interest Rate

7 % - 25 %

Time in Business

Greater than 1 Year

Speed

As Fast As Same Day

Annual Revenue

$150K+

Line of Credit

A revolving business line of credit gives access to a pool of funds to draw from when a business owner needs capital. Unlike a traditional business loan, you have the flexibility to borrow up to a set amount, repaying only the amount you withdraw, plus interest.

Max Loan Amount

Up to 100% of Equipment Value

History

Good Financial History

and Tradelines

Loan Term

1 to 8 Years

or Expected Life of Equipment

Credit Score

500+

Interest Rate

As Low As 4 %

Time in Business

6 Months +

Start Ups Encouraged to Apply

Speed

As Fast As 2 Days

Annual Revenue

100K

Equipment Financing

Equipment financing helps you finance up to 100% of the new or used equipment you need for your business. A fast and easy way to finance the purchase of all types of equipment.  With a secured loan against your equipment, you can take advantage of the equity in your existing equipment, or use newly-purchased equipment as collateral.