Business Loans for Landscape and Architectural Services in Murfreesboro
There are many landscape and architectural services contractors in Murfreesboro. The industry is booming and there is demand for such services. There is also a catch to this industry, as it is seasonal. This is a common problem by contractors and the way to fix it is to get various forms of financing. In this article, we will discuss the many types of business loans for landscape and architectural services contractors.
The first detail to know is that regardless of the type of loan applied, it is better off to apply for the loan when it is high season. This is because you can show consistent and profitable business operations and you can use your strong revenue as some sort of collateral. The chances to get a loan during the low season are lower than if you apply during the high season. With that being told, let's dive into the various types of business loans available to landscape and architectural services contractors in Murfreesboro.
There are short-term loans and long-term loans. Short-term loans are used to finance emergent needs or any unforeseen business expense. These are usually paid back in one year. They are easily accessible, but the catch is that they usually have higher interest rates compared to long-term loans. Short term loans work better for businesses that do not have strong credit, that do not have much to show as collateral, and that have not built strong revenue streams. In the category of short-term loans, we have equipment loans, invoice loans, cash advances, business lines of credit, and business credit card accounts.
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Which type of loan should I get?
An equipment loan is used to finance the purchase of machinery. There is no collateral as the purchased machinery will serve as collateral. Invoice loans help to finance the outstanding bills that contractors have not paid to their suppliers. The ongoing business contracts serve as collateral, as the lender knows that it will be paid back after the contractor has paid business costs to buy supplies and has been paid by the client for completing the work. Cash advances are fast methods of financing that are usually paid daily or in short timeframes. Business credit card accounts are simple. The business opens a bank account for credit, the same as a person would. At the end of the month, the bill is due, and all purchases are paid back plus interest. All the above methods work very well to stabilize cash flow during the low season or to build business credit history.
In the category of long-term loans, we have business loan terms. This gives access to funds larger than $100k. This type of financing is offered as a lump sum and it is used to finance larger projects, such as the purchase of business facilities, real estate, or large machinery. These types of loans have higher payback periods, and they need strong business credit history, strong revenues, and strong business operations.
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