3 Financial Opportunities You Should Take Advantage Of

By ABC Supply.  

Stay competitive with these financial resources and SBA loans for contractors.  

Navigating the supply chain issues and building material shortages is made even more challenging by the obstacle it creates for financial planning. The pandemic may continue to cast uncertainty over your business, but thankfully there are resources ready to help you navigate financial unpredictability. Whether you are wondering how to offer financing to your customers or looking to fund your business, here are three resources that will help you with your finances.  

1 - Small Business Association loans 

If your company qualifies as a small business, you may be eligible for funds through the Small Business Association (SBA). There are a variety of SBA loans available to contractors, ranging from $500 to millions of dollars. The loans offer competitive terms and unique benefits – some even come with education to help you manage your business. By working through the SBA for a loan, you’ll reduce your risk and have easier access to capital. 

The SBA offers additional resources to help small business owners successfully run their companies, including free local business counseling on topics such as leadership, employee retention and computer skills.

2 - Customer Financial Services 

Having access to a line of credit can help you adapt to the rising cost of building materials and stay competitive in your industry. With an account through ABC Supply’s Customer Financial Services (CFS) department, you can increase your credit line to accommodate larger jobs. You can also establish separate job accounts and statements to make properly costing each project easy. Plus, our CFS associates are available to help you navigate construction lien and bond laws to ensure you’re paid for your work. 

Another tool that CFS offers is the ability to benchmark your key financial statement ratios against contractors of a similar size from across the United States. This confidential process provides helpful information and perspective that can help you stay competitive as you grow your business.

3 - In-Home financing 

If you’re wondering how to offer financing to your customers to take on bigger jobs for them, ABC Supply’s in-home financing could be a solution. Through our Freedom Programs, we’ve partnered with GreenSky® so contractors can offer their customers credit limits of up to $65,000. The paperless application process has three steps: 

1 - Your customer applies online, by phone or through the GreenSky mobile app. 

2 - Qualified customers are approved. (This can happen in just a few seconds!) Approved borrowers receive a GreenSky account number and loan agreement. 

3 - You get funded. Customers use their GreenSky account number to pay you, and you can process payments just like a credit card. 

If you’re wondering how to offer financing to your customers or looking for SBA loans for contractors, these financial resources can help you stay competitive in the industry.  

Learn more about ABC Supply in their RoofersCoffeeShop® Directory or visit www.abcsupply.com.   

Original article source: ABC Supply