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7 Sources for Plumbing, Heating & Cooling Business Loans

Are you a plumbers and HVAC (heating, ventilation, and air conditioning) specialist? You’re likely to have specific business needs, which very often require access to additional working capital. Where can you obtain the necessary plumbing, heating & cooling business loans to cover business expenses? 

Plumbing, Heating & Cooling Business Loans

Different business funding providers have different requirements for applicants. However, there are some key points you should be well aware of before applying for this type of loans. Otherwise, you can’t get access to the best funding option for the specific needs of your HVAC or plumbing business.

E.g., you can come across lenders that’ll require you to fill in short application forms, which can’t be said about others. Sometimes, you’ll receive the lender’s decision automatically, sometimes, not. Besides, if you choose to work with a traditional bank, it may require you to visit a local branch and apply with a banker and wait for several days/weeks to know whether you’re approved or not. 

Financing Options for Your HVAC or Plumbing Business

Let’s see what options you have so you can make the best choice for you:

  • Long-Term Financing From Banks and Credit Unions 

As compared to other options, this one can be that much easy to obtain. 

  • Small Business Administration’s 7(a) Loan Program

Many business owners apply for this option for buying real estate, equipment, and for just getting access to working capital. However, you might find the SBA application process to be complex and daunting. 

  • Business Line of Credit

In this case, you can obtain a set amount that you can pay back and borrow it again, which can’t be said about a loan.

  • Equipment Financing and Leasing

Another option is to purchase or lease equipment for your plumbing and HVAC business.

  • Merchant Cash Advance From a Reputable Alternative Online Lender 

A merchant cash advance (MCA) is an alternative funding option that you can apply for if you don’t want or can’t turn to a traditional lender. An MCA isn’t a loan: it’s just the advanced amount you obtain for your future sales: an upfront sum of cash. Thanks to a reputable alternative online lender like First American Merchant, you can get this fastest business funding option when in need of plumbing, heating & cooling business loans. Make sure the offered rates are among the cheapest. 

  • Business Credit Cards

This is another option to try. However, be ready to be offered higher interest rates.

  • Short Term Loans

Be aware that business and personal credit scores aren’t the only factors the lender will rely on. 

When running a plumbing and HVAC business, the main challenge you’re going to face has to do with financing and budgeting your company. Thankfully, there is more than one financing option you can apply for, including an MCA from a respectable alternative online lender.