Covid-19 relief loans for contractors are a welcomed help for many without financial buffers. An unprecedented number of American workers have been laid off or lost their employment outright, due to the Covid-19 pandemic. Another hard-hit sector of workers that has felt the pain is the self-employed. Freelancers and independent-contractors experienced the dramatic depletion of incoming work as well as their budgets paralyzed. The great divide between the two is that employees have more accessible financial support than their self-employed counterparts.  Thanks to the Coronavirus Aid, Relief, and Economic Security Act (CARES), the $2 trillion stimulus package signed into law […]

Construction financing continues to be a challenge for many contractors, due to a number of economic factors. For example, contractors are very sensitive to economic cycles and revenue fluctuations from year to year. Excessive competition and the volatility of the industry are also an issue. For banks, credit underwriting issues are a big obstacle for banks in lending to these firms (construction company failures, unpredictable nature of the work, the estimates used in financial statement(s) preparation, etc.). Like any other business, a lack of financing causes many problems for construction firms. Without adequate cash, the company will be unable to […]

Many businesses experience high and low seasons. While some might have steeper curves than others, they all have to make prior preparations to make the best out of the peak and survive the off-peak period. Merchant cash advance programs suit seasonal businesses the most, mainly because they offer the traders the option of using future sales to finance their immediate needs and expenses. And when the peak season comes, the merchant can quickly pay the cash advance. If your business goes through highs and lows, read on to find out how much a cash advance can help you maximize sales […]

Regardless of your type of activity, there’s that time of the year when your sales are not too good. If you’re in the hotel industry, for example, you’ll enjoy a pleasant influx of clients in the summer and the holiday season. During the cold January winter, however, your sales are bound to plummet. And regardless of how much you dial down expenses, the hotel will still need to be kept running. The off-peak period can be tough for unprepared businesses. To ensure you brave through the storm, make use of the rest of the year to plan ahead. The following […]

Entrepreneurs who look for business funding to fuel their business ideas should be quite realistic about this. If you’re a business owner with low budget who is seeking a business loan, you have to make a 180-degree attitude adjustment about how you were approaching your lender strategy. First, you have to cut every cost that don’t make any sense and you can’t cover personally. If you see there is no room for empty expenses, you should get your costs way down. So you won’t be obliged to apply for a large sum of money. Second, your own money habits indicate […]

Starting a business is an exciting endeavor. Being fascinated with the idea of launching your product or service is not enough: you need to have enough finances. What if you don’t have the necessary resources? Even if it seems a major problem to you, you should find the best way out and focus on pursuing your dreams. Different businesses require different approaches. The important thing is to know how much you need before starting to find an alternative method to finance your business. Take into account the following factors: Do you need licenses and permits to operate? Are you going […]

Nearly all businesses of the same scale have the same key goals across different industries. According to a 2016 Q4 survey, small businesses want to see improvement in business efficiencies, increase profitability, spend less time on the actual business and generally see business growth. A small percentage of these businesses are already actively employing measures to attain the desired growth. A larger percentage of them are however aware of what they need but are yet to make any notable steps toward achieving the same. They need to make changes that will enable them to either expand their customer base or […]

Baseball isn’t the only thing that takes the winter off. If you work in the construction field, you know that cold weather brings the “off-season”. The frozen ground, and the longer cement drying time… can cost extra bucks that you just do not have, and that your clients do not want to pay. However, there are ways to battle off-season, and they are easier than you may have initially thought of. Go indoors. Focusing on your indoor operations can keep your business steady in the cooler months – and also during rainy, hotter times of the year as well. While […]