The outlook for the plumbing and HVAC industries is decidedly mixed. On the plumbing side, after several years of growth, the industry is poised to notably slow down due to the combination of higher mortgage rates, residential construction slows, and labor shortages. On the HVAC side, while those same issues will have some effect, the industry will have opportunities to grow by making a case for today’s super-high-efficiency systems to combat rising energy costs and taking advantage of the long-term bullish picture presented with respect to residential service and replacements.
If you’re a contractor looking to stay competitive, you may want to consider two different types of plumbing and HVAC business loans:
- Small Business Loans—This business financing typically ranges from $5,000 to $500,000. It is often provided as a working capital loan that assists with cash flow issues created by day-to-day business expenses and operating costs.
- Equipment Financing and Leasing—This type of business finance involves securing up to $150,000 to purchase or lease equipment for the business.
How Business Loans Can Help
There are many ways you can benefit as a contractor by securing plumbing and HVAC business loans, starting with one that’s already been mentioned: covering regular costs. But there are other reasons for investigating the loan market, including:
- Meeting efficiency standards
- Upgrading technology
- Covering employee training expenses
Investing in any of those three areas is to provide long-term stability for your business, ensuring you’re able to meet customers’ needs, remain competitive and retain a skilled workforce.
How To Apply for Plumbing and HVAC Business Loans
The process of applying for plumbing and HVAC business loans could not be easier. Most alternative lenders provide a simple online form to complete to start the process. Once that is completed and submitted, a specialist will discuss specific needs so a loan can be customized to meet them. Then, if the application is approved, the funds may be available in as little as 24 hours.
The Takeaway
If you’re a contractor offering plumbing and HVAC services, securing financing to ensure you have the necessary resources to be successful is a great strategy to build your business. Unlike traditional lenders like banks, whose application and approval process can be cumbersome and often end with a “no,” alternative lenders are in your corner and focused on helping you make your business dreams come true.
If you have any questions about how to secure a plumbing and HVAC business loan, give Clear Skies Capital a call at 800-230-9822. You may be pleasantly surprised at what you qualify for.