The Implications Of Rising Interest Rates For Construction Contractors
Posted by Sharie DeHart on Fri, Oct 13, 2023
Topics: Holistic Bookkeeping Services, Contractor Lines Of Credit, Banking, Construction Business Interest Rates, Interest Rates
Why Banks Won't Lend Money To Your Construction Business
Posted by Sharie DeHart on Fri, Oct 06, 2023
Getting approved for a business loan or line of credit is more complicated than qualifying for a personal loan. Small construction business owners must be adequately prepared to meet with a lender to present their business in the best possible light and ready for the money they need.
Think of all the times:
- You loaned money to a friend or relative
- Provided labor and materials for somebody's home or business without a deposit check
- Did change order work that you never got paid for doing and never will
- Gave a subcontractor/employee an advance on their paycheck, and you never got paid back
Multiply that by 100,000, and you will understand why banks seem so tight-fisted about loaning money.
Topics: Cash Flow, Bookkeeping, Contractor Cash Flow Problems, Financing Secrets Revealed, Banking
Top Reasons Why Contractors Have A Hard Time Loaning From The Bank
Posted by Randal DeHart on Fri, Oct 11, 2019
- You loaned money to a friend or relative
- Provided labor and material for somebody's home or business without a deposit check
- Did change order work that you never got paid for doing and never will
- Gave employees an advance on their paycheck that you never got paid back
Multiply that by 100,000, and you will begin to understand why banks seem so tight-fisted about loaning money.
Topics: Contractor Challenges, Contractor, Contractor Tips, finance, Banking