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The Implications Of Rising Interest Rates For Construction Contractors

Posted by Sharie DeHart on Fri, Oct 13, 2023

In the construction business world, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. 
Understanding how this impacts your construction business and identifying solutions to counteract these effects can be vital to sustaining and growing your company.
When interest rates go up, borrowing money becomes more expensive. This can impact your ability to make a profit on construction projects. You might have a more challenging time getting financing for new projects and have to pay more for the funding you get. Fewer people may be looking for your construction services when the economy slows due to rising rates.
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Topics: Holistic Bookkeeping Services, Contractor Lines Of Credit, Banking, Construction Business Interest Rates, Interest Rates

Ten Little Things Hindering You From Getting Loans For Your Contracting Company

Posted by Randal DeHart on Fri, Apr 01, 2016

Do You Feel Like The System Is Rigged To Keep You From

Getting Financing For Your Construction Company?

Well, it is! There I said and I stand by it 100%. In most cases it's not your fault! The problem is you using painting a word picture to show how well your Construction Company is doing and describing all the new and exciting projects you are bidding on and expect to get while your Financial Reports are telling the banker or lender the exact opposite!

Prior to the 1960's Contractors and Bankers had a personal one-on-one relationship. They got to know you, like you and trust you which made getting a loan fast and easy. Then starting in the 1960's lenders started using The RMA more than ever before to influence their decisions.

What you don't know about business is 100X worse than what you know about doing the work you love doing so very much.

Being Unaware Of The Rules Of Business Causes Many Contractors To Believe:
  • Working Harder Will Solve Any Problem...
  • Staying In Business Long Enough Means They Will Win...
  • That One Good Job Will Fix All Of My Cash Flow Problems...
  • Explain Their Situation To All Of The Bankers, Suppliers, Lenders...

In the end what you don't know can slowly and painfully drag you and your Construction Company into a deep hole of debt, discouragement, depression and despair long after you have run out of time, money and energy.

"If You Know The Answers The Questions Will Not Bother You" - Randalism

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Topics: Financing Secrets Revealed, Contractor Lines Of Credit, Construction Loans, Loans For Contractors

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