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How a Construction Equipment Loan Can Drive Revenue Growth

Business Lending

Equipment Purchased with a Construction Equipment Loan

There are many costs that come with running a small business. For those in the construction industry, those costs can be substantial. There are small business financing options to cover those costs, from equipment to skilled staff to improving technology.

Here’s how a construction equipment loan can help you grow your business.

 

What is an Equipment Loan?

An equipment loan is a small business loan allowing a business to purchase all new equipment and replace or repair existing equipment. While we’re looking specifically at construction equipment today, these loans can be used for everything from medical machinery to pizza ovens to office furniture.

 

Upgrading Technology

While this may not be the first area that comes to mind when looking into construction equipment loans, investing in new technology can do wonders for helping your day-to-day operations run smoothly. For example, you might consider using a loan to purchase tablets that workers can take with them on-site and office employees can use to stay on top of inventory, scheduling, and administrative tasks.

 

Investing in New Equipment

It’s no surprise to anyone within a construction business that new equipment is expensive and can create a massive dent in the annual budget. What’s worse is that in some cases, equipment will need to be replaced unexpectedly and the money won’t be in the budget for the sudden expense.

New, large or expensive equipment you might need for your business includes typical construction vehicles like forklifts, bulldozers, and excavators. In addition, you might want to invest in some new equipment that can help expand your business to include other areas. That equipment might include:

  • Professional painting materials (power washer, paint sprayers, etc.)
  • Landscaping tools (chainsaws, trimmers, lawnmowers, etc.)
  • Welding equipment
  • Woodworking tools
  • Additional power tools, scaffolding, specialty fabrication equipment and more

 

Going Green

One way to draw in new clients is by investing in equipment and supplies to help your company be more green. With eco-friendly equipment and the right certifications, you can market your company as a green alternative to the competition. Replacing equipment and building an inventory of sustainable supplies will require an investment, but your construction equipment loan can cover those costs and lead to a profit.

 

Bidding on Larger Projects

With the best possible equipment and staff, a construction company will be prepared to bid on larger projects. A construction loan will give your business the money to keep on reserve, so you’ll be ready to take on projects when your bid is chosen. Having the money set aside will allow you to purchase additional equipment and supplies for projects, as well as having a contingency fund for any unforeseen expenses that might come up along the way.

 

Bonus: Hiring New Employees

New clients aren’t the only people you should be trying to draw to your company.  As your company grows, you’ll want to find new hires that have the skillsets you need to complete the new projects your company is taking on. While equipment loans are specifically for purchasing equipment, a small business loan can cover the costs of hiring and training new employees.

If your construction company is looking for a small business loan or working capital, get in touch with a financing company like Capital Collaboration today to create your new funding plan.

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