Specialized Financing For Your Construction Business
There is no one-size-fits-all solution at Steer Financial. With your small business in mind, we'll find the best financing options to address your needs.
Easy application and approval process.
Funding specialist support from start to finish.
Tailored financing options for your business.
Get funded within 24 hours from loan approval.
CONSTRUCTION SMALL BUSINESS LOANS OVERVIEW
What Is a Construction Business Loan?
The construction industry is an essential part in the expansion and development of urban communities. Construction businesses constantly are in need of capital, regardless of whether its meant for residential or commercial properties, or simply to fix anything from plumbing, roofing, or flooring. Unfortunately, most construction businesses are small and lack the financial capacity to fund these projects independently. As well as the challenges that construction business owner may face like the varying demand, weather disruptions, and permitting/licensing challenges.
A construction business loan is a form of financing that provides funds to construction businesses to support their projects' expenses. These loans can be used to finance various aspects of the construction process, including labor, materials, permits, and equipment.
Construction Small Business Loan Topics:
They are typically offered by financial institutions such as banks, credit unions, and online lenders. Construction loans may be secured or unsecured, meaning some require collateral while others do not. The terms and conditions of a construction loan depend on the lender and the type of loan.
Small business loans can provide a quick and easy access to the financing needed in order to face these challenges. Steer Financial works closely with over 45 top lenders to match your business with the best funding solutions. Below you will find what constructions loans are, the different types of loans available, what they can be used for, how to qualify for them, how to get them, and why Steer Financial is an excellent option for your small construction business.
THE STEER PROMISE
Helping Small Businesses Grow Across The U.S.
At Steer Financial, we understand that no two businesses are alike. We offer financing solutions as unique as the business owners we help. Together, we can help steer your business to its full potential. Step one is determining which type of financing is ideal for your business. We work hard to deliver honest, reliable, and transparent customer service so you can feel confidence choosing us to help you meet your business capital needs.
Serving All 50 States
By leveraging our network of 45+ partner lenders, we can offer tailored solutions to businesses across the U.S. regardless of their size or industry.
Secure + Safe Data
We strive to keep all of your information secure and private. We assign a funding specialist to guide you along the entire process.
10+ Years of Experience
Our expertise has enabled us to understand small businesses and offer the highest level of service to you and your business.
DIFFERENT TYPES OF LOANS
Types of Construction Small Business Loans
There are several types of construction loans available for construction businesses. Each type of loan has different requirements and benefits, depending on the borrower's needs. Here are some of the most common types of construction loans:
Construction Small Business Loan Options:
Commercial Construction Loans
Commercial construction loans are designed for businesses that want to construct or renovate commercial buildings, such as office buildings, shopping centers, or warehouses. These loans are typically secured by the property being constructed or renovated.
Residential Construction Loans
Residential construction loans are designed for individuals who want to build or renovate their homes. These loans are typically secured by the property being constructed or renovated.
Small Business Administration (SBA) Loans
SBA loans are loans backed by the government and are designed to help small businesses, including construction businesses. These loans offer flexible terms and low-interest rates and are typically easier to qualify for than traditional bank loans.
Equipment loans are used to finance the purchase of heavy equipment and machinery used in the construction process. These loans typically have low-interest rates and longer repayment terms than traditional loans.
Bridge loans are short-term loans used to bridge the gap between a construction project's start and completion. These loans can be used to finance expenses during the construction process until long-term financing is secured.
What Can Construction Loans Be Used For?
Construction loans can be used for various expenses related to construction projects. Some common uses these small businesses use small business loans include:
Construction loans can be used to finance the purchase of land on which the construction project will take place.
Construction loans can be used to pay for labor costs, including the salaries of workers and subcontractors.
Construction loans can be used to purchase construction materials, such as cement, steel, and wood.
Construction loans can be used to purchase heavy equipment and machinery used in the construction process.
Construction loans can be used to pay for permits required for the construction project.
How To Qualify for a Construction Small Business Loan
At Steer Financial, we will work closely with formulating a plan for your business. We will assess your business with our partnered lenders to evaluate the strengths and assets your business has to decide on the loan's size and conditions. Strong financial statements and a high credit score might also increase your chances of being approved. To make sure a construction small business loan is a realistic choice for your business, our funding specialist will walk you through the entire process from start to finish. Below is a quick overview of the minimum requirements in order to get an approval:
Time In Business
At least 6 months in business.
At least $15,000 per month in deposits.
Minimum of 600+ personal credit score.
1 year free from any open bankruptcies
HOW TO APPLY
Three Easy Steps to Secure a Construction Small Business Loan
We have partnered with over 45+ lenders to ensure that we match your business with the best lender and the most competitive rates. We work quickly to provide an approval in as soon as a few hours.
By utilizing our streamlined fast funding approach, your business can access the necessary capital in as little as 24 hours from the moment you approve the terms, ensuring a timely and efficient process.