Electrician Loans up to $750,000
Do you work in the electrician industry and need additional funds? We’ve helped many electrical contractors accomplish this. We can approve you for up to $750,000 within 2 business days. Apply now with no obligations, impact to your credit score, or fees.
Small businesses play a huge role in the U.S. economy by offering economic opportunities for entrepreneurs and jobs for millions of people. Electrical business owners, for example, contribute towards the commercial and social aspects of local communities, offering services on which consumers rely day-to-day.
Electrician enterprises sometimes need some extra cash to cover business expenses to continue operating smoothly, maintain satisfied customers, resolve cash flow issues, and grow. There are numerous types of funding solutions for electricians – from merchant cash advances to electrician loans. The best solution for your business depends on when you require the cash and what you plan to do with it.
What Are Electrician Business Loans?
An electrician business loan refers to cash borrowed from a bank or financial institution that is used to fund the expenses of an electrical contracting business. There are many reasons why electrical contracting companies may need business funding, including:
- Paying employee salaries
- Inventory build-up
- Buying new equipment
- Covering service vehicle repair fees
- Advertising for more exposure
Types of Electrician Business Funding Solutions
Electrical contractors can tap into a variety of business funding options. Here are some of the most popular small business loans for electricians.
Electrical business owners who need access to flexible financing may consider a business line of credit. This grants access to a revolving line of credit, similar to a credit card. The benefit of this is that you’ll only pay interest on the amount of money you borrow. Additional funds become available as repayments are made.
Electricians may also consider merchant cash advances as a method of borrowing against their future earnings. Merchant cash advances are repaid through a percentage of sales made.
Small business loans are also available for electrical contractors to receive a lump-sum payment with fixed monthly repayment terms. These are typically repaid over several years. The Small Business Administration also offers SBA loans that may be useful for electricians, including general loans such as the 7(a) and real estate loans through the 504 program.
Unfortunately customers don’t always pay on time. If you find yourself with unpaid invoices, you may consider utilizing invoice financing to tap into the money you’re owed from existing clients. This can provide your electrical business with up to 80% of the cash you’re already owed.
Heavy machinery is expensive, and the equipment that electrical contractors use can be quite expensive. If your business is in need of new equipment, equipment financing may be a great option to consider. This financing agreement allows you to secure funding for essential equipment that your electrical business needs to flourish.
How Do Electrician Business Loans Work?
Electrician business loans work by providing you with the necessary finances to sustain or grow your electrician business. The loan can be used for a variety of purposes, such as purchasing new equipment or expanding your business.
Some loans are meant to be used for expanding a business, while others are meant to be used for buying equipment. Most electrician business loans are unsecured loans with a repayment term of one to five years.
How to Qualify for an Electrician Business Loan (With the Best Rates)
An electrician needs a credit history to be considered for a loan. Having a history of on-time payments and good business growth significantly increases your chances of getting approved. The higher your credit score, the more likely your electrical contractor business is to be offered lower interest rates.
If you’re unable to qualify for a traditional financing option, consider adding a co-borrower or offering collateral for a secured loan. Or you can consider alternative companies such as mCashAdvance. We may be able to offer options to those who previously were turned down by banks or credit unions.
Where to Get Electrician Business Loans
You can apply for electrical business loans either in person at a bank or through an online lender. Start by determining how much small business financing you need and which option you’re able to qualify for.
Typically traditional banks are more strict and have tougher requirements to get approval for a loan. However, online direct lenders such as mCashAdvance, have more relaxed requirements and can work with lower credit scores.
How to Apply for the Best Small Business Electrician Funding
To be considered by MCashAdvance, you must meet the following requirements:
- A legal resident or citizen of the United States
- Must be at least 18 years old
- Your electrical business must be at least six months old
- You must have a credit score of 500 or above
Amounts vary based on your business’s financial condition and health, but you may be eligible to receive up to $500K.
The time that you have to repay your merchant cash advance will vary based on the amount of funding you receive and how much business you conduct.
Pros and Cons of Electrician Business Loans
On the upside, electrician business loans offer business owners the flexibility of choosing the type of loan and terms of payment they want. In addition, through loans, electrical contractors can increase cash flow to meet funding needs and maintain their enterprises.
The cons of electrician business loans include higher interest rates that may burden the business and a lack of flexibility with loan conditions. In addition, you may be required to repay the loan in a relatively short amount of time.
Electrician Loans Frequently Asked Questions
What Credit Score Is Needed To Get an Electrician Loan?
For traditional loans, electrical businesses typically need to have a credit score above 670 to get approved. However, we’re able to offer a funding solution for those with a 500+ credit score.
How Long Do Small Business Loans for Electricians Last?
Electrician small business loans typically last from a few months to several years, depending on the type of loan they receive and the approval amount.
How Much Funding Can Electricians Receive?
We offer funding solutions to qualified electrical company owners of up to $500,000. Find out if you qualify with no obligations or fees by applying today!
Are There Startup Loans for Electricians?
Because new electrical companies don’t have sufficient history, getting approval for a traditional loan can be difficult. However, alternative financing options may be available including merchant cash advances, business lines of credit, or credit cards.
Are There Bad Credit Business Loans for Electricians?
Getting approved for financing with bad credit is difficult for anyone in the electrical contracting industry. Fortunately, we’re able to work with electrician businesses who have a least a 500 credit score.
Funding Your Business Is Our Business
Electrician Business Loans Can Help Grow Your Business
Business loans can be a good solution for electrical contracting businesses that need to expand or need funds for other reasons. In this article, we discussed the most common options for electrical businesses to receive financing, how they work, and where to find them. If you have any questions or want to learn more, please contact mCashAdvance.
Don’t Allow a Lack of Funding
to Hold your Business Back
It’s Time To Move Your Business Forward!