Why Construction Factoring is a Builder’s Best Funding Option
If you run a construction business, banks are fond of turning you away when you ask for funding. Perhaps you are looking for an overdraft and have already tried a few funders for business loans or even a construction factoring provider. If this sounds familiar then you have certainly landed on the right page. Take 5 minutes to read this blog and hopefully this will shed a little light onto the subject.
Running a business is hard enough let alone trying to secure the right finances, but to be in an industry which has been through some tough times in the last few years doesn’t help when it comes to finance. There is a product that can help. Construction Factoring, is essentially an invoice finance based facility tailored to help construction companies.
How Construction Factoring Can Help
Whether your business does measured works, raises applications of payment or operates under a JCT contract then this won’t be an issue. In fact in the last few years more and more factoring companies are bringing a factoring product to the table which is tailored to the construction industry. Don’t get me wrong there are more invoice finance companies looking at this area of business but 80% of funders in the market are still not taken with this industry, so we would always recommend using a broker to help place you with these funders.
As a brokerage we help businesses of all shapes and sizes secure their invoice finance requirements, but as time has gone on we are helping more and more construction companies look at this alternative method of finance. More often than not most enquires we get the businesses are comparing invoice finance against more traditional methods of finance such as an overdraft or a business loan.
If you are in the construction industry and looking to take on that new contract, or employ more staff but can’t manage your payroll. Then we are keen to talk to you about how we can help and secure you that well needed funding. One of our biggest areas of business is the construction industry. So it doesn’t matter what area of construction you are in we can help, so don’t be afraid to get in touch.
If you would like to chat about construction factoring and how we can help you grow your business, give us a call on 0333 772 1558.