Plumbers and the plumbing industry are vital to both our economy and our daily lives. And if you’re in the industry, you’re aware of the highly competitive landscape for plumbers. Day-to-day maintenance activities might be enough to sustain your company and keep you busy. Although, growth comes largely from new construction business. The new fixture installation jobs that emerge in a region are competitive and often require capital you may not have. Strategic funding with an alternative lender holds the answer with plumbing business loans. This form of financing helps plumbers overcome these financial barriers to sustain growth.
According to research from IBISWorld, there were 120,004 established plumbing businesses and 506,176 employed plumbing professionals in the U.S. by July 2018. Revenues in the sector climbed to $106 billion per year after a period of consistent but uninspiring growth. The market is poised for continued expansion up through 2022.
According to the study, plumbers can expect business to remain steady for their maintenance work. And while growth opportunities are present, they are tied to new construction and home improvement projects. So location may determine your ability to grow. If you’re in an area where new homes and commercial structures are being built, you may be able to secure contracts that will help with your business expansion plans. But such work can require specialized tools and additional staff. And whether you are growing or maintaining, consistent business is vital. Which means equipment problems or similar issues can limit your ability to keep up with projects.
Plumbing business loans for those working in service and repair, give you the flexibility to adjust quickly. If you need to replace one of your service trucks but don’t have the cash on hand, plumbing business loans can be the solution. If you need to take on a new apprentice to meet demand but are worried about immediate income, the right loan can get you through a few months of salary. Plumbing business financing can help keep your cash flow positive so you can ensure that daily operations run smoothly and you’re able to cover unforeseen costs.
Supporting your everyday operations or taking on a growth strategy might require funds you don’t have readily available. Such goals also probably require less money than the typical bank wants to loan you – or can even get you – as quickly as you need it. But if the right hire is available, for example, then you can’t wait around three weeks to see if your loan gets approved. QuickBridge eliminates these concerns with a streamlined, plumbing business loans decision process:
1. Fill out a quick application and submit your three most-recent bank statements.
2. We process the application and get you a decision quickly – often the same day.
3. If approved, funds are deposited into your account in as little as one business day.1
As an alternative lender, we’re able to provide small businesses with fast and flexible funding at an amount and term that fits your specific business needs. Success is about taking advantage of opportunities. Contact us today to learn how a plumbing business loan from QuickBridge can help move your business in the right direction.