Construction business loans from Qualifi
Get the capital you need to grow and thrive.
with a range of small business loans and business funding solutions tailored to help contractors and other construction firms meet and overcome their unique challenges.
The construction industry has changed tremendously since the housing crisis of 2008.
Uncontrolled lending once created the hottest real estate market in a century, and construction companies grew rapidly to keep up with demand for remodeling and new construction.
But when the bubble burst, thousands of construction companies of all sizes failed across North America, leaving millions of skilled tradesmen and contractors without work.
Thankfully, those days are over.
However, many skilled construction laborers changed careers over the past decade to keep their bills paid and families fed in the years when there wasn’t any construction work to be found.
Fewer people work in the construction industry today than did in 2007 at the height of the real estate boom.
Those with the right skills have less competition for jobs and can often demand higher pay, but you’ll have to find a skilled laborer who’s looking for work in the first place.
Small business owners in every industry have grappled with the challenge of finding qualified, talented, and motivated employees in recent years, and construction company owners are no different.
To make things more difficult, it’s no longer as easy as it once was to buy a house or start a construction project on a bank’s dime.
Those years of debt-driven overbuilding wound up causing years of underbuilding, and big losses from subprime loans caused banks to tighten their purse strings, locking millions out of the American dream of home ownership.
Millions of households and businesses across North America now need places to live and work, and for many, those places either don’t exist yet or aren’t up-to-date with the latest advances in safety and design.
Today’s construction industry also grapples with rising material costs and supply chain issues, both of which only got worse during the COVID-19 pandemic.
These challenges have been tough for many construction companies to absorb, as recent reports show costs grew more than twice as much as construction companies were able to raise their billed costs for many common projects. Everything costs more, but your customers are still looking to save every cent, which makes it harder than ever to keep your often razor-slim profit margins positive.
Advances in technology and smarter building techniques allow innovative construction businesses to do more with less, but implementing these technologies and techniques is rarely cheap or easy.
Getting your business on the cutting edge is expensive, and it can’t typically be absorbed within the invoiced cost of a project. When most of your cash flow is going towards payroll, materials, equipment, and other essential line items, how can you carve out the capital to make important upgrades?
You’re not alone in facing these challenges, but you don’t have to face them without help.
Qualifi has helped construction companies of all sizes handle today’s challenges and reach tomorrow’s goals with construction loans and other financing products. How can we help you today?