Leak-Free Loan Options for Plumbers

2015-02-22

Minyang Jiang

With over 380,000 plumbers operating in the U.S., plumbing provides entrepreneurs with a stable career choice that offers both stability and room for growth. Many plumbers work as independent contractors, meaning they are self-employed and work contractually through personal clients. While it’s a relatively cost-effective career pursuit that entails minimal upfront costs, some small business financing will be needed to successfully launch your business. There are loan options for plumbers that will allow you to secure the funding you need to cover all business costs, so you can succeed at all stages of growth.

Why Plumbers Need Business Loans

Most plumbers operate as independent contractors, meaning they are self-employed and entirely financially responsible for all aspects of the job. The largest portion of startup funds will go toward purchasing a reliable company vehicle, and equipment financing or some other financing solution may be necessary to help cover the costs. You also need money to cover all tools and equipment related to the job, which will ensure you provide clients the highest quality service possible. In addition, capital is needed to launch a successful marketing campaign, which will require continued financing throughout your career.

What Loan Options Are Available to Plumbers?

As a plumber, initial investment costs are minimal, and you’ll likely require smaller loans to cover tools and equipment. There are several financing methods to pursue that will ensure you have a consistent flow of cash as needed.

Working Capital Loans for Plumbers

This is one of the easiest ways for a plumber to get the money needed to cover basic work expenses. Working capital loans provide flexible sums of money that are paid off quickly, usually in under a year. This is a convenient route to obtaining quick cash to cover routine work expenses like tools and equipment, repair costs, and marketing campaigns. Approvals for working capital loans can be obtained within 48 hours, and a good credit score isn’t necessary.

Equipment Financing for Plumbers

As a plumber, one of the largest investments you’ll have are your tools and company vehicle. A reliable company vehicle is imperative because the satisfaction of customers is contingent on your rapid response time. While car notes are generally issued through banks, banks often view self-employed people as a financial risk, due to the financial instability that sometimes accompanies self-employment. In order to qualify, you will likely be required two years of employment history, bank statements, and tax documents, as well as good personal credit and proof of residence. Interest rates vary drastically but will depend on your personal credit history, initial down payment, and average annual income.

Business credit cards for Plumbers

Business credit cards provide a useful funding option to cover routine plumbing expenses as you go. Roughly 65 percent of businesses rely partially on credit cards to cover business expenses. This is likely due to the convenience and versatility they offer, as it provides a steady stream of on-hand cash to cover costs whenever needed. As an independent contractor, you may not qualify for an unsecured credit card. However, a secured credit card will provide you a substantial line of credit that is dependent on your credit history and the amount of collateral you provide.

Business Cash Advances for Plumbers and Plumbing Businesses

Perhaps the best feature of business cash advances for plumbers and plumbing businesses is that they are by far the fastest form of business financing that small business owners can get.  Business owners who have been operational for at least six months can apply online, and most applicants are approved quickly and can access their cash within 72 hours.  It couldn’t be easier to access fast business cash when you are in a bind or simply when you need some extra capital for emergencies.

Business Cash Advances for Plumbers and Plumbing Businesses:  Flexible Business Capital Makes Sense

Instead of having to cancel a job or delay it because you can’t afford to repair your equipment, business cash advances for plumbers and plumbing businesses provide fast cash that you can use in these types of situations.  When something simply can’t wait and you don’t want to make a bad impression on a good customer, merchant cash advances, which are not loans, are a smart choice that you can rely on.

Plumbing is a practical career choice that provides steady work and a vast clientele base. While initial startup costs are minimal, some funding is needed to secure a reliable company vehicle, obtain all the necessary tools and equipment, and effectively market your services. With a range of funding options available, you can obtain continual access to financing for all stages of business growth. For modern business funding solutions, contact Credibly.