The construction industry has had it’s hurdles. The sector is slowly improving and returning to levels before the crippling economic recession. A recent study projected substantial growth in 2016, with value of construction starts set to reach $712 billion dollars. Expansion in growth of the construction industry is promising.
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| Smaller construction firms may not have access to the funds that larger construction enterprises might have. (Photo by Elvert Barnes). |
According to the Bureau of Labor and Statistics, the construction industry had an annual revenue of around 1.73 billion dollars in 2015. More promising is the rise in single-family home construction, allowing small construction business owners to benefit from the prospering industry. Unfortunately, as with many small businesses, expenses can occur that may make it difficult for construction businesses to stay afloat. Smaller construction firms may not have access to the funds that larger construction enterprises might have.
There is a growing need for technology such as 3D laser scanners and building information modeling. Having additional funds can make these technologies and reality for your business. It has also been documented that there is a labor shortage in the construction industry. Having additional funds can help you to hire and train a solid employee-base. Through non-traditional lenders, the money is available for construction businesses.
Silver Rock Funding connects small construction business owners with lenders. Funding options are unique to the business owners needs and qualifications. A popular option is a merchant cash advance. Using a merchant cash advance allows a construction business owner to pay back funding with future receivables or a portion of credit card receipts. If you believe that your construction business can benefit from funding, fill out an application at no cost. For more information, call Silver Rock Funding at 1-800-ROCK-163.