Line of Credit for Electricians

Well established electrical contractors have credit accounts at their supplier. The same is for lines of credit! Many options for real revolving lines of credit for electrical companies are available nationwide.

By Matthew Elling
Co-Founder and Consultant at Line of Credit Depot
Updated on February 10, 2021
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Do you own an electrical service company or electrical construction company? Most electrical contractors offer one or many services; design, new construction and installation. But no matter what type of size of electrician you are, odds are that your business can benefit from a line of credit. Line of Credit Depot works with all types of electrical companies, in all regions of the United States. Do you currently have financing for your business and are looking for more money? Do you believe that your business could garner better rates? We specialize in providing lines of credit to established and new electrical companies.

Perhaps you are actively trying to grow your electrical business. Or maybe you are looking to add working capital resources to your business. Either way, no matter the use, Line of Credit Depot will offer you the best business line of credit, without you ever having to set foot in a bank!

Electricians understand that being prepared is important as a business owner. That's why electricians have expensive insurance! Well, just like insurance a line of credit will cover you if you need it. Have you ever needed money for your electrical business for an unforeseen expense? That's exactly why its great to have a line of credit as a business tool.

You may be booked out right now with work for the next couple of months, or maybe booked for almost a year....but available cash balances in your business bank account will probably fluctuate. Why would they fluctuate? Because you are most likely paying for materials, paying for workers and other expenses. These debits occur as you wait to receive AR (accounts receivables) from your completed work. The concept of having an extra reserve of money on hand is kind of like having extra supplies on hand on a job, in case you need them. It's convenient to go out to the van and get more wire nuts...rather than driving to the supply house. The exact same thing is true for a line of credit. Instead of applying for a structured loan for working capital, it makes more financial sense to appy for a line of credit that you will constantly pay down and still have available.

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Let's say that your electrical company won a bid to rough in 3 new construction homes. Congrats! Now, perhaps the builder negotiated with you a small upfront deposit and now you need more mobilization funding to buy materials and float the job costs for a couple months. You know this is a great opportunity to work with this builder, but you need cash to help get started. This is the perfect use for a line of credit. We can even help you get more lines of credit from other banks as well. And the best part is, you don't have to ever change your current bank.

In order to get pre-qualified for a line of credit, you need to apply! The great news is that 95% of businesses that are pre-approved, get their line of credit activated in a couple of weeks.

Real Banks. Real Lines of Credit. We have pre-established relationships with local and national banks. We only offer lines of credit and not expensive merchant cash advances.

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