Line of Credit for Painting Companies

Painting companies use lines of credit to prepare for the unknown. It's a necessary financial tool, just like a checking account. The funds can be drawn from the line of credit and funded into your current bank account.

By Matthew Elling
Co-Founder and Consultant at Line of Credit Depot
Updated on February 10, 2021
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Whether you run a commercial or residential painting company, you can benefit from a commercial line of credit for your painting business. Finding a line of credit for your business can be easier than your clients choosing a paint color. A painting contractor, much like other trade professionals, often need working capital for materials, equipment and to bridge the gaps between starting and finishing jobs.

Maybe you need to rent a lift for a high angle job or purchase new paint sprayers. A line of credit is the perfect tool for a painting company because it allows you to access only the amount of cash needed at a time. It's also a great way to help provide working capital to the business as you are waiting for AR (accounts receivable) to come in. A line of credit is an agile financial product that gives you the flexibility to book more jobs and make more money in your painting business.

We have worked with many painting companies across the U.S. and each business is unique. What sets your painting business apart from the competition? Do you offer interior design consultations? Do you pride yourself on having the most affordable rates? Do you prefer to use Benjamin Moore or Sherwin Williams? No matter what, there seems to always be an underlying theme as to when a painting company would need a line of credit. The peace of mind knowing that you can draw money conveniently from your line of credit account to fund an operational account when you simply need cash.

Let's say you need to hire temporary workers for a large job or you would like to pay off your corporate account at the paint store; a line of credit is the perfect way to have this flexibility. In addition to the ease of a line of credit program, the rates on lines of credit have never been better for painting businesses. Here at Line of Credit Depot, we can present to you a custom tailored line of credit program with a local bank that will be cheaper than most other financing available to painting companies.

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From what our clients have always told us, 'Painting is all about preparation'. It sounds like applying paint is a small portion of the job. Correct borrowing practices for your painting business can follow the same mantra of 'preparation'.

Has there ever been a time where you needed cash for your painting business? Instead of applying for a short term loan WHEN you need the money, you can have everlasting access to cash for when you need it. What happens when your painting van breaks down, or when you need to pay insurance dues and money is tight? The best way to prepare for future unexpected needs of your business is by getting approved now for a commercial line of credit. Being prepared for anything that may financially burden your painting business is what our clients love about their line of credit programs.

In order to get pre-approved for a local line of credit, the first step is to apply. Our programs vary from State to State, so in order for us to provide your painting business with the most accurate pre-approval, we need to obtain certain information. But don't worry, we don't run your credit.

The main thing to understand is that a line of credit has a very low interest rate (usually less than 6%. Our platform (and humans) match your exact business features (time in business, credit score, income, etc.) with the correct bank that will afford your painting business the best rate and term on a line of credit.

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