Funds readily available through a line of credit are essential for preparing and handling unexpected expenses.
Truly amortized product, where you only pay interest on money that is drawn from line.
Unsecured programs, no collateral needed, up to $250,000.Annual Interest Rates are Prime (8.5%) + 0% to 2%.
Funds that are Available When You Need Them Most.
Successful Painting companies often require on hand working capital to cover job costs, such as material and labor. To support multiple projects and staff, we see painting companies establish commercial credit lines. be possible without proper financing arrangements.
A Quick and Easy Process from Start to Finish.
Finding the perfect line of credit facility for your Painting Business is easy! Our underwriting team works closely with you every step of the way to ensure everything goes smoothly.
To qualify for a line of credit, your painting company should have demonstrated profitability on the most recent filed business tax return. This showcases your ability to afford payments after drawing funds from the line of credit. Even if your last tax return shows net losses, you may still be eligible. Certain expenses (non-taxables) on the return can be "added back" to the net profit amount, bringing your business to a qualifying requirement. Examples of expenses that may be added back in are certain interest paid on borrowed money and depreciation expense incurred by use of equipment or real estate owned by company's members other than owner/officer/partner who is requesting loan.
Mike's business was growing, but inconsistent cash flow due to seasonal slowdowns posed a challenge. Fewer painting projects during the winter months often led to reduced revenue.
In January, Mike secured a large exterior repainting contract. However, he lacked enough working capital to purchase materials and pay his crew upfront, forcing him to request a large deposit from the client before starting.
That's when Mike discovered Line of Credit Depot. He qualified for a $75k revolving credit line.
With this new financing, Mike was able to accept painting jobs throughout the year without worrying about cash flow. He could purchase high-quality supplies and pay his crew without needing large deposits from clients.
He completed the large exterior project on time and under budget, pleasing the homeowner who promptly settled their balance. Mike used this revenue to repay his credit line.
Now, with the flexibility of his line of credit, Mike is confidently scaling his painting business in Ohio. He plans to expand his client base and hire more crew members.
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.
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.
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.
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.