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.
Electrician projects often require large sums of money upfront or in advance which may not be possible without proper financing arrangements.
To qualify for a line of credit, your Electrician 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.
When a client had a last minute request for a large custom project, John didn't have the capital to take it on. He had to turn down the $50k contract.
That's when John discovered Line of Credit Depot. He applied and was approved for a $100k line of credit at a competitive 5% APR.
With his new financing in place, John had the working capital to take on that lucrative custom project. He purchased the high end materials needed upfront without blowing his budget.
The project was a success! The client was thrilled and paid their invoice quickly. John already put that revenue towards paying down his line of credit.
Thanks to the flexibility of his credit line, John can now confidently pursue bigger contracts. He plans to grow his team and continue expanding Lightning Electric.
John tells us: "Getting set up with a line of credit through Line of Credit Depot was a total game changer for my business. I have the financing power to go after the projects I want and grow my company.
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!
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.
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.
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.