A customized financing solution
Your small business needs are unique. We’ll match you with the right loan option to solve for them.
Make hassle-free payments.
Find solutions fit to your needs.
Multiple use cases
Use for almost any business purpose.
Your Guide to Financing for Plumbers
Plumbing is an industry with a consistent need, yet it’s facing its own set of challenges in the current climate. Several experts predict the housing market to stall, decreasing the demand for plumbing on new construction. Owning and operating a plumbing company can be demanding and requires you to stay up-to-date with the best tools and technology for your customer, and hire and maintain talent. With rising employee costs, talent shortages, and increasing demands, making smart investments is crucial for staying competitive and achieving long-term growth. In order to stay competitive and offer the best service to your customers, there may come a time when you need to seek financing for your business.
SmallBusinessLoans.com offers a simple and efficient way to connect with a trusted lender and access the funding you need in as little as 24 hours1. On this page, we’ll discuss the different financing options available, how they can be utilized, the necessary requirements, and what to expect when applying.
Different loan types available to plumbers
Having access to additional capital can make all the difference for your plumbing business. Whether it’s to grow your business or cover expenses in an offseason, there’s a financing solution to suit your needs. Our partners work closely with you to determine the right loan and the best terms that work for your business. There are various loan options available, so it’s essential to explore the various choices to find the loan that best fits your business. If you’re in need of financing, these are some loan types to keep in mind:
- Short-term business loans: Short-term loans provide a quick and easy solution to address timely obligations and manage business expenses in the short-term. Short-term loans are designed for near-term planning such as operational expenses or temporary advertising investments.
- Working capital loans: Working capital provides funds businesses need for operational or overhead expenses needed to run the business. This works best for businesses with inconsistent cash flow, seasonal lulls, or other disruptions caused by growth.
- Business bridge loan: When you need to “bridge” the gap in expenses, whether cover an office lease payment or software purchases, a business bridge loan helps to cover the gap in expenses for existing obligations.
Financial obstacles faced by plumbing business owners
As the construction market faces uncertainty, plumbing companies may also feel the effects in this economic climate. Business owners need to stay on top of industry trends and regulations, upgrading tools and technology, and invest in marketing to reach new customers. By understanding how these challenges shape your business growth, and proactively finding solutions, you can increase the profitability and success of your plumbing business. Here are some examples of common obstacles that your business may face:
- Cash flow management: Managing cash flow can be a challenge due to revenue fluctuations or unexpected expenses for your business.
- Equipment upgrades: Having the right tools for the right job is crucial for plumbers. Maintaining tools such as snake machines or hydro jetting machines – as well as having the right safety equipment – are necessary for plumbers.
- Hiring and retaining qualified staff: Having a team of highly skilled plumbers is essential to maintaining loyal customers. Your staff are on the frontlines of your business and need the right training to solve even the most stubborn of plumbing issues.
- Marketing and advertising expenses: To attract new customers, you need to invest in marketing and advertising expenses in your community.
- Rising costs of insurance: Maintaining policies for your business and employees can be expensive.
What can plumbing business loans be used for?
A business loan can be a smart decision to help you achieve your goals more quickly. Extra capital can be used in a wide variety of ways, such as operational upgrades, hiring qualified staff, or even expanding your services to offer more to your current clients. Here are some specific ways to utilize financing for your business:
- Increase your advertising efforts to attract new clients
- Expand your team and hire new staff
- Invest in professional development and training for employees
- Purchase new equipment or tools for your business
- Expand your service offerings
- Cover unexpected expenses or emergencies
- Acquire a competing business
- Renovate or relocate your office space
How do I know if my plumbing business needs financing?
As a business owner, you’re likely already monitoring the financial health of your business. But it’s easy to get caught up in the day-to-day of running your business that you may miss signs that you could use some additional funding. If you find yourself struggling to manage your budget, falling behind on payments, or dealing with unforeseen costs, it may be time to consider a business loan. Here are some indicators that it may be time to consider a financing solution:
- Difficulty managing the operational costs of your business
- Insufficient budget to promote your plumbing business and attract new clients
- Challenges expanding your service offerings or investing in more training for your staff
By partnering with a reputable lender and developing a clear vision for your business, you can make an informed decision about financing and set your plumbing business on a path to success.
How do I qualify for a plumbing business loan?
Qualifying for a small business loan is a simple and straightforward process with our network of lending partners. Our partners offer flexible eligibility requirements and personalized solutions to help meet the unique needs of your business. Here’s an example of what you may need to qualify with one of our lender partners:
- At least six months in business
- Minimum $250,000 in annual gross sales ($21,000/month)
- Fair to excellent credit
How do I get a loan for my plumbing business?
Getting a loan for your plumbing business is simple and efficient with SmallBusinessLoans.com. Once you’ve identified the loan that best fits your needs and confirmed your eligibility, it’s time to gather your application materials and get started. Follow these five easy steps to obtain capital for your business:
- First, you’ll determine the loan you can afford and check if you meet the lender’s minimum qualifications. Most alternative lenders we partner with require a business to be in operation for six months and a minimum of $250,000 in annual gross sales.
- After that, you’ll fill out an application and provide the necessary materials. This typically includes bank statements and both personal and business credit scores.
- The lender will review your application, credit history, and other qualifications. At SmallBusinessLoans.com, we’ll pair you with a lender who quickly reviews applications.
- The lender will then determine the loan amount, interest rate, and repayment terms. If you accept the loan terms, the funds will be transferred to your business.
- Finally, you’ll repay the loan according to the agreement’s terms.
Why work with SmallBusinessLoans.com?
The traditional lending industry can be overly complicated and time-consuming. We believe small business owners need a financing solution that’s straightforward and flexible. Our trusted lending partners offer simple applications, streamlined processes, and quick deposits so business owners can get the funds they need as quickly as possible without all the rigmarole of traditional lenders. Our partners specialize in working with plumbing companies and will help you find the perfect financing solution to meet your needs. We’ll help you cut through the red tape of traditional lending options so you can get the capital you need without the unnecessary hassle.
Connect with a lender today.Apply Now
Prioritizing your safety
SAFE & SECURE
We use AES 256-bit encryption to secure your data, the strongest encryption standard available today. Because your peace of mind is also ours.
Frequently Asked Questions
SBA loans can be used for your plumbing company’s expenses. However, SBA loans typically require long lead times and many qualifications, making it difficult to receive funds in a timely manner. If your business needs immediate funds, or can’t meet all the qualifications, consider applying with an alternative lender like one of our partners at SmallBusinessLoans.com.
Our lending partners recognize that traditional lending institutions often require high credit scores to approve a loan, making it difficult for electrician business owners to obtain financing. That’s why SmallBusinessLoans.com offer more flexible eligibility requirements and can accept fair to excellent credit scores.