Construction Projects can be challenging to get approved by traditional lenders because labor is not a tangible asset that can be recovered. Our project loans may require collateral. Investing in energy reduction projects now is critical, as energy costs continue to rise. We aim to finance solar panels, LED lighting, HVAC modifications, and electric vehicle and truck chargers to achieve energy efficiency. Our capital financing programs are flexible and provide customers with the security of knowing that their facility will function at peak performance in all weather conditions.
Construction Projects Key Points:
- Term: 3 – 7 years depending on type of equipment
- Rates: 6% – 9% depending on dollar amount and credit
- 100% ownership when last payment has been made
- For-profit companies keep the tax credit, depreciation and other benefits when financing a solar or energy project
- Fixed monthly payments
- Requests up to $250,000 can be approved with minimal paperwork
- Requests over $250,000 requires a 2- or 3-year financial package
- Must have business license
- Home-based businesses accepted
- Best programs for businesses established at least 2+ years
- Start-up business programs are available
- Proof of cash flow required with bank statements and tax returns are required
The term length and rate are determined by the type of equipment being financed including the business and personal credit. Closely held businesses will normally require a personal guarantee. Larger companies with numerous owners or non-profit groups will not require a personal guarantor if the credit and cash flow are adequate. Capital Financing can be approved very quickly as we can review a request by providing current financial statements.