SBA 504 Loans for Plumbers
Can SBA 504 Loans Benefit Plumbers and Plumbing Companies?
Skilled professionals like plumbers form the backbone of America. And, as the housing boom continues, plumbers find themselves in higher and higher demand. In fact, the plumbing industry has grown at an aggressive 4% since 2013, and today generates an incredible $106 billion per year in revenue. The number of plumbing businesses in the U.S. is also growing rapidly, and plumbing companies now employ over 500,000 people across the country.
How Plumbers Can Use The SBA 504 Loans to Expand
For plumbers looking to get expand their businesses, an SBA 504 loan can be the ideal option. It provides funds specifically for the purchase and improvement of real estate, as well as the construction of new buildings or improving existing buildings. The funds can also be used to pay for necessary equipment, electric drain cleaners, sink cleaning machines, service basins, and service vehicles.
SBA 504 Alternatives for Plumbing Companies
SBA 504 loans are a fantastic option for many plumbing businesses, but they aren’t right for everyone. Since they aren’t intended for startups and cannot fund working capital, they may not be the best for plumbers who are just starting out on their own. Instead, an SBA 7(a) loan may be a better choice, as it can help pay employee salaries, marketing expenses, and other costs, such as utilities, while a plumbing business makes an effort to improve its profitability. Other popular options include SBA microloans, SBA express loans, and, of course, conventional business loans, which are often best for those who cannot quality for SBA financing.
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