Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Plumbers are needed to repair household pipes, unclog drains, install gas cooking, fix bathroom issues and even install plumbing fixtures during the construction of new properties. This is why owning your own plumbing business is such a great way to make a living in large cities and smaller towns. Moreover, working for yourself comes with a lot of great benefits, including a favourable salary and the freedom of being your own boss.
Learn everything you need to know about starting a business in Canada.
But there are also a lot of expenses that come with owning your own business. If you’re currently operating your own plumbing business, chances are you have a lot to think about, especially when it comes to your day-to-day expenses. After all, your equipment, tools, supplies, and repair trucks aren’t going to pay for themselves. This is where a solid business loan can come in handy. If you need some fast financing to make sure your plumbing business is running effectively, we’re the ones to call. We can connect you with the best source of business loans out there and help get your applications approved in just a few short days.
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Amount APR Term (months) 1k-300k Fee-Based: Starting at 9% 12- 60 Learn more 5k-300k 8% – 29% 6-18 Learn more 1k-500k +5.9% 3-60 Learn more Up to 300k 8%-22% 6-12 Learn more 5k-500k - 6-18 Learn more 100K + 6.05% + 60 Learn more 5K-100k 15%+ 12-18 Learn more
It’s true that running any business can be an expensive task and plumbing is no different. With all the hard work that any plumbing specialist puts into their job every single day, there are tons of supplies and other costs to cover. Not to mention, quality plumbing equipment can be pricey. With a good business loan, you won’t have any problems taking care of all your on-the-job expenses.
When you get into the plumbing industry, insurance is an unavoidable cost due to safety issues surrounding plumbing work. Plumbers often have to move above and under structures to work and they usually are surrounded by hazardous waste. Moreover, if you have employees, you’ll need liability insurance and workers’ compensation insurance.
As with any business, your plumbing revenue will be affected by the changes in the economy. As such, you may be faced with an unexpected lower revenue for some months. Unfortunately, you’ll still have to keep up with your fixed expenses which can affect your cash flow.
In order to successfully run a plumbing business, you’ll need access to certain equipment like wrenches, hacksaws, gas meters, water pumps, and other tools. Moreover, you’ll need a reliable van or trucks to transport you and your equipment to your clients. You may also need to purchase, rent, or construct a warehouse or garage for storing your equipment and vehicles.
A business loan can help you purchase necessary supplies and spare parts involving piping and tubing. You can also purchase on-the-job gear such as jumpsuits, safety goggles, gloves, steel-toe boots, and more.
If you plan on expanding your services or simply need an extra hand, you’ll need to recruit workers and train them before they can work on their own. This can be particularly expensive due to the shortage of labour workers. Moreover, you’ll also need to add them to payroll.
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Unlike banks, alternative lenders will evaluate your overall financial health to determine if you are creditworthy. Here are some common factors lenders look at when assessing a business loan applicant.
There are many financing options available to businesses in Canada, no matter what industry they are in. Whether it’s plumbing, carpentry, beauty, tech, farming, businesses can all utilize the following financing options to cover costs and grow their business.
Invoice financing works by selling your unpaid invoices to a lender at a discount. This allows you to gain a lump sum of cash which is repaid as your customers make their payments. This is a quick solution to slow-paying customers or whenever you need cash quickly.
A merchant cash advance is not a traditional loan, it provides a lump sum of cash that you must repay with a percentage of your future card sales. This form of credit is one of the fastest ways to obtain capital when you need it, especially if you have bad credit. However, it is an expensive way to borrow money, so be sure to evaluate all your options before choosing this one.
As previously mentioned, in order to run a successful plumbing business, you’ll need access to a number of plumbing supplies and equipment. While a business loan can help finance these expenses, so can an equipment loan. An equipment loan works just like a business loan except it is secured with the equipment you purchase. This leads to higher approvals and lower rates. However, lenders will typically only finance up to 80% of the equipment price, so you’ll have to pay for the other 20% upfront.
A business line of credit allows you to withdraw money whenever you need up to a certain credit limit. Like a credit card as you pay back the amount borrowed, you regain access to those funds. The great thing about a business line of credit is that you only pay interest on the amount withdrawn and you have instant access to it whenever you need it.
Another way you can finance your plumbing business is by checking out the government financing programs. For example, the Canada Small Business Financing Program (CSBFP) is a government-backed business loan program you can apply for through any major bank or financial institution. The program offers loans as high up to $1 million to help you grow your business. For equipment and leasehold improvements, you can get a loan of up to $350,000.
There are plenty of benefits of getting your plumbing business a loan through Loans Canada. We offer a fast and simple application that can be completed on your home computer, laptop, or smartphone. Moreover, you’ll get approved for more affordable rates and receive funding within two business days after approval.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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