The Construction and Building (C&B) industry is composed of different kinds of businesses in Australia. Services like maintenance, renovation and demolition are just some examples of construction businesses that operate in the country. These businesses generate up to $400 billion annually and provide over 1 million jobs.
The C&B industry is not just comprised of builders and construction companies. C&B also covers remodelers, maintenance, roofer and demolition companies; and just like any other industry, these businesses come in all sizes. However, many of them experience having a hard time borrowing money from banks and other lenders. Inability to secure loans can lead to cash flow problems or hinder their growth in the industry.
Many small businesses suffer from cash flow problems. For C&B businesses the problem is usually encountered during payment between client and business. According to statistics, C&B small businesses reported that 8% of clients paid them on time, while 61% were usually paid on time. This is good news but 27% of respondents also reported that they rarely got paid on time while 4% said they never get paid on time.
This means that C&B businesses have a hard time managing their cash flow even while they are engaged in projects and losing your source of funds can have a big impact on how quickly you can deliver a project and your reputation in the business.
Aside from this, the C&B business is very capital intensive. Equipment, labour and materials are usually calculated well before the money is poured into a project. Aside from this, projects can also need more materials, new equipment and adjustments before they can be completed. Construction also takes a long period of time so your resources are spread which means that having no access to funding can delay projects and have a negative impact on cash flow.
During a recent survey, over 84% of respondents said that they face cash flow problems while 17 % said that they encounter issues on a regular basis.
This is where Capify can help you. We help you get free quotes so that you can find a loan that is right for your business. Australian businesses can avail of our unsecured loan solutions for small businesses like C&B so that you don’t have to struggle with your cash flow.
Unsecured loans are a great idea for small construction and building businesses because it does not require personal or business assets. We do not have high-interest rates; instead, we use a factor rate system where we work off the total amount to be paid so that you know how much the total loan will cost you. Best of all, there is less paperwork compared to banks making us a convenient and easy solution to your cash flow problems.
Since C&B businesses run the risk of not getting paid until a project is complete, having adequate funding is important so that your cash flow does not run in the red while the project is being completed. We offer short-term and long-term financial solutions for struggling small businesses so that you can access funds with zero collateral damage in 24 hours.
Aside from cash flow, C&B businesses can also use the funding for:
Capify has the ideal solution for small businesses who want to achieve their goals but struggle with funding. Our Capify business loans can range anywhere from $5,000 to $300,000 which is deposited to your account so that you can access funds anytime, anywhere.
Merchant Cash Advance is a good solution for businesses that suffer fluctuations in their cash flow. Businesses can receive their lump sum loan and repay it with a minor percentage from their EFTPOS transactions. This allows businesses with cash flow problems to increase capital while paying loans back. Aside from this, we can also suggest new ways for you to improve your cash flow that is tailor-made for your business.
Capify is Australia’s leading lender for small businesses and we have built and maintained a Google review of 4.5/5.
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We know running a business is hard. Remaining stable as a small business and capitalising on growth opportunities can be difficult in such a competitive environment, especially when you’re short on funding.
Capify can help you get the funding you need quickly, without any hassles. We take time out to understand your business needs and offer you a tailored solution to help you achieve business growth, provide greater cash flow, and invest in your business for the future.
We don’t use interest rates for our funding solutions.
Instead Capify offers an agreed total payback amount. The payback amount depends on the type of business you operate and the term you require the business finance for. This way your business knows up front the total costs, making managing your cash flow easy.
Speak to a lending specialist today on 1300 760 930 to get funds in 24 hours or start your application and apply now.Get Started