Construction in the UK
Construction is one of the UK’s most established and important industries, with construction contracts in 2017 totaling a combined £71 billion and, following a subdued start to 2018, the industry has been showing signs of recovery in the past few months. On a grander scale, there are plenty of signs that the industry is starting to head back towards the heights it enjoyed before the economic downturn of 2008-2009.
That being said, plenty of challenges remain for the UK construction industry. With demand for construction projects increasing, it’s essential that employers continue to have access to a highly-skilled workforce. This means working closely with the education sector to ensure that training programmes and qualifications are up to the necessary standards.
Finance for construction businesses
Along with the national living wage and the apprenticeship levy, access to funding remains a key financial challenge for British construction businesses. When it comes to financing exciting new construction projects, or expanding a business overseas, companies will want to secure construction finance quickly in order to stay one step ahead of their competition.
While high-street banks offer their own business funding facilities, it can often take weeks to secure a meeting, only to have your application for a business loan turned down.
Thankfully, a new wave of alternative lenders have entered the market in recent years, with many able to finance SMEs in as little as 24 hours. Better still, you don’t necessarily need a perfect credit history to be considered for funding. This makes alternative lenders an attractive funding option for construction businesses.
Construction finance from Fleximize
Fleximize understands the challenges faced by construction businesses, not least the importance of speed when it comes to getting a project moving or winning an important new contract. We’ve also funded construction companies that required finance to cover the cost of equipment and supplies, or to bridge a cash flow gap that occurred between issuing an invoice and receiving payment.
The speed and flexibility of Fleximize’s business loans makes them the ideal fit for construction businesses. Here are some of the key features:
- Business loans of £5,000 – £500,000
- Unsecured and secured borrowing options
- Flexible repayment terms of 3 – 48 months
- Speedy application with minimal paperwork
- Approval and deposit in as little as 24 hours
- No hidden fees or early-repayment penalties
- Interest charged on a reducing balance, not the total loan amount
- Repayment holidays and top-ups available with all loans
- Exclusive discounts on industry-leading business services
Every business owner that applies for funding with Fleximize will be assigned their own relationship manager, who will work closely with them to create a construction finance package that’s tailored to the needs of their business. Instead of a computer algorithm that automatically says no, Fleximize tries to find a way to say yes to every single application, regardless of credit history.
If you can demonstrate how you’ve turned around an inconsistent record of repaying debt, and that your company has the potential to deliver sustained revenue and business growth, there’s every chance we’ll fund your construction business.
Saj Rahman of Maple People, an eco-construction consultancy, used a Fleximize business loan to launch his first innovation.
Apply for construction finance
To discuss your funding options further, please don’t hesitate to give one of our relationship managers a call on 0207 1000 110. Alternatively, you could get a quote online, or simply apply by clicking on the button below. We’re looking forward to hearing from you.