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.
Saj Rahman of Maple People, an eco-construction consultancy, used a Fleximize business loan to launch his first innovation.
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 make them the ideal fit for construction businesses. Here are some of the key features:
- Business loans of £5,000 – £500,000 over 3 – 48 months
- Interest rates starting from 0.9% per month
- 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
- Exclusive discounts on industry-leading business services and tools through our Member Marketplace
How to apply for construction finance
To apply for construction finance with Fleximize, just fill in our simple online form with a few basic details. If you pass our initial checks, we’ll be in touch with the next steps. Once we have everything we need and if you are approved, you could receive your funds the same day.
If you’d rather speak to us over the phone, you can give us a call on 020 7100 0110 and a member of our friendly team will be happy to talk to you.