Construction is one of the UK’s most established and important industries, contributing £103 billion in gross value added (GVA) to the British economy in 2014, and accounting for over 2.1 million jobs last year. Despite a slight slowdown in recent years, 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.
Moreover, with the result of the EU referendum bringing a wave of uncertainty to all industries, including construction, several businesses are choosing to hold back on investment, which could hinder growth in the short-term.
Finance for construction businesses
Along with the national living wage and the apprenticeship levy, which is due to come into force in April 2017, 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 capital 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 48 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 business loans 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 loans makes them the ideal fit for construction businesses. Here are some of the key features:
- Apply for a loan of between £1,000 and £200,000
- Repay over a term of one month to two years
- Simple online application that can be completed in minutes
- Money deposited in as little as 48 hours
- Repayment holidays, and top-ups after three successful repayments
- No upfront fees or early repayment charges
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 funding 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.
Apply for a Fleximize construction loan
If you want 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.