Getting financing for your business is one of the most crucial ways to stay afloat. However, working with traditional banks and lenders can be challenging, particularly if your company is new. Instead, it is far better to work with a certified commercial loan broker.
The primary reason loan brokers are an ideal choice is that they can connect you with lenders from a wide array of industries. With so much flexibility, you do not have to worry about getting declined for a loan or paying too much in interest rates.
Regardless of the kind of business you have, a commercial loan broker can help. Here are some of the industries that brokers work with on an ongoing.
Health care
The healthcare industry is one of the fastest-growing, but it is also one of the most heavily regulated. Clinics and hospitals have to accommodate an ever-changing list of rules and regulations, which can be costly. Also, high-end medical equipment can be prohibitively expensive. Fortunately, a commercial loan broker can help you cover these costs efficiently so you can adapt as necessary.
Hotels
The hospitality industry can be one of the most challenging, thanks to the high costs of running a hotel. Even modest-sized buildings can struggle to make a profit due to variables outside of their control (i.e., seasonal trends, weather events, etc.)
Hospitality loans can help smooth out any slow periods so you can ensure operational consistency. Also, if you have to upgrade or renovate the hotel, a commercial loan broker can assist you with financing. So, you can stay competitive without having to cut corners or trim your profit margin.
Contracting
In many cases, contractors can have a hard time staying fiscally solvent. Because of the nature of this business, contractors have to purchase materials and equipment upfront, which can lower the back-end profit significantly. Contract financing can make it easier for contractors to avoid high interest rates and fees without sacrificing the quality of their work. Also, this type of funding allows businesses to take on more projects at the same time.
Church Financing
Religious organizations are a unique entity when it comes to financing. Although churches and other institutions do not have to pay taxes, it can be difficult to raise funds for various projects and operational costs. Church financing offers more flexibility so the organization does not have to rely solely on donations and fundraisers. Best of all, these funds can be used for various projects and usually require no collateral to qualify.
Nonprofits
Fundraising is a crucial part of operating a nonprofit organization. However, if you can secure financing through a broker, more of those funds can go toward your mission statement. Nonprofit loans can help cover the various operational costs, empowering your enterprise to focus on what really matters.
Another reason to use a commercial loan broker in this situation is that donated funds can have rigid use restrictions. Alternate financing sources give you the flexibility to cover overhead expenses more easily.
Restaurants
Like hotels, restaurants have to operate with a slim profit margin, making it challenging to pay for large-scale expenses. Fortunately, with a commercial loan broker, it is easy to get financing to cover the costs of new equipment, building renovations, marketing materials and employee training. Restaurant financing smooths out any deficits to ensure that the business can move forward without the burden of high interest rates and massive debt.
Charter Schools
Because charter schools are funded privately, they often come up short when trying to cover operational costs. While fundraisers and donations can help, they often can’t meet the demands of the school. Educational financing with a commercial loan broker offers the flexibility to ensure that the school can keep up with the pace of learning. Also, brokers can help facilitate long-term repayment plans as necessary.
ACDBE and DBE Businesses
To help level the playing field for small businesses, some companies can be labeled as DBE or “Disadvantaged Business Enterprise.” The “AC” indicates that a company operates within an airport setting. A commercial loan broker can help these businesses find unique financing options to cover operational and expansion costs.
Franchising
When it comes to starting a business, opening a franchise with a built-in customer base and brand recognition is a great idea. Although franchises can be a safer bet financially, they can require massive startup costs.
A commercial loan broker can connect you with lenders who specialize in this type of financing so you can get your storefront up and running in less time. Best of all, once you are ready to expand into multiple stores, you can get the financing necessary to grow your franchise.
Contact Us Today
Working with a certified broker can make it so much easier to fund your enterprise. Regardless of your needs, a broker will be able to find the right loan option. Call us today to schedule a consultation.