The concrete business, which includes revenue generated by the sales of ready-mix concrete and precast products and elements, is valued at over $450 billion. The industry is being buoyed by an increase in U.S. government expenditures for development and reconstruction/repair of infrastructure such as roads and bridges, along with the uptick in commercial projects put on hold during the worst of the pandemic.

 

The three major trends affecting the concrete industry are rapidly growing innovative technologies, the demand for more sustainable business practices, and today’s steady housing market. Owners need to continually invest in their businesses to stay current and competitive—and that may mean having to seek business loans for concrete companies.

 

Types of Lending Options

Since every concrete business is unique, and thus will have unique financing needs, it’s understandable that there are a number of different lending options to choose from, including:

  • Financing for things like manufacturing technologies—Implementing more cost-effective and efficient day-to-day operational technologies such as top-of-the-line cloud-based systems
  • Cash advances—An easy way to get funding without much hassle and paperwork, sometimes the very same day application is made, with the tradeoff being significantly higher rates
  • Business loans for marketing and advertising—Hiring a marketing specialist or outside marketing firm to use one of the most important marketing and advertising tools available today: social media
  • Equipment loans—Providing the ability to cover the expensive upfront costs associated with many types of concrete equipment

 

Why Alternative Lenders?

The two biggest advantages of concrete business owners going with alternative lenders are speed and high approval rates. While traditional business lenders like banks typically approve just 20 to 40% of all loan applicants, the approval rate for alternative lenders is closer to 70%.

 

Paperwork will be required regardless of what type of lender being used. Alternative lenders typically require tax returns, profit and loss statements, debt schedules, and bank statements, along with a completed application.

 

The Bottom Line

Financing can be quite helpful to concrete companies, whether they are needing a bridge during a slow period or a little help to take care of new opportunities that arise. Choosing to work with a reputable alternative lender can be a smart option to enhance their chances to be approved and get the funding almost immediately.

 

Clear Skies Capital has helped many concrete companies determine the funding option that’s best for them and get the financing they need in a timely fashion. Contact us today at 800-230-9822 to discuss your company’s needs.