How To Get The Best Solar Business Loan
The Solar Industry has seen amazing growth over the last several years, and shows no sign of slowing. With a push for more renewable energy sources, solar is going to continue to grow in popularity. Although that is great news for Solar Companies, and the people they employee, this kind of rapid grown can sometimes lead to a cashflow crunch. For these Business Owners, knowing how to get the best solar business loan can be key.
Depending on the project, solar projects can often takes months to complete. In the meantime, the Solar Company is having to cover their material, payroll, and other business related expenses. This combined with any other unexpected business expenses and lead to a situation where the Business Owners needs a fast and easy business loan.
Going to your local Bank can take weeks, sometimes even months, to get approved for. That is if you even get approved. The underwriting criteria for traditional financing is much more stringent, and therefore has a significantly higher decline rate. In most cases, the Business Owner does not have the luxury of waiting weeks to get a decision.
Fortunately, when cashflow is tight, there are Lenders that specialize in helping Solar Companies get quick access to capital. Even for those Business Owners that have bad or challenged credit.
Best Solar Business Loans
Working Capital
A Business Working Capital Loan is a short-term, revenue based loan that is a great option for Business Owners that have bad or challenged credit.
Term Loans
A Business Term Loan typically has a fixed funding amount, with fixed terms, and can be used for any number of business expenses.
Line of Credit
A Business Line of Credit, is a revolving credit line for your business. Like a typical line of credit, you can pull from the credit line as-needed.
Depending on your situation and what you are trying to accomplish, one of these quick, and easy, same day business funding programs will work best for your business. You can compare the different loan options below to decide what works best for your business.
Compare Loan Options
What Can A Solar Business Loan Be Used For?
You can use your Solar Business Loan for any business related expenses. Once the money is deposited into the business bank account, you can spend it however you see best fit.
Common uses for a Solar Business Loan include:
- Purchasing Material and Supplies
- Hiring and Training New Employees
- Increasing Marketing & Advertising
- Covering Payroll & Benefits
- Upgrading Shop and Equipment
- Paying Taxes & Insurance
How To Get The Best Solar Business Loan
These business loans can be used to help Solar Companies of all shapes and sizes. Even newer companies, or Business Owners with bad credit can apply. If your Solar Business meets the following criteria, you are eligible to apply:
- 3 Months Time In Business
- Minimum Of $10k In Monthly Revenue
It only takes a few minutes to complete the easy online application. Once the application is complete, you just need to provide the most recent business bank statements, and you can get approved in minutes.
Once approved, choose the loan option that work best for your business, and get funded today.