Feb 24, 2022
In the United States, the market size of HVAC systems was evaluated at USD15.16 billion in 2020 and is projected to grow at a CAGR of 6.0 percent between2021 and 2028. On the other hand, the U.S. plumbing market size has already reached$126.1 billion in 2022.
The increasing demand for plumbing and HVAC systems in U.S. homes and offices also means that the demand for HVAC and plumbing contractors is also continuously increasing. Therefore, the prospect of expanding your HVAC and plumbing business seems more appealing and desirable. However, not having enough capital becomes a roadblock that prevents business owners from moving ahead with their expansion plan or running their firms efficiently.
Did you know that SBA programs can help obtain loans for HVAC and plumbing contractors? Yes, that’s completely true. HVAC and plumbing companies can apply for SBA 7(a) loans. How?
While the process of choosing the right SBA loans and applying for them can be quite daunting, we can make it easy for you. At Royale Capital, we help small businesses secure federal government-backed SBA business loans in a very hassle-free manner.
How HVAC and Plumbing Contractors Can Utilize their SBA 7(a)Loans
SBA programs are aimed at helping small businesses across the country expand their operations by providing them with working capital and equipment loans with up 10-year loan terms. Apart from this, you can also secure SBA-backed commercial real estate loans with up to 25-year loan terms. What’s more, you can also get financial assistance with commercial lines of credit with up to 7-year terms.
SBA loans for HVAC and plumbing contractors can be used for a variety of purposes, including:
Getting advanced HVAC equipment and the right plumbing equipment can be expensive for HVAC and plumbing contractors. If you want to stay ahead of the competition, SBA 7(a)equipment loans with 10-year terms make it easier for you to finance the equipment for your business.
If you need funding to expand your HVAC and/or plumbing business in another region of the country or renovate your current building, SBA 7 (a) business loans can help provide you with much-needed financial assistance.
If your business is dragging due to a long-standing debt that you took for business purposes and you are finding it extremely difficult to repay it, your business debt might be eligible for refinancing with SBA loans.
When you need financial assistance for paying light bills or buying a new vehicle for your workers, SBA loans can help you. In addition, you can also pay the salaries of your crew, handle the expenses of vehicle maintenance, utilities, and even marketing campaigns with your SBA 7(a) loan.
If you have a business partner who wants to leave, getting the necessary funds to buy out a partner can be very challenging. However, SBA 7(a) loans can help you secure the fund for this reason as well.
While SBA 7(a) loans are a great solution for HVAC and plumbing contractors, they are not the only SBA loan solution on the market. So, if you run an HVAC and/or plumbing business and are in need of funds, feel free to contact us to know your SBA loans options for which you are eligible.