Effective October 1, 2021, EnerBank USA ("EnerBank") merged with and into Regions Bank. Learn more here

EnerBank Blog

Max Approval—an EnerBank tool that helps contractors grow their business

Posted August 27, 2018 by EnerBank USA

Increase purchasing power with max approval

EnerBank USA® provides its contractor customers with many tools to grow their business. And, in this post, we are excited to highlight one of these valuable tools—Max Approval!

How does Max Approval work?
Max Approval works by allowing contractors to set a maximum loan amount for their business, also referred to as a “Max Approval Cap.” After the contractor selects a Max Approval Cap, any applications submitted are automatically approved for the highest loan amount the homeowner can qualify for, up to the Max Approval Cap.

Why is setting a Max Approval Cap helpful?
Setting a Max Approval Cap allows the contractor to pre-qualify homeowners before providing estimates, which may significantly increase a homeowner’s purchasing power. And, by increasing purchasing power, the contractor is giving themselves an opportunity for an easy upsell, while allowing the homeowner the option to select the highest quality materials possible—creating a win-win for both the contractor and the homeowner.

Here’s a brief overview of Max Approval:

The contractor chooses their Max Approval Cap
To ensure a smooth and easy process, contractors work with a relationship management consultant who guides them through the process of selecting their Max Approval Cap. The amount is entirely up to the contractor, and with the support of our relationship management team, they can choose an amount tailored to the unique needs of their business.

Allows for the pre-qualification of homeowners
Before the contractor provides an estimate to a homeowner, the Max Approval feature can be used to pre-qualify them. Then when the customer’s application is processed, it will automatically be approved for the highest loan amount the homeowner can qualify for, up to the Max Approval Cap.

Increases the homeowner’s purchasing power
By providing the maximum qualifying amount for each homeowner who applies, the contractor is providing them with additional purchasing power to get the project they really need or want. This can result in the homeowner choosing a higher-priced solution or expanding the scope of their job, which allows the contractor the ability to provide the homeowner with additional project options.

Allows upselling to increase project size and sales revenue
When a homeowner qualifies for an amount higher than they’ve requested for their project, they will be more likely to say, “YES” to the best possible solution for their home. This creates value for the homeowner while providing the contractor the opportunity to increase revenue through upselling—resulting in a win-win for all parties.

If you are already working with EnerBank and would like to sign up for Max Approval, visit us at info.enerbank.com/max-approval now.

If you are not using EnerBank’s unbeatable choice of payment options to increase your sales, visit us at enerbank.com/contractors to learn more.