What’s the Best Contractor Financing for Your Business?
With so many lending options out there, how can you make sure that you’re picking the best contractor financing for your business? There are many factors you need to take into consideration, and it’s important to remember that not all lenders are created equal. Finding the right one can be the difference between business as usual and taking things to the next level.
Here are some of the questions you should ask when picking a lender for your contractor financing needs.
- Does this lender understand my industry?
- How do they implement into my existing processes?
- What support do they provide my business?
- What support do they provide my customers?
- Is this lender a safe and reliable option?
- How does Regions | EnerBank USA fit?
Does This Lender Understand My Industry?
The home improvement industry is unique. With so many projects of different sizes and verticals, finding financing that fits both the needs of your customers and your business can be tricky. Check out reviews to see if other contractors have had a positive experience working with that lender. Having this type of experience can not only benefit your business, but it can help provide a better experience to your customers.
How Do They Implement Into My Existing Processes?
You have a lot going on, and the last thing you want is complicated procedures that impair your sales process. Customers want ease and convenience. In fact, that’s the two top reasons that homeowners cited when asked why they used financing*. The easier you’re able to make this process, the higher the likelihood of them recommending you to their friends and family is.
What Support Do They Provide My Business?
Chances are, you’re going to have questions and need help after your program is up and running. Is there a designated person you can reach out to or is there a general number you can call? Having a single point of contact can make it easier to get the help you need from someone who already knows you and your business.
What Support Do They Provide for My Customers?
If your customers need assistance, who can they reach out to? When you work with a third-party, they become an extension of your brand. This means if a customer has a difficult experience working with your lender, there may be blowback on your business – even if the project is complete and the homeowner was happy with the result.
Is This Lender a Stable and Reliable Option?
With the ever-changing economic environment, you want a lender that can withstand all the storms. Where does the lender receive their funds? Do they provide their own funding, or do they work with someone else? Working with an actual bank can give you peace of mind that you’ll have consistent access to the funds you need when you need them.
How Does Regions | EnerBank USA Fit Into This?
We’re a home improvement lender with over two decades of experience. We have developed loans, tools, and resources specifically for contractors, making us a great fit for your business. EnerBank is an actual bank, which means we fund our own loans and aren’t subject to economic fluctuations. This means you can count on getting paid quickly and keep your projects going. With a dedicated relationship manager and U.S.-based customer support, both you and your customers can easily get the help you need.
Finding the Best Contractor Financing for You
Hopefully you now have a better sense of what you should be looking for when it comes to the best contractor financing for you and your business. If you’d like to learn more about EnerBank, you can fill out the form on this page or visit our website.
*The Brickyard Study, Commissioned by EnerBank USA, 2018