Electricians are integral to our economy and for our livelihood. There are over 630,000 electricians in America, and many are business owners who need consistent working capital to stay in business. Sometimes emergencies come up where they need fast capital. In this article we will discuss how same day working capital for electricians could fit the bill.
What is an Electrician Business Cash Advance?
Electric companies have intensive overhead and need consistent cash flow to stay in business. There is a financial service that is skyrocketing in the loan industry that is called a Merchant Cash Advance.
A merchant cash advance is a short term advance that is based on the business’ future credit card transactions. A business cash advance takes it a step further, in the right direction, by only determining the advance based on general business revenue, and looks at current cash flow to determine the advance amount.
A business cash advance is favorable for many small business owners who cannot wait or qualify for a big bank business loan. Big banks have basically left small businesses to fend for themselves post-pandemic, which has created a new favorable trend towards merchant cash advances and business cash advances.
Why choose a Same Day Working Capital Business Cash Advance
The most obvious reason to use a business cash advance from us is that you can apply in the morning, and if you meet the requirements, could get funded the same business day.
Another benefit of a business cash advance is there is no collateral need, and you only need a 450 credit score. Big banks on the other hand, want you to have a 700 credit score and put up collateral. There’s a lot of loopholes and red tape with big banks these days because they simply don’t want the risk.
Here’s the simple requirements for our same day advance:
- Only need 450 FICO score
- Only need to be in business for 6 months.
- No collateral needed.
- No liens or too many NSFs.
We also have a funding program for up to $2 Million as well, and you would need $20,000 a month in revenue, in business for the last four months, and 500 credit score.
Using your Business Advance to grow your Electric Company
The success of your electrical company comes down to the bottom line. Are you generating a profit each month, or are you barely breaking even? Here’s a list of steps to take to ensure your business is running profitable:
- Competitive Benchmarking: Understanding what other electric companies are doing in your area is crucial. There are platforms online that can reveal private information about your competitors, such as Brandwatch.
- Self-Audit: Take a close look at your finances to see if you can streamline operations. Then, hire a professional accountant to crunch the numbers even more. You will be surprised what a new set of eyeballs can see.
- Marketing: It’s crucial to get positive reviews online. Personally, I use Yelp, Trustpilot, and the Better Business Bureau to gauge whether or not I will do business with a company. You can register on these sites and get recognized as a solid player as an electrical contractor.
- Equipment and staff: Lastly, it is important to repair or replace any equipment that is used regularly out in the field. Electrical equipment can malfunction and give you false numbers which would be catastrophic for your business. Also, you can hire the best of the best with platforms such as Indeed and Ziprecruiter.
Why Use Us for Your Electrician Working Capital Business Advance
We are committed to providing you with the fastest funding in the industry, along with transparent terms, and dedicated support. We take the survival of your small business seriously because we are business owners ourselves.
You can fill out a quick, no hard credit check application to see your approval and funding options HERE.
P.s. I look forward to seeing your success and am pleased you found us online. Learn More About Our Same Day Capital
Erik C. Johnson
Independent DAC Agent