Contract Lending – A Lifeline for Contractors
In tough financial times, access to capital can be an obstacle for contractors bidding on jobs. Contract Lending provides an opportunity for business owners to borrow against contracts that have been accepted.
Having the confidence to bid on a project, knowing that funds will be available to pay for materials and manpower can increase the number of bids a contractor pursues, increasing the odds of success. Having access to a contract loan is also an excellent marketing tool for your business.
Contract loans normally are up to 50% of the total contract. However, amounts can vary and depending on the size of the loan requested, the process can take from a few days to a week.
For more information about opportunities for contract lending, call the Ohio River Bridges Project’s KY DBE Program Manager at 502-499-9440.
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