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Business Loans for Plumbers Electricians & Carpenters

Best Business Loans for Plumbers, Electricians & Carpenters

A+ Rated First Financial Rewards Hard-Working Tradesmen

Plumbers, electricians and carpenters will always be in high demand, no matter the technological advances threatening other professions. First Financial knows it’s just smart business to provide growth funding to those in the trades. After all, a clogged toilet can’t be outsourced to India. The business loan we’ve crafted helps you handle cash flow, insurance costs, seasonality, and the addition of high-tech and environmentally-friendly or “green” home services. Read about all the perks First Financial business loans for plumbers, electricians and carpenters below or apply here now!

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A+ Rated Better Business Bureau

This First Financial business loan is available to businesses that have demonstrated consistent earnings and reliable management. Join 50,000+ plumbers, electricians, carpenters and other small business owners just like you who enjoy generous terms and low rates through First Financial small business loans.

Carefully Selected Business Loan Perks Just for Plumbers, Electricians and Carpenters

Your steady income earns you lower business loan costs which means more profit for you to devote to business growth!

But your business’s longevity isn’t based on profits alone. In today’s internet-based economy, security counts, too. While your local bank may say it’s the safest business loan source, understand that online funding sources offer the same, exact “banking level” security that traditional, bricks and mortar enterprises offer. The FDIC mandates it!

More encouraging for small business, First Financial doesn’t depend on limited data points like business owner personal credit score, cash flow or business credit history to make funding decisions. Instead, we use cutting edge technology to assess businesses based on hundreds of data points that create a complete picture of business performance AND potential. This approach means First Financial has far more relaxed lending requirements and can approve more loans.

Better approval odds should encourage you, but we depend on our interest rates and fees to astound you. Our headquarters and branches all exist on the internet. Can you imagine how much lower our rent and electricity costs are than the neighborhood banks pay? Automation and far lower overhead and marketing costs creates significant savings. To remain competitive, we make sure a good portion of those savings go to our customers.

Review First Financial small business loan perks and see if you can resist!

  • Low interest rates and generous terms the best borrowers deserve.
  • While rates vary according to applicant information, term loan rates start at 5.99% annual interest rate (AIR).
  • Lines of credit rates start as low as 13.99% annual percentage rate (APR)
  • Quick application process: the average customer takes just over 7 minutes to complete the online application. Others within a day.
  • Some applications approved instantly.
  • Loan advisors who take your application over the phone if you so choose.
  • Money arrives your account in one business day. Whew!
  • An ongoing loan specialist available by phone and email from 8:00 a.m. until 9:00 p.m.
  • A secure mobile and web platform that makes managing accounts simple and convenient for on-the-go business owners.
  • Improved business credit scores given consistent payments.
  • Little documentation required – just basic business information and three months of bank statements.
  • Privacy policy and practices that keep your personal information safe.

Does Your Business Meet These Qualifications?

We must limit our low-rate, high-personal-touch, small business loans to businesses who meet certain criteria. Still, a minimum FICO score of 500 and a minimum of one year in business isn’t exactly picky. Borrowers come to us because their traditional bank turned them down. We’ve helped fund tens of thousands of businesses that need to hire, buy inventory, invest in marketing and more.

Approved applicants have these traits:

  • based in US, Canada or Australia
  • 1+ years in business minimum (average borrower has been in business 6 years)
  • $100,000 in gross annual revenue (average borrower does $500k
  • steady cash flow
  • minimum FICO score of 500 (average customer is 680)
  • no bankruptcy in last 2 years
  • be in approved industries – while First Financial has approved businesses in hundreds of niches, we have to say no to businesses in industries that are new (Cannabis, digital marketing), have high chargebacks or other unpredictable qualities. Review a complete list of the restricted industries LINK for which First Financial cannot provide business loans.

Restricted Business Types

To know for sure whether you qualify for a First Financial small business loan, apply via the application here LINK. Our “soft” inquiry won’t hurt your credit score, unless we find your credit file is restricted. In that case, we contact you to lift the restriction and perform a hard pull, which does impact credit. Of course, we let you know immediately when we discover your credit file is restricted.

Evaluating the Future of your Plumbing, Electrical or Carpentry Business?

These Answers Could Help

Small business can be tough, and the future always seems uncertain. With news outlets constantly proclaiming impending disaster, it’s understandable that small business owners have a higher level of stress than most.[i] When you own your own business, responsibility for your family and those of your employees weighs heavily on your shoulders.

Some solid research can ease your mind.

Specifically, the Bureau of Labor Statistics projects that the U.S. will need 12 percent more plumbers, pipefitters and steamfitters by 2024, a rate of growth faster than the average for all occupations.[ii] Homeowners continue to replace their current fixtures with low-flow toilets, tankless water heaters and dishwashers that recycle the dirty water.

Similarly, the Bureau of Labor Statistics reports that employers struggle to find enough sufficiently trained electricians. By 2024, the U.S. will need 85,000 more electricians, a gain of 14%.[iii] With each family member requiring at least three devices these days, the demand on the electrical grid increases every year. Like plumbers, electricians today respond to demands for technological upgrades like LED lighting, electric car chargers installed in garages and energy-efficient HVAC units.

Carpenters won’t see as much additional demand over the next few years as their plumbing and electrical peers, but their industry is still growing by the same average as all American jobs—6 percent.[iv] With housing prices sky high in many cities, however, the demand for affordable housing should bring plenty of work to carpentry.[v]

It looks like growth is on the side of the trades! You’ve probably been hearing about all the job outsourcing to India and the Philippines or robots taking over manufacturing jobs. Surprisingly, it’s the white-collar roles—engineering, data analysis, architecture—than companies are sending overseas. Work flies back and forth over the internet in seconds. Any job that doesn’t involve proper, native English grammar or in-person service is ripe to be shipped out to where labor is a fraction of American wages.

Let an A+ Rated First Financial Business Loan Stabilize Your Future

A First Financial term loan or line of credit helps smooth the bumps your business will inevitably encounter. Challenges should not prompt owners to throw in the towel. Opportunities must be captured. Both can require outside funding. A small business loan no longer has to involve a mountain of paperwork and hours sitting across the desk from a loan officer. Internet age banking means applications, statements and notices exist fully online, accessible via computer or smartphone on-the-go.

A First Financial business loan connects you via your smartphone or laptop to your business loan advisor who helps you every step of the way. Apply today!

[i] http://www.cnbc.com/2017/05/04/way-more-entrepreneurs-stress-about-work-than-about-raising-kids.html

[ii] https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm

[iii] https://www.bls.gov/ooh/construction-and-extraction/electricians.htm

[iv] https://www.bls.gov/ooh/construction-and-extraction/carpenters.htm

[v] http://www.startribune.com/construction-of-affordable-apartments-will-rise-in-twin-cities-though-still-far-short-of-demand/367255301/


First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217

 

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