Finance For Electrical Contractors
Get Fast Finance For Your Electrical Contracting Business
Finance your electrical contracting business in as little as 24 hours. We offer a range of products to suit your business needs.
Over 30,000 loan-seekers helped
FCA Authorised – Regulated Broker
Receive your funds in as little as 24 hours
Market-leading interest rates
Experienced Advisors
No Broker Fees
Author: Gary Hemming CeMAP CeFA CeRGI CSP
20+ years experience in commercial finance
What is Finance for Electrical Contractors?
Finance for electrical contractors allows businesses to secure a cash injection to take the company to the next level.
There are many different types of finance available to cover a range of needs for businesses in this sector, including solutions for improving working capital, growth finance, funding for MBOs and vehicle finance.
Improving your cash flow cycle can have significant benefits. If you’re accepting payment on delayed payment terms, asset-based lending to fund your sales ledger can provide significant benefits.
Get finance for your electrical contractor business with ABC Finance
At ABC Finance, we’ve been arranging finance for UK SMEs since the year 2000.
We like to keep things simple, make the process easy and get you the funds you need quickly.
Choose your product or get advice from our business finance experts
We break down the key products that could provide you with the funds you need.
Either read through, choose the product that best suits your needs and apply online, or get in touch and let our experts do the hard work for you.
We can find you the best deal after a short call to understand your needs and handle the whole process for you.
How to get finance for an electrical contractor business
There are many products that can be used to finance an electrical contractor business. Each has its own strengths and weaknesses. The key is finding the product that best suits your needs.
The key products are:
Unsecured business loans
The first, and simplest way to borrow money is a straightforward business loan. An unsecured business loan allows you to secure funds in just 24 hours, borrowing anything from £10,000-£500,000. It’s a quick and straightforward way to finance your business and allows you to repay the funds over anything from 3 months to 5 years.
As no security is required, both your company and personal credit score are considered during the application process.
Quick summary:
- No collateral required
- Borrow ÂŁ10,000 to ÂŁ500,000
- Get funds in as little as 24 hours
Secured business loans
If you require a larger sum of money, or are willing to offer security over a property, a secured business loan could be the perfect fit. They allow you to borrow money for your business, securing it against either your business premises or another property.
It’s easier to qualify for a secured loan than unsecured lending as the lender has security over a property.
The application process takes slightly longer – you can expect to receive funds 7-14 days, but it’s possible to borrow much more – up to ÂŁ10,000,000.
Quick summary:
- Borrow up to 75% of your property value
- Borrow ÂŁ6,000 to ÂŁ10,000,000
- Get funds in as little as 7-14 days
Invoice finance
If you accept payment on delayed terms of 30 days or more, invoice financing is the best way to improve cash flow. Invoice finance allows you to borrow against the B2B invoices that you’ve raised, but not yet received payment for.
Invoice finance, which can be broken down further into invoice factoring and invoice discounting allows you to advance up to 95% of the value of the unpaid invoices on your sales ledger.
Some facilities, such as debt factoring, even offer credit control functions to provide support for chasing payments as they fall due.
Quick summary:
- Receive funds in as little as 3 days
- Release up to 95% of the value of your unpaid B2B invoices
- An ongoing facility that can improve your cash flow
Asset finance
Asset finance allows you to raise finance to purchase machinery or other assets for your business. It’s a form of equipment finance that allows you to finance new assets through various products that work as loans or leasing arrangements.
Asset finance can be arranged very quickly, in just as little as 24 hours, with the application process usually taking a few days. The amount you can borrow will depend on the value of the assets you’re securing against. For large purchases, millions of pounds of finance can be arranged where needed.
If you’re looking to release funds from assets you already own, consider asset refinancing.
Quick summary:
- Funds can be released in 24 hours
- Finance to purchase or refinance equipment and assets
- Borrow almost any amount
Merchant cash advance
A merchant cash advance allows you to borrow money against your future card receipts. They’re perfect for businesses that take a lot of money each month through their card terminals.
Also known as a business cash advance, they’re a really convenient way to borrow as a small deduction is taken from each payment received until the funds are repaid.
They don’t require any collateral and can be arranged very quickly, often in as little as 24 hours.
Quick summary:
- No collateral required
- Borrow 120-150% of your monthly card receipts
- Funds in as little as 24 hours
Business revolving credit facilities
A business revolving credit facility is a flexible way to borrow funds and repay them as required. Think of it as a separate facility that works like a credit card or overdraft.
Revolving credit facilities can be setup in as little as 24 hours and allow you to borrow anything from ÂŁ5,000 to ÂŁ500,000 with no need for collateral.
Quick summary:
- No collateral required
- Borrow ÂŁ5,000 to ÂŁ500,000
- Funds in as little as 24 hours
Van finance
If you’re looking for money to purchase a new vehicle, or even a fleet of vehicles, consider business truck finance or business van finance.
You can get finance for a new vehicle in a couple of days, often at much better rates than you’ll be offered by a dealer.
Quick summary:
- Often better rates than a dealer will offer
- Get funds in a couple of days
- Finance to buy or release funds from a vehicle
Commercial mortgages
A commercial mortgage allows you to borrow money against your business premises. They can be used to purchase or refinance existing premises and allow you to borrow large amounts of money over up to 30 years, meaning you’ll benefit from low monthly repayments.
Commercial mortgage rates are often much lower than other forms of finance, but the application process is very slow – usually taking at least 2 months. If you need property finance quicker, consider a bridging loan, which can complete in 5 days.
Quick summary:
- Has the benefit of low interest rates and monthly repayments
- Allows you to borrow large amounts
- The application process usually takes at least 2 months
Secure the finance you need with ABC Finance – get started now
Whether you’re looking to start an electrical contractor business or grow an existing one, we can help.
We scour the market to secure you the best deal on your borrowing.We compare deals to get you the lowest repayments, best interest rates and make sure you get the cash injection you need.
Keep reading: Finance For Roofing Businesses or Finance For Construction Businesses or Scaffolding Business Finance.
