Visa / MC Business Credit Cards
Working and startup capital for new and growing construction businesses. Typical clients receive between 4-8 business credit cards, one from each lender.
These lines of credit do not report to personal credit as long as accounts are in good standing. We’ve compiled a list of lenders that will not report the client’s accounts to the personal credit report. Clients keep their business and personal credit separate. No collateral required so clients don’t have to tie up personal assets to obtain financing.
We provide the client a fast, no-cost funding estimate usually available within one business day. Clients need to submit a one page pre-qualification form and a three bureau personal credit reports to have a reasonable expectation of approval amounts.
Visa/MC Corporate Credit Cards - Funds come in the form of business Visa/MC credit cards in the company name. These cards are non-vendor specific; i.e. The cards will NOT be ones that can only used with certain stores, like a Macy’s, Staples, or Home Depot. Clients typically receive all cards in as few as 15 days, nearly always within 30 days.
Introductory 0% rate on purchases and/or balance transfers for the first 6-12 months on most, if not all the cards. We can avoid lenders that do not offer 0% intro rates, if desired. Rates as low as 6.99%-17.99% on purchases after the introductory period. Rates vary based on strength of the guarantor’s personal credit profile.
There are possible additional promotional rates available in the future. We can teach people how to use accounts strategically, so that after the initial 0% rates expire, they can increase their chances of getting additional promotional rates in the future, like 0% on balance transfers for 18 months, with just a one time 3% balance transfer fee. These are revolving accounts and the line of credit can stay open for the life of the business.
Up to $150,000 in business credit for business entities less than 2 years old.
Up to $250,000 in business credit for business entities more than 2 years old.
The accounts will report to client’s business credit profile every month which will help the business be more likely to get higher approval amounts and better terms on other cards, loans, and lines of credit in the future. Credit limit Increases available after properly servicing the accounts for a few months. Past clients have doubled and tripled their limits on some cards within 15-18 months, with some building up to $50,000 to $100,000 per card. Clients must request increases.
Capital for Contractors has over one hundred relationships with national, regional and local commercial bankers, underwriters, and investors. Our relationships with these lenders help to ensure that our get clients the highest approvals and best rates available, specific to their situation.
How it helps your business
Business credit cards can be a great cash flow management tool by helping construction businesses keep cash on hand for:
★ Buying materials and supplies
★ Launching a marketing/advertising/branding campaign.
★ Upgrading business systems and infrastructure.
★ Increasing operating capital.
★ Making payroll or hiring new employees.
★ Paying off existing high-interest debt.
★ Purchasing or making a down payment on equipment.