Growing Your Electrical Contracting Business in Nevada
Electrical contracting is one of the staple professions that literally helps keep the lights on in this country, and there has never been a better time to grow and expand your business. In fact, the electrical industry has continued to expand, with support from new construction activity and an increase in renovations. In Nevada in particular, electrician was ranked as the tenth fastest growing job in the state, while electrical assembler topped the charts as the number one.
In addition, the green movement in America has benefited the industry. With the increased awareness in clean and green energy sources, many companies are opting for green energy control systems to reduce emissions and costs.
One way to help expand your business, especially if you are located in Nevada, is to look into financing through the Small Business Administration’s 504 loan program. This option offers small business owners, including electrical contractors, the opportunity to finance their expansion with low interest rates and low down payment options.
Using a 504 Loan to Grow your Electrical Contracting Business
Let’s take a closer look at the SBA’s 504 loan program and how it compares to other more traditional loans. A 504 loan is a fixed-asset financing tool with a great deal of flexibility built in, which means it can help you with any or all of the following:
- financing commercial real estate purchases, land or buildings
- construct or upgrade buildings
- large equipment purchases
- refinance real estate commercial mortgages
The loan itself is administered through a Certified Development Company like TMC Financing, and loans are granted in unison with a traditional bank that provides 50% of the total loan. The CDC of your choice facilitates the SBA loan for up to 40%, or $5 million ($5.5 million if you qualify for the green energy program), at a fixed, below-market rate. You would need to provide 10%-15% of the project cost as a down payment.
The electrical contracting business is projected to grow nine percent from the year 2016 to 2026. This keeps pace with most any industry in the country and outpaces many others. There is also a direct correlation between new business and residential building projects and the demand for electricians. If you couple the increase of new construction with the demand for green energy systems and restoration work, you have a healthy and growing industry in the electrical contracting business. If you have been wondering how to best grow your business in Nevada, now is a perfect time to seek out an SBA 504 loan to do just that.
You can find out more about the loan program from one of TMC Financing’s 504 loan experts. TMC is an SBA Premier Certified Lender, and has funded projects worth more than $9 billion across California and Nevada, resulting in the creation of an estimated 60,000 jobs. With over 35 years of experience, TMC can help you find the financing that is best for your electrical contracting business and guide you through the 504 loan process. Contact TMC Financing today.
If your business is in Nevada, reach out to Chris Hunter directly!
Latest posts by Chris Hunter (see all)
- TMC Financing invests in Nigro Development Project - October 3, 2018
- Growing Your Electrical Contracting Business in Nevada - September 21, 2018