Construction Business Loans
Funding for Construction Businesses
The construction industry is critical to the UK economy and includes construction contractors, construction-related professional services and suppliers of construction-related products and materials. As one of the country’s largest sectors, construction contributes almost £90 billion to the UK economy, or 6.7 per cent, in value added. The sector comprises over 280,000 businesses.
In Q4 2013, there were 2.12 million jobs in the construction industry, or 6.5 per cent of the total. Although this number represents recent growth, it’s down from the industry’s peak employment of 2.29 million in 2007.
Predictably, the construction sector was affected disproportionately by and since the economic downturn in 2008. Consider that in 2007 the construction sector accounted for 8.9 per cent of the UK’s GVA (gross value added). But by 2011, contribution had fallen to 6.7 per cent. The sector has been recovering, slowly and in fits and starts, ever since.
Even having weathered widespread economic crisis, however, the UK construction-contracting industry remains one of the largest in Europe in terms of employment, number of enterprises and gross value added. Several broad factors are likely to affect demand for construction in the UK and the sector’s growth potential, including:
- Demographic changes
- Demand for green and sustainable construction worldwide
- The role of technology in construction
- The demand from emerging economies, such as China and Brazil
Sector experts say that evidence shows that the UK construction industry is responding well to many of its challenges but also has the potential to more fully take advantage of global and other market opportunities in the future. Here are some key factors that will impact the construction industry’s future performance and competitiveness:
- The need for the sector (and its subsectors) to export more
- A skilled and flexible workforce
- Innovation capability
- Supply chain development
- Access to funding
Business Loans for Construction Sector SMEs
We couldn’t agree more that access to funding will be a key factor in the construction sector’s ability to continue to recover and grow for years to come. In fact, the overall UK economy depends on a healthy construction industry, one that generates increasing GVA and employment.
That’s why at Boost Capital, we’ve been busy providing business funding solutions to UK’s construction sector SMEs. Growth and economic health require capital, so we offer business loans to qualified SMEs from £3,000 up to £500,000 in as few as 2 business days. Additionally, we’ve made our application and approval process as easy as possible for business owners:
- A simplified and streamlined online application
- Minimal paperwork requirements
- Quick turnaround: Approval in 24-48 hours
- Quick funding upon approval, usually in just a few days
- Repayment terms suited to your business circumstances
- Less-than-perfect credit is not a disqualifier
And we don’t specify how you are able to use funds. Use them for any legitimate business expense, including:
- Expansion, upgrade or remodeling of your construction plant
- Purchase of construction equipment (new or used) and materials
- Expansion of staff, along with education and training
- Win new construction contracts
- Cash flow management
Apply for a Construction Business Loan Today
Boost Capital financing solutions are designed with UK SMEs in mind: a streamlined application, quick approval and funding, and the use of capital based on your business needs. Contact us to see how others in the construction sector are building their futures. Click here to complete an application online, or call us at 0800 138 9080 for more information.