If you need a credit line for roofing leads or a loan to buy roofing material, contact your local banker or speak to your material supply vendor about extending credit.
It’s important to establish a good credit line to help you get through difficult cash flow problems. You want somebody who will review your credit application quickly & fairly. If you have a good bookkeeper, you’ll be able to supply an income statement and a balance sheet upon request.
How much money you’re able to secure will depend on many different variables. Sometimes, the size of the job you’re working on has a lot to do with how much credit you’re extended. If you’re asking to get a credit line for a specific job, you may need to provide a copy of the contract and other supporting paperwork to prove you are able to perform the work with the money provided.
As with any credit line, and especially those provided by a material supply house, you’ll want to get regular, itemized updates of your spending and payments. In today’s economy, it’s good to have online access to these statements so you can review them quickly, in real time, and add them to your job cost files throughout the month.
Obviously, the credit line needs of a commercial roofer will be different than the credit line needs of a residential roofer. Competitive rates, payment terms, discounts, and access to information are all important factors to consider when securing a credit line for your roofing company.
Many supply houses and local banks have a quick application process. You can sometimes apply for roofing credit online with the major suppliers.