Starting a lawn care business requires a lot of work, time and money. And while your personal bank account may be bursting at the seams, that’s likely not enough to fund your start-up costs. Fortunately, numerous lenders have financing options available for entrepreneurs looking to make their dream of owning and operating their very own landscape company come to fruition.
In fact, there are a variety of different types of lawn care business loans that you can take advantage of, depending on your specific needs and goals for your new venture. Before you apply for any type of lawn care business loan, it’s a good idea to figure out what your budget is and what you hope to accomplish with your business. This will help you determine which small business loans for lawn care companies you qualify for and how much you’ll need to borrow.
For instance, many business owners seeking lawn care business financing have unique requirements based on the cyclical nature of their industry. Because revenue patterns tend to fluctuate throughout the year, and because many lenders require a minimum of one to four months of financial data, it’s important to apply for your landscaping business loan during your highest income periods. That way, you can demonstrate consistent earnings and your ability to pay back your loan on a timely basis.
Similarly, lawn care service businesses that rely on repeat and referral clients are generally considered to be low risk by most lenders. That’s because these client relationships typically lead to ongoing, recurring revenue streams for the business. However, if you’re just getting started and don’t have a strong reputation in the community yet, it might be harder to secure business loans for a lawn care company.
Another way to finance your lawn care business is through purchase financing. This type of business financing allows you to buy the equipment your lawn care services require up front, and then repay the debt through smaller payments over a set period of time. It’s a great option for new businesses that don’t have a strong credit history, as the debt is secured by the equipment you’re buying with the loan.
One final financing option you might want to consider for your landscaping business is a VA Small Business Loan. These are specifically offered to veterans, and are partially guaranteed by the US government, meaning that borrowers won’t have to pay as high of interest rates or fees as they would with other financing options.
With the right mix of careful planning, diligent spending and strategic business funding, you can get the financing you need to grow your new lawn care company. But before you start applying for business loans and grants, be sure to read through all the terms and conditions carefully. That way, you’ll be able to find the best loan or grant for your unique circumstances. Good luck! Sally Lauckner is the editor-in-chief of the Fundera Ledger and editorial director at Fundera. She has worked in the crowdfunding, venture capital and startup communities for over 15 years. She has written for a number of publications, including Forbes, Inc, HuffPost and Entrepreneur.
Different Types of Lawn Care Business Loans
Starting a lawn care business requires a lot of work, time and money. And while your personal bank account may be bursting at the seams, that’s likely not enough to fund your start-up costs. Fortunately, numerous lenders have financing options available for entrepreneurs looking to make their dream of owning and operating their very own landscape company come to fruition.
In fact, there are a variety of different types of lawn care business loans that you can take advantage of, depending on your specific needs and goals for your new venture. Before you apply for any type of lawn care business loan, it’s a good idea to figure out what your budget is and what you hope to accomplish with your business. This will help you determine which small business loans for lawn care companies you qualify for and how much you’ll need to borrow.
For instance, many business owners seeking lawn care business financing have unique requirements based on the cyclical nature of their industry. Because revenue patterns tend to fluctuate throughout the year, and because many lenders require a minimum of one to four months of financial data, it’s important to apply for your landscaping business loan during your highest income periods. That way, you can demonstrate consistent earnings and your ability to pay back your loan on a timely basis.
Similarly, lawn care service businesses that rely on repeat and referral clients are generally considered to be low risk by most lenders. That’s because these client relationships typically lead to ongoing, recurring revenue streams for the business. However, if you’re just getting started and don’t have a strong reputation in the community yet, it might be harder to secure business loans for a lawn care company.
Another way to finance your lawn care business is through purchase financing. This type of business financing allows you to buy the equipment your lawn care services require up front, and then repay the debt through smaller payments over a set period of time. It’s a great option for new businesses that don’t have a strong credit history, as the debt is secured by the equipment you’re buying with the loan.
One final financing option you might want to consider for your landscaping business is a VA Small Business Loan. These are specifically offered to veterans, and are partially guaranteed by the US government, meaning that borrowers won’t have to pay as high of interest rates or fees as they would with other financing options.
With the right mix of careful planning, diligent spending and strategic business funding, you can get the financing you need to grow your new lawn care company. But before you start applying for business loans and grants, be sure to read through all the terms and conditions carefully. That way, you’ll be able to find the best loan or grant for your unique circumstances. Good luck! Sally Lauckner is the editor-in-chief of the Fundera Ledger and editorial director at Fundera. She has worked in the crowdfunding, venture capital and startup communities for over 15 years. She has written for a number of publications, including Forbes, Inc, HuffPost and Entrepreneur.