Loans for Contractors

Learn about different contractor loan options.

application process and fast funding

$15 Billion
delivered to U.S. businesses

A+ Rating
with the Better Business Bureau

Business loans for contractors.

Contractors have unique funding needs. Specifically, there are regularly significant upfront costs that a contracting business will incur to fund a project before getting paid themselves for the work. Additionally, many clients will take months to pay — even after payment is requested or due.

For many general contractors and construction companies, this lag time can cause cash flow problems. Equipment and materials need to be purchased. Employees need to be paid. That’s where contractor loans and loans for construction companies come in handy. You can get the working capital you need to keep your business running at full speed.

Boost your contracting or construction business with OnDeck.

OnDeck offers two small business financing options that can be used to fund construction projects and other contractor needs.

OnDeck Line of Credit

A revolving credit line you can draw from 24/7 to receive funds within seconds.*

  • Credit limits from $6K - $100K
  • Flexible repayment terms of 12, 18 or 24 months
  • Great for smaller ongoing expenses

OnDeck Term Loan

A one-time lump sum of cash with an eventual option to apply for more.

  • Loan amounts from $5K - $250K
  • Repayment terms up to 24 months
  • Great for larger one-time expenses

Types of loans for construction and contracting businesses.

Business line of credit

A business line of credit is a form of credit that lets a business borrow what it needs (up to the approved credit limit) and leave what it doesn’t. The business then repays through weekly or monthly payments that are manageable for the business.

Equipment financing

Equipment financing is a general term that applies to either equipment loans or equipment leasing. With either type, the business funding is specifically used for the purchase of new equipment.

Business term loan

With a term loan, you borrow a lump sum of money and repay it with interest in installments over a specified period of time. You can find these issued as short-term loans of a few months to a couple of years, or with longer terms of a few to several years.

Business credit card

Business credit cards are a common way to pay for the everyday expenses that may come up for a general contractor or construction business. They function just like personal credit cards in that you pay interest on any outstanding balance you may have each month.

We’re fluent in small business — and ready to take your call.

You don’t need to be an expert on small business loans. Our team of U.S.-based loan advisors is here to help you every step of the way.

(888) 269-4246
Monday – Friday
9:30 a.m. – 7:30 p.m. ET

Where can I find construction business loans?


Many borrowers look first to their bank for their lending needs. But bank loans have long application processes and approval can be difficult to receive.

Online lender

Online business lenders, like OnDeck, are a popular option for construction companies and general contractors who need money faster and more conveniently than they can get from a bank.

SBA loan guarantee program

The Small Business Administration (SBA) guarantees loans issued by banks or credit unions. That makes the rates and terms more favorable to a borrower, but more difficult to receive approval for.

See how All Clear Plumbing has succeeded with the help of OnDeck.

Twenty-year plumbing industry veteran Lou Tropeano has used OnDeck to bridge cash flow gaps and expand his business.

Learn more about contractor loans.

The best loan for general contractors and construction companies depends on your business’s specific needs and financial situation. Here are some ways that the more popular business funding types are used by people in the construction and contracting industries:

Line of credit: A business line of credit is a popular funding option for businesses in the construction industry. Because much of a contractor’s demand is based on the need to cover upfront expenses, lines of credit are especially compatible with this type of financing. Once a construction business has been paid for the project that created the initial need to borrow, it can repay the borrowed credit in full and replenish its available credit.

Term loan: A business term loan is what most small business owners think of when they think of a common small business loan. This funding type can be good for businesses that have larger upfront expenses that may take several months or years to repay.

Equipment financing: For a construction company, this may be a particularly convenient option for the heavy duty machinery used on major construction projects. But many business owners don’t realize equipment loans can also pertain to office equipment such as desks, chairs and computers too.

Business credit card: Business credit cards are handy for covering regular business-related expenses. They can also serve the important purpose of separating the finances of the business from the business owner’s personal credit history.

While some types of businesses benefit from investors and venture capital, construction business companies and general contractors can generally get started with more accessible funding options. These commonly include SBA loans, equipment financing and business term loans. Factors such as the small business owner’s creditworthiness will help determine which types of business funding the borrower is eligible for. It will also determine the interest rates and term lengths the contractor may receive.

Getting approved for any type of loan or credit can be difficult when you have a low personal credit score. The minimum FICO® score requirement will vary from lender to lender. OnDeck does not lend to customers with bad credit, but it does offer term loans and lines of credit to borrowers with less-than-perfect credit. If you have less-than-perfect personal credit, read our blog post Improving a Good Credit Score to Make It Great. For tips on improving your business credit score, read our blog post 5 Ways to Improve Your Business Credit Profile.