Running a cleaning or maintenance service business, like most industries, requires long hours and significant attention to detail. As your business grows, you might need to spend capital to stay ahead of the competition, but you might not have the funds you need to do so. Whether you work in commercial or residential cleaning, find financing for the janitorial supplies you need.
Financing Your Janitorial and Maintenance Service Business
Here are a few reasons you might finance your business growth:
Purchase a Work Vehicle
Does your personal car not cut it as a business vehicle? If you need to move beyond your compact and want to invest in a cargo van for a more professional look and feel, janitorial equipment financing can help you buy a new or used model.
Invest in Equipment
Besides a work vehicle, the costs of the equipment you need to run your business can quickly add up. A cleaning business loan could help you purchase any of the following and more:
- Janitor cart
- Solution tanks
- Steam cleaner and extractor
- Commercial vacuum cleaners
- Professional carpet cleaner
- Commercial floor scrubber and polisher
- Commercial deep cleaning machines
Buy Cleaning Supplies
Are you looking to buy in bulk or need to make a big purchase to restock your supplies? From paper products to disinfectants, heavy-duty degreasers to floor cleaning solutions, stock up when you need to.
Market Your Cleaning Business
The U.S. Small Business Administration recommends small business owners dedicate 7% – 8% of annual revenue to marketing, split between brand development (e.g., website) and promotions (e.g., advertising campaigns).
If your cleaning company is bringing in $100,000 annually, that will equate to $7,000-$8,000 in marketing. If you’re newer on the scene, you might want to invest more to get your name out there. Sometimes, there’s not enough cash on hand, though, and obtaining a loan can be just the fix.
Best Cleaning Business Loans
Janitorial Equipment Financing
Buy the vehicle and machinery you need to run your business with the funds from an equipment loan. You might be able to secure all of the funds you need to make your purchase.
Business Term Loan
This type of small business loan can be used for just about any business expense. With a term loan, you’re approved for a 1-time lump sum of capital, which you repay in regular installments. Depending on your lender and loan terms, you may repay your borrowed funds with daily, weekly or monthly payments.
Business Line of Credit
If you need the flexibility to access funds at different times of the year, a business line of credit could be the right financing solution. It functions similarly to a credit card – you’re approved for a certain amount, which you’re able to tap into at any time, whether for an emergency expense or a last-minute purchase. As you repay your debt, your credit line is restored and able to be accessed time and time again.
If you’re interested in long repayment terms and competitive rates, an SBA loan is an option many small business owners consider. Because the U.S. Small Business Administration partially guarantees these loans, they’re typically less risky for lenders.
Merchant Cash Advance
If your priority is getting fast access to cash, a merchant cash advance is a form of alternative financing that could work for you. This short-term financing product is also an option for business owners with lower credit scores.