Greenlock is not your typical business lending company. We have a very specific type of client—insurance restoration contractors.
So, who is a typical Greenlock client? Our clients are insurance restoration contractors with a solid amount of work and experience in the industry. They are great at what they do. They are able to manage large and often complex projects. They have teams of employees who work hard to get their customers’ homes and businesses back to the way they were before they experienced a disaster of some sort that required them to involve their insurance company.
These businesses are not what you would normally call “struggling” businesses. They typically take on large, profitable projects, and therefore bring in a good amount of income. The struggle lies in the way the industry itself operates. Contractors in the insurance restoration industry have to essentially finance all of their own projects upfront, since insurance companies don’t pay out until about 60 to 90 days after the project is finished.
This leaves many insurance restoration contractors in a tight spot. They have materials to purchase and employees to pay. They may not have been paid for the last job when they have to start purchasing supplies for the next job. Cash flow is a major issue for most insurance restoration contractors.
If you watch the testimonial videos from some of our clients, you’ll hear a common theme: stress. Every one of the contractors we interviewed talked about the stress of managing cash flow, and specifically about making payroll. Many will say that they went without paying themselves at times so they could pay their employees. Some even talked about getting out of the industry altogether, even though they loved the work. The stress was just too much.
What you’ll also hear in the testimonials is how everything changed when they found Greenlock. Greenlock was able to provide these contractors with much-needed loans to keep their businesses afloat. The contractors were able to get advances on the insurance payouts through our Project-based Loans to keep their projects moving forward, or get paid for their outstanding invoices with an AR Loan so they could have the cash on hand to help grow their businesses. Both of these loan products were designed with insurance restoration contractors in mind.
If you are an insurance restoration contractor, you can probably identify with the struggles we talked about in this post. As they say, “The struggle is real.” It’s something that virtually every contractor in the industry faces. The good news is: Greenlock can help. We are here to help you with your cash flow issues. We take a personalized approach, looking at your business and the work you do to determine your eligibility for one of our loans. Loans with us are not solely based on your credit score, but also on your ability to perform.
Want to learn more? Contact us by phone or through our web form. We look forward to hearing from you!