Business Insights

Best contractor financing options for your business

Choosing the right contractor financing program can transform your business. With so many options available, how do you ensure you’re selecting the best solution? The right financing partner can help you close more jobs, increase project size, and improve cash flow.

Key questions to ask when choosing contractor financing

Before deciding, consider these critical factors:

• Does the lender understand my industry?
• How does their process fit into my workflow?
• What support do they provide for my business and customers?
• Is the lender safe and reliable?

Contractor financing: Expectations vs. reality

Many contractors have misconceptions about customer payment habits. Here’s the truth:

• Expectation: Customers pay with cash
  Reality: 72% of home improvement projects are financed, according to a recent study commissioned by Regions. Offering financing can help you close more jobs.
• Expectation: Homeowners only finance when they have no other option
  Reality: Customers value flexibility and convenience — even those with cash on hand.
• Expectation: Adding financing slows down sales
  Reality: Modern tools make financing fast and paperless, with fast credit decisions and ACH payments keeping your cash flow humming.
• Expectation: Getting help will be difficult
  Reality: Our dedicated relationship managers provide ongoing support for loans, marketing, and training.

Best practices for promoting financing

Mention payment options at these three touchpoints:

1. Marketing materials — Stand out from competitors.
2. Sales appointment setup — Build trust early.
3. During the bid — Reduce sticker shock and increase close rates.

Why choose Regions Home Improvement Financing?

• Comprehensive onboarding — Training for your team and ongoing support.
• Dedicated relationship manager — Personalized assistance for your business.
• Easy-to-use technology — Ranked #1 for ease of use in 2023, according to a 2023 contractor survey conducted by Regions.
• 20+ years of experience — Proven expertise in contractor financing.

Benefits of offering financing

• Boost close rates — Close more jobs during the first bid.
• Grow average project size — Take on larger, more profitable projects.
• Increase leads — Attract customers with flexible payment options.
• Improve cash flow — Faster payments via ACH.
• Reduce cancellations — Customers commit when financing is available.
• Eliminate discounting — Overcome price objections without cutting margins.

Ready to Grow Your Business?

Learn more about contractor financing programs and start offering flexible payment options today. Fill out this form to get started.