Every building you've stepped foot into has encountered unwelcome guests; we don't mean in-laws, but pests such as bugs and rodents. This increase in problems calls for a rise in extermination requests across the country.

Pest control businesses are ready to help! They have the professionalism and tools to help people rid themselves of bed bugs, roaches, rodents, bees, etc. The global industry was at a market size of $19.73 billion in 2019 and is projected to reach $31.94 billion by 2027.

Owners of a pest control company understand it takes more than one fumigation to become a successful business with a list of loyal customers. A pest control company needs a well-trained team of exterminators, supplies, transportation, scheduling software, safety equipment, and a good marketing and administrative plan to keep the business running. Working capital is needed to manage day-to-day expenses, payroll, inventory purchases, etc.

To keep up with industry trends and the demands of new infestations, businesses will often utilize business funding options to help fund their endeavors. Various loan options are available to support and expand a pest control company to new horizons with ease.

First Union Lending has provided funds to thousands of businesses run by passionate owners who strive and deliver high-quality service to their clients. We are ready to help small and growing pest control businesses attain the necessary funds to succeed.

What is a Connecticut Pest Control Business Loan?

A Connecticut pest control business loan is an industry-specific loan that provides funds to pest control companies needing financial assistance. These loans provide funds to manage the capital flow and cover day-to-day expenses, marketing expenses, payroll, etc.

For a quick application time and budget, pest control businesses in Connecticutoften turn to non-traditional lenders to acquire the funds needed to manage their business successfully. Traditional lenders and banks provide financing, but companies may endure an extensive waiting period. While their services are always in high demand, there may be a time when the company needs funding quickly to cover emergency expenses.

There are various loan options that small and growing companies can use to help your business thrive! First Union Lending is here to help! Owners of pest control companies will utilize these funds to cover payroll, travel, supplies, and marketing to streamline their business.

Types of Pest Control Business Loans

Several business loans are available to help qualify small and growing dance studios. These include:

SBA Loans: Partly guaranteed by the U.S. Small Business Administration, traditional and non-traditional lenders offer SBA loans. The program provides highly flexible rates and terms ideal for small businesses. Several variations of SBA loans help well-established hotels and motels looking to expand.

Businesses must meet the following requirements to be eligible:

• Operate for profit
• Be considered a small business, as defined by the SBA
• Be engaged in, propose to do business in, the United States or its possessions
• Used alternative financial resources, including personal assets, before seeking financial assistance
• Use the funds for a sound business purpose
• Not be delinquent on any existing debt obligations to the U.S. Government.

Listed below are types of SBA loans that can benefit an e-commerce business:

SBA 7(a) loans: 7(a) loans are the most common within the SBA family. With access to up to $5 million in working capital for 25 years, these loans are typically adequate for most industries. Interest rates are between 7-8% depending on trade and the nature of your business. Most businesses who opt-in for an SBA loan will fall under this 7(a) category.

SBA 504/CDC loans: 504 loans are particular. It provides long-term, fixed-rate financing through Certified Development Companies (CDCs), SBA's community-based partners who regulate nonprofits and promote economic development within their communities. If your business needs to purchase commercial real estate or perhaps a large piece of equipment, this may be the ideal loan program. Borrowers may need to provide 20% of the loan's total value, the SBA provides 40%, and the lender will give the rest. The cap on this type of loan is generally $5 million.

Businesses must meet the following requirements to be eligible:

• Have a tangible net worth of less than $15 million
• Have an average net income of less than $5 million after federal income taxes for two years preceding your application

Business Lines of Credit: Banks, financial institutions, and other licensed consumer lenders extend credit to creditworthy customers to address fluctuating cash flow needs of the customer. The maximum amount of funds a customer can draw from a line of credit is typically called the credit limit or overdraft limit.

At a minimum, lenders will require your business to be operational for at least six months and able to earn $25,000 in revenue. A minimum credit score of 500 or higher may be required to qualify, depending on the lender. By partnering with non-traditional lenders, companies can obtain their business line of credit within days.

Short-term Loans : Short-term business loans can be highly beneficial during a growth period, fluctuating cash flow times, or a need for seasonal purchasing. Long-term

business loans: typically include more significant funding amounts and lower interest rates and payments. If you know that taking the loan will put you in a position to pay back the loan quickly, a short-term loan may be the solution.

The application process requires proof of ownership of your business, financial statements, tax information, P&L statements, and a copy of your driver's license. Lenders will check your business and personal credit as well. Once approved, companies can obtain their funds within 1-2 business days.

Equipment Financing: Equipment loans provide the funds for companies to buy business-related equipment.

Equipment can include phone systems, computer monitors, printers, copiers, tools, specialized software, etc. Most lenders will require three years of tax returns for the business, the purchase agreement of the equipment, personal financial statements, and identification from each owner.

Inventory financing: Inventory financing allows you to replenish your stock without utilizing additional collateral. This type of business funding works well for retail shops that need to place large inventory purchases to keep their business streamlined with the current trends on the market.

Most lenders will require businesses to be up and running for six months to a year to qualify.

How to Apply for Pest Control Business Loans in Connecticut: Requirements and Getting Started

If your well-established pest control company has reached a point where funds are required to fund new business initiatives, acquiring a small business loan may be the best option.

First Union Lending is here to help you push your business to new horizons.

Submit your business information below to determine if you qualify for any available small business loans or financing options. Our Funding Specialists will analyze your qualifications and will reach out to walk you through our application process.

While each of the available loans has varying qualifications, we will typically ask for the following general information:

• Business Operation History
• Business Revenue Statements
• Personal & Business Credit Scores
• Possible Collateral if needed

Traditional lenders and banks often involve collaterals and strict repayment schedules - creating stress for borrowers in need of cash for business growth. Online lenders like First Union Lending provide businesses with the funds required to succeed.

If you have any questions in regards to dance studio business loans, feel free to give us a call: 863-825-5626

Advantages of Pest Control Business Loans in Connecticut

Not only can these funding options provide businesses with working capital, but they can also offer other perks that can benefit your business in the long term. Most business loans offer competitive interest rates, predictable monthly payments, and credit-building opportunities. Build your business credit while utilizing the working capital to fuel your client projects and business endeavors.

These loans allow successful business owners to invest and accelerate their growth. Keep your business moving forward by utilizing a business loan made to help you.

Choose First Union Lending As Your Premier Lender

At First Union Lending, we believe that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring about conducting business. We have acquired much of the same licensing traditional banks require to cement our fiduciary responsibility to our clients and work culture.

We are here to consult, help you save, and guide your business to success.