FOR PLUMBING COMPANIES
Plumbing companies carry real costs between the job and the payment: stocked trucks, pipe and fixtures, licensed technicians and the 24/7 crew for emergency calls. Commercial and new-construction work can take 30 days or more to pay. Clear helps residential, commercial and service plumbers get working capital from 100+ lenders, with funding in as little as 1 to 2 days, so cash flow never decides which jobs you can take.
One of my major vendors was slow to pay and I was having a hard time making payroll. Clear was able to quickly get me approved for a merchant cash advance. The terms were much better than I found elsewhere and I had funds in my account the very next day. Thank you Clear!
Common uses include stocking service trucks, buying materials for large commercial or new-construction jobs, hiring licensed plumbers and apprentices, adding drain, water heater or remodeling services, and covering payroll while builders and property managers pay their invoices. There are no restrictions on the use of funds for merchant cash advances and short term loans.
Merchant cash advances and short term loans can fund within 1 to 2 days of approval, and it is not uncommon for clients to receive funds the next day. You typically need only a completed application and your 3 most recent business bank statements.
A short term loan offers up to $5 million over 6 to 36 months with interest from 11%, and generally needs a 600+ FICO score. A merchant cash advance is our easiest product to get approved for (500+ FICO) and offers up to $2 million over 3 to 24 months, priced with a factor rate from 1.14 instead of an interest rate. A Clear loan advisor can compare offers side by side so you can choose.
A short term loan or merchant cash advance can bridge the gap while you wait on payment. If you carry a large balance of reliable receivables, an asset-based loan can use them as collateral for up to $10 million at rates from 7%, though underwriting can take up to 90 days.
Often, yes. A merchant cash advance can work with a FICO score of 500 or higher because approval is driven mainly by your revenue and bank deposits. Short term loans generally need 600+, and lines of credit 650+.
Yes. Merchant cash advances and short term loans can be used for any business purpose, including a down payment on a truck, a jetter or a camera inspection system.
For many plumbing companies, yes. With 12 months in business, $400,000+ in annual revenue and a 650+ FICO score, a line of credit of up to $250,000 is there when a big emergency job needs materials today, and you pay interest only on what you draw.
Merchant cash advance payments are made daily (Monday to Friday), weekly or semi-monthly by automatic ACH withdrawal, and are normally tied to a percentage of your sales. Short term loan payments are fixed and made weekly or monthly.
Clear is a business loan marketplace with 100+ lenders. One application lets you compare offers, and a dedicated loan advisor helps you choose the terms that fit your jobs. See how a plumbing company upgraded with an asset-based loan, or read about financing for construction companies and contractors.
