It may be the time to reconsider that building expansion project. The recent economic downturn had created a “financing crunch.” Business owners may have applied for construction financing and received “no,” essentially a victim of circumstances as the financing environment was significantly challenged. With the worst of the downturn behind us, financing for commercial construction has become more readily available over the past 12 months.
Many businesses have prevailed through the challenges. They have maintained their successful backlogs and driven operational efficiencies throughout their organizations. This has created a pent-up demand for commercial and industrial expansions.
The current financing environment has improved significantly. Financial institutions are in a lending mode. Lending terms and rates remain historically favorable. Economic development incentives remain available, especially when coupled with job creation. Consider revisiting your construction financing needs today.
Paul B. Belschner, CPA/MBA, President and CFO
Smet Construction Services Corp.