The nonprofit lender DreamSpring has introduced a new loan product to help contractors move projects ahead despite rising costs. The Fast Forward loan, which provides short-term financing for 1-3 months at 0% interest, is specifically for contractors, service providers, project-based businesses, and construction industry businesses. Funds can be used for working capital to complete projects or get new initiatives off the ground.
Project-based contractors need access to capital for equipment, hiring, inventory, and transportation costs associated with each project. DreamSpring is partnering with the U.S. Economic Development Administration to offer the Fast Forward* loan, enabling contractors to complete projects on time and on budget.
The 0% loan program offers up to $10,000 to eligible borrowers. Program participants must have a minimum credit score of 650, and borrowers will be asked to submit a project cost breakdown, executed contract, and profit projection.
Fast Forward helps contractors purchase new tools and equipment, re-stock consumables and building materials, hire subcontractors and skilled laborers, and add to inventory. Investments in marketing collateral and website services, purchase of a company vehicle, and technology purchases are also eligible under the program.
Fast Forward is one of several loan products DreamSpring offers to small business owners. DreamSpring offers flexible small business loans and lines of credit to help businesses grow.
*DreamSpring operates in multiple states, however, the Fast Forward loan is only available to businesses in New Mexico and Texas.