Asphalt Business Financing Solutions

Klarna

Available in United States and Canada

•  Monthly payment option available on orders $250 – $10,000
• Select payments from 6,12, 18, 24, or 36 months
• APRs from 0–24% (most will be approved for 0–8%)
• Only require last 4 of SSN
• No hard credit checks, will not affect credit score
• For Canada only: Order total (including shipping and taxes) must not exceed $4,000 CAD
• For Canada: Must be approved by Klarna and order must be within the personal spending limit
  
  

   
  
   

Paramount Financial

The Importance of Asphalt Financing

Financing plays a crucial role in both starting and growing an asphalt business. For new contractors, getting fresh funds can mean the difference between getting off the ground or staying stuck on the launchpad. For those already in the industry, financing gives you the power to purchase new equipment, cover operational costs, and expand your fleet to take on bigger, more lucrative jobs.

Without proper financing, growth is stunted, and opportunities are missed, making it harder to reach your ultimate goal of financial freedom. With the right financial support, you can take on larger projects, work more efficiently, and hugely boost your profitability. By truly understanding your financing options, you can start to make genuinely smart decisions that help your business thrive and bring you closer to achieving long-term success.

Let’s take a look at the ins and outs of asphalt financing, and how you can use it (smartly) to fuel your dreams. 

Types of Asphalt Financing

U.S. Government Small Business Loans for Asphalt Financing

The U.S. Small Business Administration (SBA) offers several loan programs that can be a real game-changer for small businesses, including those in the asphalt industry:

A big advantage of SBA loans is that the SBA guarantees a portion of your loan, reducing the risk for lenders and making it easier for you to get approved. These loans come with great terms and can be used for buying equipment, covering operating costs, or expanding your business. The application process is straightforward, and these loans can provide the boost you need to get started or grow your business.

ClickLease for Asphalt Financing

ClickLease is a solid option for financing asphalt equipment, especially for those with, let’s say, less-than-perfect credit. As a partner of Asphalt Kingdom, ClickLease offers:

When you shop for asphalt equipment at the Asphalt Kingdom website, you have the option to click "Apply Now" if you want to finance it via ClickLease. 

To learn more about the ClickLease and Asphalt Kingdom partnership and what it can do for asphalt maintenance contractors, you can learn more about asphalt business financing through ClickLease.

PayPal Loans for Asphalt Financing

PayPal offers two types of loans that can be handy for asphalt contractors:

• PayPal Working Capital Loans: These loans are geared towards users who have been using their PayPal Premier and Business accounts for more than three months. They offer quick access to funds, with a simple application process and no credit check required. Repayments are made as a percentage of your PayPal sales, which can help manage cash flow.
• PayPal Business Loans: These require a minimum credit score and provide larger loan amounts with structured repayment terms. They are ideal for more substantial funding needs and offer predictable monthly payments.
  
  

Bank Loans for Asphalt Financing

Traditional bank loans are another option for asphalt contractors. Banks offer many solutions, such as:

While banks provide competitive interest rates, the application process can be lengthy and needs detailed documentation, including business plans, credit scores, and collateral. So it’s really just a question of how hard you want to work to secure those lower interest rates. 

Credit Cards for Asphalt Financing

Using personal or business credit cards can be a quick and convenient way to finance small equipment purchases and cover other expenses. In fact, It’s standard practice for many businesses to purchase essential equipment like crack fill machines or infrared asphalt heaters through their credit card. Some benefits include:

• Building Credit History: Responsible use can help improve your credit score.
• Rewards and Cashback: Many cards offer rewards programs that can provide additional value.

However, you have to be aware — high interest rates and potential debt accumulation are important risks, so it's crucial to manage credit card use carefully.

If you want to read about these asphalt financing options in more detail, check out our article How to Finance a New Business in the Asphalt Maintenance Industry.

Asphalt Financing for New Contractors

Starting your own asphalt business often means dipping into your own savings. According to the Chamber of Commerce, 75 to 80% of small business entrepreneurs use their own money to fund their ventures. However, financing, when done wisely, can be a great way to kickstart your business without draining your personal funds. Here’s how you can use financing effectively:

Asphalt Financing for Business Expansion

Upgrading Your Equipment Through Asphalt Financing

Upgrading your equipment can hugely improve your operational efficiency and output. Investing in newer, higher-capacity equipment or more efficient tools lets you take on larger projects and complete jobs faster, which will ultimately, boost your profitability. Financing options specifically for equipment upgrades include equipment loans and leases, which spread the cost over time and free up cash flow for other business needs.

Expanding Your Fleet Through Asphalt Financing

Expanding your fleet is key to growing your business and handling more jobs. Financing options for getting new trucks and equipment include:

• Equipment Loans: Provide the funds needed to buy new vehicles and equipment, with flexible repayment terms.
• Leasing Options: This lets you use the latest equipment without a large upfront cost, with the option to buy at the end of the lease term.

Using these financing options, you can expand your operations and take on more profitable projects, driving your business toward greater success.

Practical Tips for Successful Financing

Getting good financing deals for your asphalt business can be a smooth process if you follow these straightforward tips:

• Maintain Good Credit: A good credit score increases your chances of approval and better loan terms.
• Prepare a Detailed Business Plan: Create a solid business plan to show lenders your business goals, financial projections, and how you plan to use the funds.
• Keep Accurate Financial Records: Lenders need to see your financial history, so keep everything organized and up to date.
• Consult with Financial Advisors: Getting expert advice can help you choose the best financing options and manage your loans wisely and with a mind for the future.

Don't let interest get in the way of growing to the next level. It's an investment in your business's future. Get the support you need to succeed.