Industry
Progress draws on 30-60 day terms against weekly payroll and up-front materials.
✓ Checking what you qualify for does not affect your credit score.
Construction companies in New York City are classified under Construction of Buildings and Specialty Trade Contractors, an eligible category. Industry is therefore not the question; the four things every file is read on are. Commercial and institutional building and specialty trades are eligible. New residential construction and residential remodelling are restricted.
Progress draws on 30-60 day terms against weekly payroll and up-front materials.
In New York City that usually means capital goes to materials for a signed contract, payroll between draws, equipment, bonding support.
New York City runs on the densest small-business market in the country, with rent and payroll costs to match.
New York carries extra restrictions on the revenue-based tier here; the line of credit and term loan are unaffected.
New York winters are hard enough to remove months from the working year, so a construction companie account in New York City is read on the twelve-month average rather than the trough.
Storm-driven work in the New York City area arrives in surges and settles on the insurer’s timetable, which is the gap capital usually has to cover.
State contractor licensing applies in most states.
Tier 1: 650 FICO, 3 years in business, $300,000 a year or $25,000 a month, 8+ monthly deposits.
Tier 2: 600 FICO, 6 months in business, $60,000 revenue, $800 minimum daily balance.
Renewal: 550 FICO, 2 years in business, once 50% of the original balance is repaid.
The minimum FICO is 500. The 650/600/550 tiers are product criteria that decide which product a file is read against, not a floor on the business. Scores in the 500s are placed routinely and are read on revenue, deposit consistency and time in business rather than on the score alone.
Yes. Commercial and institutional building and specialty trades are eligible. New residential construction and residential remodelling are restricted.
The minimum FICO is 500. The 650/600/550 tiers are product criteria that decide which product a file is read against, not a floor on the business. Scores in the 500s are placed routinely and are read on revenue, deposit consistency and time in business rather than on the score alone.
Same-day decision and next business day funding on a complete file.
Weather and permit cycles drive it; winter is the constraint in northern states. Underwriting reads the average and the deposit count, not the peak month.
Same-day decision. Applying takes a few minutes and will not affect your credit score.
