- Funding
- $120K
- Product
- Term Loan
- Industry
- Construction
- Location
- Calgary, AB
Winning a bigger contract by financing the equipment to deliver it.
“We won a contract that needed gear we didn’t have yet. North Lending funded it in days, and the payments lined up with the project draws.”
Cormier Contracting had a chance to bid on its largest commercial job yet — but delivering it meant buying a skid steer and a compact excavator the crew didn’t own. Daniel didn’t want to win the contract and then scramble for the machines.
North Lending structured a $120,000 term loan against the equipment with a repayment schedule timed to the project’s progress draws, so the loan was funding work that was already generating revenue rather than sitting idle on the books.
“I’ve dealt with banks where the answer takes three weeks and then it’s no,” Daniel says. “Here I had a real person, a clear number, and the money in time to actually start.”
The job finished on schedule, the new equipment has since paid for itself on two more contracts, and Cormier Contracting has grown from a six-person crew to eleven.