How Staten Island Contractors Finance Equipment and Bigger Jobs

Short answer: Staten Island contractors usually finance excavators, trucks and tools with equipment financing, bridge the gap between progress payments with a business line of credit or revenue-based financing, and use term or SBA loans to add a yard, hire crews or buy out a partner. Lenders look at backlog, signed contracts, receivables, licensing and insurance.

At a glance

Nearest office: 2 Hudson Place, Hoboken, NJ
Best for equipment: Equipment financing, $10,000 to $10,000,000
Best between draws: Line of credit up to $1,000,000 or revenue-based financing
Best for growth: Term loan or SBA 7(a) up to $5M
NexGen amounts: $10,000 to $20,000,000 across programs
Approval speed: Typically 1 to 24 hours for many programs

Staten Island contractors build, repair and maintain a borough of mostly one- and two-family homes, small commercial strips and a steady stream of renovation work, from St. George and the North Shore down to Tottenville. General contractors, roofers, masons, electricians, plumbers, HVAC techs and excavation crews all share the same problem: materials, labor and equipment are due long before the customer or general contractor pays.

This guide covers how Staten Island contractors finance equipment and take on bigger jobs without running out of cash. We’re NexGen Lending, a business funding company based at 2 Hudson Place in Hoboken, New Jersey, and serving Staten Island businesses by phone and online. For the industry-wide view, see our construction financing guide.

What is the best financing for a Staten Island contractor?

Short answer: Equipment financing is usually best for machinery and vehicles because the equipment secures the loan. A line of credit or revenue-based financing covers materials and payroll between draws, and a term or SBA loan suits one-time growth like a new yard, a shop or buying another contractor.

Need	Best fit	Why it works
Excavators, skid steers, dump trucks, vans	Equipment financing	The equipment is the collateral; up to 100% financing for qualified borrowers
Materials and payroll before draws	Business line of credit	Draw when a job starts, repay as payments arrive
Slow-paying GCs and commercial clients	Revenue-based financing	Covers costs while you wait, with payments that flex with revenue
Tapping equity in a yard, shop or home you own	Real estate funding	Secured by the property
A yard, shop or partner buyout	Term loan or SBA 7(a)	Longer terms and predictable payments

How do contractors cover costs before progress payments arrive?

Short answer: Most contractors keep a business line of credit open to buy materials and meet payroll when a job starts, then repay it as progress payments come in. Contractors who work for general contractors or commercial owners on long payment terms often add revenue-based financing, with payments that flex as invoices are paid.

The gap is real on almost every job. You order lumber, roofing or block, schedule the crew and rent what you don’t own, then wait for a draw that may arrive weeks later, minus any amount held back until completion. NexGen’s line of credit goes up to $1,000,000 for businesses with 12+ months in business, $10,000+ in monthly revenue and a 650+ credit score.

What is retainage? Retainage is the part of each progress payment, often a percentage, that the owner or general contractor holds until the job is finished and accepted. It’s money you’ve earned but won’t see for a while, so plan your working capital around it.

Should a Staten Island contractor buy or rent heavy equipment?

Short answer: If you use a machine on most jobs, owning it is often cheaper over time and guarantees it’s available when you need it. Renting makes more sense for equipment you need only occasionally. Compare the monthly loan payment against what you spend on rentals each year.

Owning your equipment can also make your bids more competitive, since you’re not building rental costs into every job. Used equipment from reputable sellers can often be financed too; lenders will ask for the make, model, year, hours and condition.

What do lenders look for in a contractor?

Short answer: Lenders look at time in business, monthly and annual revenue, personal credit, signed contracts and backlog, accounts receivable, licensing and insurance. A clear work-in-progress schedule showing what’s been billed and what’s left to collect makes approval much easier.

Time in business, often 12 months or more
Revenue, with an understanding that deposits can be uneven
Personal credit score
Backlog, signed contracts and a work-in-progress schedule
Accounts receivable aging, including retainage owed to you
Required New York City licenses, permits and insurance in good standing
Equipment quotes for equipment financing

How do I qualify for contractor financing on Staten Island?

Short answer: Keep a current work-in-progress schedule, bring signed contracts, get written equipment quotes, keep your licensing and insurance current, run all deposits through a business account and apply before a big job starts. Lenders approve faster when they can see exactly how the job repays the financing.

Track jobs separately. Job costing shows lenders which work is profitable.
Keep paperwork current. Licenses, insurance certificates and any required NYC Department of Buildings permits for your work. Check current requirements with the city.
Get quotes. Make, model, year and price help size equipment financing quickly.
Apply before you mobilize. Line up a line of credit while your deposits are strong.
Compare offers. See how NexGen compares lender offers.

Where can Staten Island contractors get free help?

Short answer: The New York Small Business Development Center at the College of Staten Island offers free advising on financials and loan applications, NYC Small Business Services helps with city programs and rules, and the SBA’s Lender Match tool connects you with SBA lenders. Check each for current availability.

How fast can a contractor get funded?

Short answer: Through NexGen, many programs approve in 1 to 24 hours, and equipment and working capital can fund shortly after approval. SBA loans and real estate funding take longer because of appraisals, reviews and documentation.

Frequently asked questions

Can a new contracting business get financing?

Yes, though options are narrower. Equipment financing secured by the machine and SBA microloans up to $50,000 are common starting points. Experience in the trade helps a lot.

Can I finance a work truck or van?

Yes. Work trucks, vans and trailers are commonly financed with equipment financing, with the vehicle securing the loan.

How can subcontractors handle slow-paying general contractors?

Many subs keep a business line of credit open to cover payroll and materials while waiting on GC payments. Subs with less history or credit under 650 often start with revenue-based financing, which starts at a 500 credit score.

What if my credit isn’t perfect?

Equipment financing leans on the equipment as collateral, and revenue-based financing leans on your deposits. NexGen’s credit minimums are 500 for revenue-based financing, 650 for most programs and 700 for SBA loans.

Do you fund contractors outside Staten Island?

Yes. We fund contractors across New York City, New Jersey and nationwide. New Jersey contractors can read how New Jersey contractors finance equipment and bigger jobs.

How much can a contractor borrow?

Through NexGen, programs range from $10,000 to $20,000,000, and equipment financing runs from $10,000 to $10,000,000, depending on revenue, credit and the type of financing.

Ready to bid bigger jobs? Apply now or call (908) 639-4361. Funding your tomorrow, today.

This article is for general informational purposes only and is not financial, legal, or tax advice. Licensing, permit and public program requirements change; check each agency and organization for current details. NexGen figures come from NexGen’s service pages as of October 2026. Loan terms, rates, and eligibility vary by lender and program and are subject to approval.