Contractor financing covers the equipment, materials and wages builders pay before they are paid. Halespring Business Capital, a small-business funding broker in Gastonia, North Carolina, helps Gaston County's 510 construction employers and many solo trades compare equipment financing, lines of credit and working capital, then introduces requests to lending partners, which decide and set rates and terms.
| Construction employers | 510 in Gaston County, 4,258 paid employees (Census CBP 2023) |
|---|---|
| Small firms | 332 of them, 65.1 percent, had fewer than five employees |
| Specialty trades | 363 employer establishments; building construction 124 |
| No-employee contractors | 2,269 construction businesses with no paid staff (Census NES 2024) |
| Residential permits | 2,343 new units authorized in 2025 (Census BPS) |
| Who decides | Lending partners, not Halespring Business Capital |
Construction in Gaston County, NC
Gaston County had 510 construction employer establishments in 2023, with 4,258 paid employees and an annual payroll of about $263.4 million (U.S. Census Bureau, County Business Patterns 2023). Most were specialty trade contractors such as electricians, plumbers, HVAC, roofing and concrete firms: 363 establishments. Builders of buildings, both residential and commercial, numbered 124, and 79.8 percent of them had fewer than five employees.
The smallest contractors do not show up in those counts. Another 2,269 construction businesses operated with no paid employees in 2024, 1,638 of them specialty trades (U.S. Census Bureau, Nonemployer Statistics 2024). The employer and nonemployer counts come from different programs and years, so they should be read side by side, not added together.
Building activity behind the work
New residential units authorized by building permits in Gaston County rose from 1,578 in 2023 to 2,069 in 2024 and 2,343 in 2025, and 2,153 of the 2025 units were in single-unit buildings (U.S. Census Bureau, Building Permits Survey). Permits are not completed homes and say nothing about any one contractor's prospects, but they do show the volume of residential work being authorized in the county.
Three costs, three structures
| Cost | What usually fits | Why |
|---|---|---|
| A skid steer, mini excavator, trailer or lift | Equipment financing | The machine secures the funding and earns over years |
| Materials and wages ahead of each draw | A revolving line of credit | Draw for each job, repay when paid, draw again |
| One large gap on a single contract | Working capital financing | A defined sum repaid when the contract pays |
A merchant cash advance is not a loan, and it rarely suits contractors whose revenue arrives in large, irregular checks rather than steady card sales.
What is construction financing?
The phrase is used two ways. To a property developer, construction financing means a loan to build a specific building, released in draws as work is inspected; those loans come from banks and specialist lenders and are outside what Halespring Business Capital arranges. To a contractor, it means funding the business that does the building: its equipment, its payroll and its materials. This page is about the second meaning.
Working capital for construction companies
Contractors often wait for money they have already earned. A general contractor pays subcontractors after it is paid; owners may hold back part of each payment until the job is finished; change orders are disputed. Meanwhile, crews are paid weekly. Working capital or a line of credit can carry that gap when it has a clear end. Partners will want to see the contracts, the payment terms and the business's bank statements.
Government and public-work contractors
Public projects often pay on a fixed schedule after inspection and paperwork, which can mean longer waits than private work. Contractors bidding on North Carolina state or local work should read our guide to the HUB certification change and the NC Small Business Enterprise program; certification status does not affect what a lending partner offers, but contract terms do.
Questions a contractor should ask before signing
- Will the partner file a UCC financing statement on this machine only, or on all business assets? A blanket filing can block the next equipment purchase.
- Can the machine be sold or traded in before the loan is paid off, and how is the payoff calculated?
- Does a missed payment on this loan count as a default on any other loan with the same partner?
- Is there a personal guarantee, and does it cover only this loan?
- For a lease, what does the end-of-term buyout cost, and who insures and maintains the machine?
Ask for the answers in writing. A partner that will not put them in writing before you sign is telling you something about how the relationship will go.
Records contractors already have
- An equipment list with purchase dates and costs, the same kind of record kept for the Gaston County business personal property listing.
- Current contracts, with payment terms and any amounts held back until completion.
- Bank statements for the business and the last tax returns filed.
- The dealer's quote or the private seller's bill of sale and serial number.
The Gastonia, NC page lists free advising and county resources, and funding by sector covers the other sectors our partners fund.
By Halespring Business Capital · Updated
