Posts Tagged ‘swimming pool financing’
Lack of Financing has Huge Effect on Pool and Spa Businesses
Nation’s Economy – Greatly Affecting Small Businesses
six decades, there are many industries that are adversely affected, but go undiscussed~A large quantity of industries and small businesses are struggling indirectly because of this nation’s economic recession~The largest recession that U.S. residents and businesses have seen in the past sixty years continues to indirectly affect many industries}. The housing market and stock market have been some of the most talked about issues, while the banking and financing business follows a tight second. Many of these industries are inter-related in some way, but many major industries that affect millions of Americans are not far off.
On of the most affected areas of the country is Phoenix, AZ, which most will concur has suffered great losses in home values. Financial assistance applicants are quickly finding out that their home is valued at 20 to 40% less than what it was just 24 months before. Lack of home equity has caused many owners to just walk away from their homes, in fact, bank foreclosures are at their highest ever.
Just when Americans think they have not been affected by this national recession, they find out they are incorrect. By keeping their money out of the stock market, many homeowners desire to keep their money in their homes and home improvements. This home improvement loan generally comes from a local bank, credit union, or credit agency. As of lately, most potential buyers have not had these financing programs available for many home improvements, swimming pools, or landscape projects.
One of the largest industries hit in Phoenix has been the pool and spa construction business, who mainly relies on financing and home improvement loans for customers. Without the aid of financial loans, these buyers are either unable to purchase a swimming pool, or end up purchasing a much smaller, less-expensive pool. Many Phoenix pool companies have closed their doors, while others have down-sized, tightened their spending, and diversified into other venues of construction. Some pool and spa companies have diversified into other venues such as pool remodeling, general construction, and even landscaping. General contractors have entirely gone into other fields, such as sales, marketing, or consulting. By offering other landscape features such as outdoor kitchens, Phoenix barbecue grills, fire pits, and paver patios, many Phoenix Landscaping Contractors are producing additional money.
Unique Landscapes and Custom Pools, a pool and landscape Phoenix contractor, figured out how to diversify it’s products and services many years ago. As Phoenix landscape and pool builders, along with a general contractor license, Unique Companies are able to provide its customers with many facets of residential landscaping and swimming pools. “By diversifying several years ago into swimming pools, landscaping and general construction, our construction company has been able to keep our heads above water during these difficult times. However, the inability for our serious customers to get construction lending or loans has been devastating.”
“It’s difficult to think about all the money that was given to banking industry just a year ago for these loans, and now it’s difficult for our customers, who want to buy our products, to get this aid” remarks business owner Chris Griffin, of Unique Landscapes and Custom Pools in Mesa, AZ. Maybe it’s time for the government to look a little further into some of the struggles of the smaller companies that are greatly affected by this struggling economy. “Phoenix pool financing is getting better” remarks Griffin, “I can’t quite see the end of the tunnel, but I can faintly see the light”.