Swimming Pool Industry Hugely Crippled by Unavailable Loans
Nation’s Economy - Greatly Affecting Small Businesses
six decades, there are many companies that are greatly affected, but go unpublicized~A large quantity of industries and small businesses are suffering indirectly because of the national recession~The largest recession that U.S. residents and companies have seen in the past 5 decades continues to indirectly affect many small businesses}. The major focus has been on the housing market, financing, stock market, and the banking business. Many major U.S. owned businesses, that employ millions of Americans, are also being affected by the recent drop in these huge industries.
Experts will concur that the housing industry has taken a huge blow, and the housing in Phoenix, Arizona lies at the center of this issue. Property values are down by twenty to fifty percent, while in some extreme instances, home values are 1/2 of what they were just twenty four months prior. Home foreclosures are on the rise, repossessions are common place, and people are just walking away from their homes because of lack of home equity.
Just when Americans think they have not been affected by this national recession, they find out they are mistaking. Many homeowners who are looking to improve their property in some way often need financial assistance of some form. Home improvement loans of this type can generally be obtained through relationships with your local credit union, banker, or credit agency. Swimming pool, landscape, and home improvement companies have not had the fortune of getting it’s prospecting buyers approved for these loans.
One of the largest businesses hit in Phoenix has been the swimming pool construction business, who mainly relies on financing and home improvement loans for potential buyers. Financing enables buyers to invest the money they desire into each project, and without a loan, buyers simply invest much less money or don’t build at all. Many Phoenix pool companies have closed their companies, while others have down-sized, tightened their check books, and spread out into other areas of construction. Motivated pool companies have diversified into other venues such as pool remodeling, general construction, and even landscaping. Some general contracting companies and home remodelers have switched entire industries, giving a go at completely un-related fields of work. In an attempt to produce additional money, many Arizona Landscape Companies are expanding into fields such as water features, travertine patios, Phoenix Ramadas & Pergolas, and outdoor kitchens.
Unique Landscapes and Custom Pools, a pool and landscape Phoenix contractor, figured out how to diversify it’s products and services many years ago. Unique is able to offer its customers many different options and services in the home improvement industry because of it’s diversity as a Phoenix pool company, general contractor, and landscaping contractor. By offering many different components of our swimming pools and landscape services to our clients, we’ve been able to keep busy during these tough times - simply by diversification. The drawbacks have come about with the inability for these potential customers to gain these home-improvement loans or financial assistance.”
“It’s difficult to think about all the money that was given to banking industry just a few months ago for these types of loans, and now it’s near impossible for our customers, who want to spend money, to get this aid” remarks owner Chris Griffin, of Unique Landscapes and Custom Pools in Mesa, AZ. It would be great for the economists to offer a little advice for the struggling construction companies, who are also suffering in this recession. “Pool financing in Phoenix is getting better” remarks Griffin, “I can’t quite see the end of the tunnel, but I can faintly see the light”.