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With the current downturn in the economy anchored to the sinking housing sector, the country is in the midst of some hard times for contractors. Profit margins are shrinking, sales volumes are tumbling, capital is disappearing while overhead costs are increasing and the availability of qualified labor has become an even greater issue.
With all these concerns weighing on the construction industry and lending to the discouraging failure rate, there is an evolving need for greater diligence by credit grantors. The harsh reality is that, statistically, most credit professionals will find that more than a third of their customers in the ...