Billd has announced a partnership with ConstructConnect, aiming to enhance bid strategies for trade contractors by providing access to project financing solutions. This collaboration will allow subcontractors using ConstructConnect to secure approval on financing more easily, increasing their competitiveness and enabling them to take on additional projects.
The partnership integrates Billd's financing offerings into the services available to trade contractors through ConstructConnect. This integration allows contractors to plan their financial strategies effectively, reducing risks associated with negative cash flow during project execution. By offering upfront cash solutions for materials, approved customers can lock in essential materials once projects are won, mitigating financial risks from market fluctuations and delays.
Jon Kost, Chief Strategy Officer of ConstructConnect, stated, “Subcontractors have long struggled to gain access to working capital to maintain and grow business through traditional financial institutions.” He emphasized that this partnership provides subcontractors with opportunities for material and labor payment financing while awaiting payment for completed work.
Billd aims to align its financing terms with payment cycles in the construction industry. Contractors often face delayed payments, averaging over 83 days. A survey conducted by Billd revealed that 66% of contractors pay for materials and 82% pay for labor before receiving payment. The company seeks to alleviate these financial burdens through cash flow solutions.
Chris Doyle, CEO of Billd, expressed enthusiasm about the partnership: “The lack of access to finance resources has shortchanged trade contractors for decades... Together we will increase bidding confidence and support execution.”
For further information on the new integration and special financing offers, interested parties can contact grow@billd.com.