Billd has announced a partnership with ConstructConnect to offer trade contractors access to project financing solutions. This collaboration aims to reduce barriers for subcontractors seeking approval on financing, enhancing their bid strategies and competitiveness.
Billd's financing services will now be available to trade contractors using ConstructConnect's platform, allowing them to plan financial strategies for new projects. The goal is to mitigate risks related to cash flow issues that can arise during project execution. By providing upfront cash solutions for materials, approved customers can secure necessary resources as soon as they win projects, addressing challenges like market fluctuations and lead time delays.
Jon Kost, Chief Strategy Officer of ConstructConnect, highlighted the difficulties subcontractors face in accessing working capital through traditional financial institutions. He stated, "Our partnership with Billd informs subcontractors about the opportunity to secure material and labor payment financing while they wait for payment on work already completed."
A report from Billd revealed that many contractors pay for materials and labor before receiving payments for their work. Billd offers cash flow solutions that help alleviate this burden by aligning financing terms with payment cycles.
Chris Doyle, CEO of Billd, expressed enthusiasm about the partnership: "We’re thrilled to bring financial options to more contractors through ConstructConnect’s pre-construction portfolio."
For further details on the integration and special financing offers, interested parties are encouraged to contact grow@billd.com.
Billd was founded by Christopher Doyle and Jesse Weissburg with the aim of bringing Wall Street's financial power to construction sites. They provide 120-day terms for contractors who typically wait over 83 days for payments after purchasing materials.
ConstructConnect provides commercial construction information and technology solutions aimed at transforming industry practices by offering tools and connections essential for success.