Billd introduces partnership with ConstructConnect, giving trade contractors access to project financing solutions that help reduce barriers to entry on projects
Billd, the leading provider of material financing and pay app advancement for commercial trade contractors, announced a partnership with ConstructConnect, a portfolio of software and services that combines a builders network, robust project data, and takeoff tools for construction professionals. This partnership will enable subcontractors using ConstructConnect to more easily secure approval on financing for projects. Combined, these services increase bid confidence and competitiveness, allowing trade contractors to take on more projects and grow their businesses.
Latest Fintech News: GLUE42 Upends Desktop Interop Market With Latest Product Launch
With this partnership, Billd’s premier financing offerings are now readily available to trade contractors as they assess and bid on new projects. This allows trade contractors to plan their financial strategy for each project, reducing the risk of negative cash flow, which can be disruptive once a project reaches execution. By providing access to upfront cash solutions for materials, approved ConstructConnect customers will be able to lock in crucial materials as soon as projects are won, mitigating financial risk from unpredictable market fluctuations in cost and project delays from increased lead times.
“Subcontractors have long struggled to gain access to working capital to maintain and grow business through traditional financial institutions,” said Jon Kost, Chief Strategy Officer of ConstructConnect. “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. This should better position companies that require access to working capital to succeed and grow their businesses.”
Latest Fintech News: Advisor360° Introduces New Beneficiaries Capability for Insurance Policies
Billd has taken major strides in the construction industry to provide financing terms that align with payment cycles. Trade contractors and suppliers are typically the last to get paid, waiting on average over 83 days.  A recent US market report from Billd that surveyed nearly 800 contractors found that 66% of contractors pay for materials and 82% pay for labor before receiving payment for their work. Billd works to help alleviate this financial burden through cash flow solutions that allow trade contractors to take on and execute more projects.
“The lack of access to finance resources has shortchanged trade contractors for decades, causing limitations on their ability to maintain healthy cash flow,” said Chris Doyle, CEO of Billd. “We’re thrilled to bring financial options to more contractors through ConstructConnect’s pre-construction portfolio. Together we will increase bidding confidence and support execution.”
Latest Fintech News:Â True Wealth Ventures Raises $35 Million Fund II to Double Down on the Thesis that Women-Led Companies Outperform
[To share your insights with us, please write to sghosh@martechseries.com]
