Contractors need to pay for labor and materials up front, which strains their working capital and limits their options for growth. According to the 2024 National Subcontractor Market Report, they wait an average of 57 days before being repaid. Consequently, the financial and working capital burden of the construction industry falls on the contractor.
The Billd and Amex collaboration aims to help address the challenging payment cycle by offering Billd's proven material financing solution to eligible contractors that helps to reduce their working capital constraints and gives them the flexibility to focus instead on doing great work and taking on larger projects, the opportunity to win more bids with confidence and build towards their long-term growth plans.
"Working with Amex further delivers on our goal of providing purpose-built, industry-specific solutions that allow contractors the financial freedom to focus on doing the best work of their lives," says Chris Doyle, CEO of Billd."Billd is on a mission to change the $1.5 trillion industry status quo by creating solutions that ease the financial burden for contractors."
About Billd: Billd is a partner that truly champions the subcontractor. Founders Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance, witnessed the detrimental impact to subcontractors of the longstanding broken payment cycle in construction. Their time in the trades inspired them to launch Billd in 2018, bringing the financial power of Wall Street to the construction job site. Billd's financial and payment products empower subcontractors to bypass project hurdles by providing access to upfront funds to cover their most pressing costs, including materials and labor. Unlike traditional financing outlets, Billd provides flexible tools to accommodate the unpredictability of cash flow in construction and extends their customers up to 120-day terms to align with industry payment standards. Billd has built a variety of industry-specific, proprietary analytic and financing tools to allow subcontractors to stabilize cash flow and more effectively grow their businesses.
1 Based on the August 2024 Census information: https://www.census.gov/construction/c30/pdf/release.pdf
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