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Better Construction with Sean McStay: Jesse Weissburg – Billd Contractor Financing

Published: March 20, 2021
Last updated: April 19, 2022
Read time: < 1

Summary

On the Better Construction podcast, hosted by Sean McStay, Billd CCO Jesse Weissburg discussed contractor financing and payment terms; specifically, why the construction industry needs new financial solutions, and how Billd is filling those gaps.

Jesse starts by diving into why traditional financial institutions have been reluctant to work with contractors – largely because of the cash flow issues presented by the standard construction payment cycle. And, because contractors have always been responsible for fronting the cost of materials, these challenges are cyclical.

But, as we learn later in the episode, there are new methods available to contractors to help them smooth out their cash flow and ultimately grow their businesses. With Billd specifically, we do this by taking a project-based approach to financing. While banks will look at business history to make decisions, we emphasize the details of each specific project a contractor is working on. In construction – an industry based on relationships – this makes for a much more effective partnership.

“Let’s be frank – the construction industry is relationship based. Subs having the relationship with the supplier, subs having relationships with the GC; it’s very important that those relationships are upheld to the highest degree.” Jesse Weissburg

About Billd: Billd stands alone as 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 lines of credit 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 knows traditional credit metrics are poor predictors for risk and 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.

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