Billd Launches Partnership with Sunstone Credit to Accelerate the Adoption of Solar for Businesses
AUSTIN, Texas, December 15, 2021 – Billd, the leading provider of material and pay app financing for commercial subcontractors, today announced a partnership with Sunstone Credit (“Sunstone”), a technology-enabled solar loan finance platform for businesses. This partnership aims to accelerate the adoption of solar in the US commercial space by providing right-sized financing solutions for all stakeholders in the process. Billd will offer their best-in-class terms for material purchases to Sunstone’s national network of solar developer partners, allowing them more working capital flexibility in delivering solar projects for their commercial customers.
“Our product has proven to be a huge boost for solar contractors across the country and this partnership brings together the missing links for the industry,” says Spencer Carlson, Strategic Partnerships at Billd. “Solar contractors are our #1 trade, which proves that we are solving a major pain point for these companies and contributing to their accelerated growth. Partnering with Sunstone allows us to solve another pain point for our customers. The combined solution will help us build even more value-added relationships with contractors in the commercial solar industry.”
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 85 days. A recent US market report from Billd that surveyed over 500 contractors found that 63% of contractors pay for materials before receiving payment for their work, while 74% of contractors have terms with their suppliers of 30 days or less. Billd works to help alleviate this financial burden and allows trade contractors to buy commercial materials upfront and get projects started faster.
“We are excited to partner with Billd, an industry leader that shares a similar mission to our own,” says Scott Muckleroy, VP of Finance at Sunstone. “At Sunstone, we strive to deliver a best-in-class experience to our solar developer partners from beginning to end, enabling them to sell to more commercial customers and grow their businesses. We are thrilled that through this partnership with Billd, our partners will be able to continue offering the full suite of Sunstone’s loan products to customers, but with more flexibility in managing their finances throughout the process.”
For more information on the new partnership visit grow.billd.com/sunstone
Billd was started by Christopher Doyle and Jesse Weissburg, industry veterans in both construction and finance. Chris and Jesse were inspired to launch Billd to bring the financial power of Wall Street to the construction job site, allowing contractors to bypass project hurdles with access to upfront funds while enabling suppliers to sell more materials with less risk. For contractors who usually aren’t paid until more than 90 days from purchasing materials, Billd provides 120-day terms so they can take control of their cash flow and more effectively grow their businesses. With a deep understanding of the construction industry, Billd knows traditional credit metrics are poor predictors for risk in this vertical segment and has built a variety of industry-specific proprietary analytic tools to better assess risk in the construction industry.
Sunstone Credit is on a mission to democratize access to solar for small and medium sized businesses (SMBs). Sitting at the intersection of climate, finance and technology, Sunstone has built a best-in-class technology platform and partnered with leading financial institutions and a national network of solar developers to provide SMB borrowers access to simple, affordable and easy-to-understand solar loan products with flexible terms and a streamlined application process. When SMB customers go solar using Sunstone’s products, they save money and reduce their carbon footprint, driving a clean, green future for all.