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Building Efficiency Podcast: Jim Schafer and Jesse Weissburg, CCO of Billd

Published: December 23, 2020
Last updated: November 04, 2022
Read time: < 1

 

Summary

On this episode of the Building Efficiency Podcast, Billd CCO Jesse Weissburg joined host Jim Schafer to talk about why there is a need for solutions like Billd in the construction industry. As the two discuss, it really boils down to the disconnected construction payment cycle: that subcontractors often need to rob Peter to pay Paul because they haven’t been paid for work they’ve completed.

The two also discuss the changes we might see in the supplier-subcontractor relationship. The interactions between these parties are incredibly antiquated. For example, many suppliers don’t keep credit card information on file, leading to longer interactions on every single purchase.

Listeners also get the opportunity to learn more about Jesse, thanks to a few thoughtful questions from Jim. If you’re interested in knowing what makes Jesse tick, make sure to listen through to the end.

“We’re project-based. We dive into the project, and this takes us a matter of hours. We’re not like a bank, which will take anywhere from 2-6 weeks to turn around an answer.” 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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