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Built with Billd: Part 1 – The key to using financing responsibly to grow your construction business

Published: April 15, 2021
Last updated: April 19, 2022
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Summary

Growing a construction business is hard – growing it responsibly is even harder. And because financing has had a bad rap from the construction industry for so long, many contractors don’t understand that it can be the best tool to help grow their company. The reality is this: if you find the right financial partners, you can increase the amount of work you’re doing without over-leveraging yourself and disrupting your cash flow. Join Billd’s Jesse Weissburg (Co-Founder and CCO) and Robbie Reynolds (Director of Business Development) as they walk through how to identify the right type of financing for your construction business, and how you can leverage it to grow.

One of the main topics of this discussion is “what do finance companies look at when assessing your business?” And, as Jesse says, there are two main factors finance companies typically look at: what you have done previously, and what you’re going to do in the future. Traditional finance companies have always focused on the past, which can limit the support they are willing to provide. Fortunately, the emergence of project-based financing is helping contractors get the financing they need on terms designed specifically for construction.

Another valuable lesson shared is that the best time to secure financing is when you don’t yet need it. If you wait until you do need financing to seek it out, it will likely be harder to obtain, and the impact of not having it can be much more severe.

The reality of the situation is, if you truly, really need financing, it’s going to be tough to get approved. At least for the financing that will have the biggest impact on your business. So you want to go out and secure a partner when you don’t need financing.” – Jesse Weissburg Co-Founder and CCO, Billd

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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