Austin, Texas - Billd, a first-of-its-kind payment solution for the construction industry, today announces a sponsorship deal with the national subcontractor community, American Subcontractors Association. Billd and ASA will work in tandem to share Billd’s financial expertise with ASA’s wide network of subcontractors.
Through Billd’s extensive financial education programs and a strong drive to share unique industry insights, Billd’s relationship with ASA will shed light on the benefits and opportunities that business financing unlocks for contractors of all sizes.
“Specialty contractors struggle with cash flow. Between long payment cycles and having to pay for materials and labor far before getting paid, this makes it a continuous challenge for contractors to invest in the growth of their own business, as inherently, the subcontractor is effectively financing the job”, says Richard Bright, COO of ASA. “That's why we are thrilled to have Billd as a National Sponsor and even more, an important part of the education we provide our members on managing cash flow and maintaining growth,” Bright continued.
“ Financing in construction has long been clouded in distrust amongst contractors. ‘Cash is King’ is the mindset that dominates the industry,” Chris Doyle, CEO of Billd claims. “This mindset hinders company growth and can damage supplier and GC relationships. Billd’s relationship with ASA adds tremendous value to the community ASA has nurtured by providing unparalleled access to educational resources and options for taking on more and larger projects.”
Billd and ASA share a common goal: help subcontractors grow. Billd does so by dramatically increasing traditional payment terms on materials with any supplier, while ASA strives to give subs the network they need to build strong relationships with other industry professionals. ASA’s unparallelled network of subcontractors stands to reap great benefits from a push to increase financial literacy within the community.
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 jobsite, 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 stabilize 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.
Founded in 1966, ASA promotes the rights and interests of subcontractors, specialty contractors and suppliers by building strength in community through education, advocacy, networking and professional growth. ASA adheres to and promotes quality construction, ethical and equitable business practices, safety in the work environment, and best industry practices. For more information about ASA, visit www.asaonline.com.
For more information contact Jon Katz, Vice President of Marketing at Billd Katz@billd.com