Billd and American Express Join Forces to Revolutionize Financing in the U.S. Construction Sector

In a significant move to enhance the financial landscape for contractors in the U.S. construction industry, Billd, a pioneer in financial services for commercial contractors, has partnered with American Express. This collaboration aims to address the prevalent payment challenges faced by suppliers in the $1.5 trillion construction market by providing eligible commercial contractors with the ability to extend flexible payment terms.

Construction contractors often grapple with the strain of paying for labor and materials upfront, creating a cash flow burden that can stifle growth and limit opportunities. According to the 2024 National Subcontractor Market Report, contractors typically have to wait an average of 57 days for repayment, compounding the financial pressures inherent in their operations. Billd's partnership with American Express seeks to bridge this gap by enabling suppliers to offer terms that they might not currently support in-house, ultimately preserving the cash flow and credit lines of the contractors.

Chris Doyle, the CEO of Billd, emphasized that this partnership is more than just a financial maneuver; it's about delivering tailored, industry-specific solutions that allow contractors to focus on their core competencies rather than becoming bogged down by financial burdens. "Working with Amex further delivers on our goal of providing purpose-built, industry-specific solutions that allow contractors the financial freedom to focus on doing the best work of their lives," Doyle stated.

This innovative collaboration not only helps alleviate the cash flow constraints that contractors face but also fosters stronger relationships throughout the purchasing ecosystem. By allowing contractors to focus on delivering high-quality work and taking on larger projects, the program aims to boost competitiveness and long-term growth prospects. Through Billd's established material financing solutions, contractors can gain the flexibility to win more bids and take on projects with greater confidence.

Billd was founded in 2018, driven by a mission to eliminate the detrimental effects of the traditional construction payment cycle. The founders, Christopher Doyle and Jesse Weissburg, both veterans of the construction and finance industries, witnessed firsthand the negative impact of delayed payments on subcontractors. Their solution harnesses the financial power typically found on Wall Street and applies it directly to construction job sites. Unlike conventional financial institutions, Billd provides flexible financing tools that adapt to the unpredictable nature of cash flow in construction. Pretty unique, they offer contractors the ability to secure terms of up to 120 days, aligning with industry payment practices.

The significance of this partnership lies in its potential to not only streamline the payment process but also to redefine the financial norms of the construction industry, promoting a healthier and more sustainable environment for contractors to thrive. As the industry evolves, collaborations such as this one between Billd and American Express stand to have a lasting impact, enabling subcontractors to stabilize their cash flows and foster growth more effectively.

With the construction industry carrying an extensive financial burden, requiring innovative solutions such as the ones provided by Billd, the collaboration with American Express heralds a transformative approach. This initiative ultimately paves the way for more stable financial operations, allowing contractors to concentrate on their projects and enhance their productivity. As they continue their mission, Billd and American Express remain steadfast in their commitment to changing the status quo in the construction finance sector.