Business Loans articles

For J. Lorber Company, a Philadelphia plumbing and heating distributor with a 100-year history, helping customers find alternative financing options was an opportunity.

Retainage is a common practice in construction where a portion of funds are withheld from a contractor or subcontractor until the project is completed.

Construction payments can take a long time; it’s not a big secret. Keeping a construction business running while waiting for a backlog of unpaid invoices requires strong resolve and creativity.

The most successful contractors, both GC’s and subcontractors, are constantly on the lookout for ways to improve their operations, become more profitable or grow their construction business.

For contractors, preliminary notices are the equivalent of taking out an insurance policy on each project.  They’re there if you need it, and irrelevant if you don’t.

There are a multitude of components that go into every construction project. For general contractors, that includes everything from collecting bids and evaluating subcontractors to project management and managing pay apps from subs.

As a subcontractor, your reputation with general contractors is critical. In the interest of maintaining it – when it comes to project finances, you may choose to keep the details close to the vest.

Billd CCO Jesse Weissburg teamed up with STACK Construction Technologies Content Marketing Manager Amanda Wolfe for a webinar about How to Grow Your Construction Business.

If you’re a construction entrepreneur operating as a sole proprietorship, you’re in good company. Sole proprietorships are growing in popularity, amounting to more than 70 percent of U.S. businesses today.

As an entrepreneur in the construction industry, you might find yourself juggling a backlog of accounts payable, a stack of past-due invoices from suppliers and new projects in your pipeline that require even more equipment and materials ASAP.

When people hear the word “entrepreneur,” they may think of Silicon Valley hoodies behind innovative tech startups. They might even picture open-concept offices, writing code or playing ping pong. But what about business owners who wear work boots instead of flip flops? The fact is, some of the hardest-working, most successful entrepreneurs out there today are also the most overlooked.

Transitioning from residential to commercial construction projects is a goal for countless subcontractors. You can double, or even triple, your revenue by winning just one project.

For contractors, being busy is a good thing. It means that you probably have multiple projects in process and your business is thriving.

Sluggish supplier lead times are a common inconvenience in the construction industry, but there are plenty of ways contractors can help their suppliers to curb them.

When you’re a commercial contractor, the work doesn’t stop just because your cash flow has. You can’t press pause on purchasing construction materials or equipment for a new project while you wait for your backlog of unpaid invoices to come through.

Business credit cards are among the most common financing options for contractors to pay for everyday expenses. For good reason too. They’re easy to obtain, flexible, and practical.

If a contractor wants to grow their business and increase profit, they will likely require some form of financing to help stabilize their cash flow.

Unpredictable payment cycles and late-paying customers, combined with critical upfront project costs, can often put general contractors and subcontractors in a financial bind and unable to pay their bills, much less scale their businesses.

To take on larger projects and grow your construction business, you need to be able to pay for labor, materials, and overhead — many times, all upfront.

In the construction industry, credit isn’t just an option — it’s a key component for growing your business.

Cash flow strain is a pervasive problem that nearly all contractors share, no matter how large or financially savvy they are.

Suppliers have a lot of financial power on construction projects, often requiring payment up front for materials. This wouldn’t be unusual in any other industry. But in construction, long billing cycles and payment delays force contractors and subs to wait nearly 90 days on average to get paid.