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Construction Industry Overview
Construction is one of the leading industries in the United States and employs over 10 million people across the country. Between general contractors and subcontractors, thousands of specialty firms provide construction services for commercial and residential projects. Construction companies rely on suppliers for materials and equipment and frequently need labor to execute new and existing projects. As the economy continues to demand more development, contractors need to hire more people and purchase more materials. This also fuels the growth of material suppliers and manufacturing companies across the country.
Construction companies are frequently contracted through paid contracts, often resulting in delayed or slow payments. General contractors are waiting on payments from their clients, first-tier subcontractors are waiting on payments from general contractors, and second-tier subcontractors are waiting on payments from first-tier subcontractors. This payment waterfall makes it difficult for contracts to float their construction jobs.
Our construction factoring programs provide ongoing liquidity for contractors, top-to-bottom cash management, funds control, and risk mitigation solutions for the commercial construction industry as we offer contractor factoring and subcontractor factoring. Speak with an SMB specialist today to learn more about our contractor financing programs.
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