NUMBER TWO – If you deliver projects for state government you know about WBE’s (Women-owned Business Enterprises) and MBE’s (Minority-owned Business Enterprises). There are strict requirements on government funded construction projects that WBE’s & MBE’s are used. The problem many contractors report is that these companies sometimes lack sufficient financial wherewithal to deliver work assigned. The lack of financial wherewithal has an impact on the price of materials these groups procured, the amount of trade credit available to them and working capital to keep pace with aggressive schedules. The result is higher cost, higher risk and slower project delivery. Nobody really wins. For projects to be more successful WBE’s & MBE’s need to be able to borrow higher level project-purchasing-power with assigned payment assured through to material providers without deficient trade credit constraints. Just saying.
What is BuildPay?
BuildPay uses financial technology that connects the entire payment chain, enabling fast, direct payments, quicker build times (encouraged by better payments), and better material pricing (made possible by guaranteed payments). Construction the way it should be. #GotPaid