Construction trades businesses, by their very nature, face inherent cash flow challenges that make doing business very difficult, if not impossible, without financing assistance.

A common scenario:

You have successfully bid on a contract with a quality General Contractor. Now the challenge begins. It takes a large amount of up front cash to finance a large project. The larger the project the greater the amount of working capital you will need. You are responsible for paying your employees/tradespeople every two weeks. You may have pre-paid for materials or you have other suppliers that need to be paid now. There are tax remittances to be paid on time, fuel, utilities, rent, etc. but you may have to wait 45 to 60 days to receive your contract draw. Additionally a challenge to the Construction industry are the mandatory 10% holdbacks taken under the Builders Lien Act and the cut-off dates dictated by your General Contractor in order to process a payment; hopefully after the end of the following month. You are waiting to be paid, so everyone else waits to be paid. If you drag out payments to suppliers too long “builder’s lien” starts entering the conversation and everyone begins to get very nervous.

It doesn’t have to be this stressful! You don’t need to go through another sleepless night worrying about how it’s all going to play out. If you could get paid today for the work completed to date everything would be ok wouldn’t it?

You can and here’s how:

Spot Factoring
Flex-Factor Program

“What can I say really… Philmark is the only local factoring company we found that will actually finance progress draws. What a relief, makes managing our cashflow and covering our payroll so easy”

J.B.W. – President
Custom Millwork