In the year 2009 there was an increase in factoring among contractors, and that is probably not going to change in the New Year. This last year’s tightening of the credit market was especially difficult for the construction industry, one that is responsible for building houses, corporate facilities, factories, apartments, offices, schools, bridges and roadfs in America. As we enter the year 2010 many general contractors and sub-contractors are still experiencing cash flow problems.
Today there are still many architects, contractors, builders, inspectors, appraisers, brick masons, carpenters, electrical, drywall, flooring and tile contractors, who could take advantage of accounts receivable factoring to help them get by until our exconomy turns around.
The industry is divided into three basic categories: 1) Building, which includes general contractors who build residential, industrial, commercial, and other buildings. 2) Civil engineering construction whioch is for contractors that build roads, bridges, highways, and tunnels, and 3) Specialty trade contractors, the workers who handle carpentry, painting, plumbing and electrical. And not all of these jobs are new structures. Sometimes they involve repairs, maintenance,or improvements.
General contractors often specialize in one type of construction — residential or commercial building, and they are in charge of the entire job. Although general contractors may do a portion of the work with their own crews, they often subcontract work to specialty trade contractors.
Construction factoring enables businesses to obtain funds based on their current accounts receivables, so they can go ahead with the next phase of a project, rather than wait till the invoices are paid. That’s why during the last year factoring was poplular to help provide the cash flow needed to pay suppliers, meet payroll and pay for insurance, as well as workman’s compensation insurance.
With invoice factoring, the sub-contractor or construction firm can realize quick turnaround, from 24 to 48 hours, on accounts receivable due for completed stages of a construction project. With construction invoice factoring, the construction company, or the sub-contractor, can be paid overnight for accounts receivable invoices, which speeds up cash flow and improves the company’s ability to start immediately on the next phase of construction for each project.
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