Constrafor, a leading construction software and financial services company, announced immediate relief and a plan of action for construction firms following the recent collapses of Silicon Valley Bank in California and Signature Bank in New York.
To help mitigate the impact of the ongoing banking crisis for contractors, Constrafor announced its Early Pay Program will be free of charge for the first 30 days. With EPP, contractors can find financial relief when they apply for advanced payment on their approved invoices. General contractors can also leverage Constrafor for implementing an early payment program for their trade partners at no cost to the general contractor.
For most construction firms, preparing for a financial banking industry collapse is an unexpected and daunting task. However, taking the time to plan proactively can unequivocally protect your business and safeguard the livelihoods of your employees. To avoid the impact of recent events similar to the Silicon Valley Bank and Signature Bank collapse, contractors can follow these eight critical steps to safeguard their business:
- Cash is king - build up your cash reserves.
- Be cautious with local and regional banks.
- Diversify your financing sources.
- Position your company for liquidity on short notice.
- Secure financial partners who understand construction.
- Positioning your company for optimal financing.
- Consider partnering with Constrafor.
- Try Constrafor’s Early Pay Program - no fees for 30 days during this ongoing banking crisis.
To learn how to prepare your construction business for a financial crisis, visit this link.
Learn about Constrafor’s Early Pay Program at this link.
Learn about GC Early Pay for General Contractors here.
“We understand the challenges construction firms face when preparing for financial crises,” said Anwar Ghauche, CEO of Constrafor. “That’s why we’ve designed our Early Pay Program to help contractors access their cash faster and safeguard their businesses against potential financial shocks. By partnering with Constrafor, construction firms can diversify and reduce their reliance on traditional financing partners to position themselves for greater financial stability. We believe in taking a proactive approach to risk management and are committed to helping our clients prepare for the financial storm that may come their way.”
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