Paying Subcontractors Now So They Can Get Back to Work

Construction

22nd April, 2019


“Imagine trying to run a business where it is your name is on the line,” says John Smith, Greensill Managing Director. “The best use of your time is trying to win new work, and making sure delivery is on time and quality. Instead, you are spending your time chasing delayed payments.”

Imagine if those subcontractors could spend less time trying to get paid, and more time focusing on their work.

That’s exactly what Smith and the team at Greensill, the leading non-bank provider of working capital finance, have in mind with Subcontractor Direct Financing, also known as Sub Direct. Rather than waiting weeks or even months to be compensated for the work they have done, subcontractors in the US construction industry can cut out the hassle of tracking down money they are owed, and spend their time instead growing their business with access to much-needed capital.

Previously, subcontractors could wait 60, 90, or even 120 days to get paid.

With Greensill and Sub Direct, typical funding is less than four days. Sub Direct is yet another way Greensill is changing finance to change the world.

The response from the US construction industry has been incredible. As of January of 2019, approximately two-thirds of subcontractors who used Sub Direct on one contract decided to have all of their contracts enrolled, Greensill stats reveal.

For Sub Direct customers, it’s not just about early payment either. Smith says the ability to get paid reliably and predictably is another major benefit for subcontractors who have embraced the platform.

“Small businesses are carrying the load for the US construction economy,” Smith says. “What we do at Greensill helps to ease that burden, letting small businesses do what they do best.”


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