Flexbase rolls out credit card for SMBs
Flexbase claims to have launched the first credit card specifically for construction companies, targeting small- and mid-sized businesses (SMBs).
Flexbase card offers up to 60 days interest-free credit among other benefits.
"For years, slow payments and cash-flow have been the construction industry's biggest problem, resulting in many SMB construction companies stagnating or outright failing," said Zaid Rahman, Founder and CEO.
"In fact, a large percentage of these companies fail within the first few years of operation, making it increasingly difficult for others, including newcomers, to secure credit from banks. With our card offering, we are going to democratize access to capital for construction companies of all sizes, and bring equal opportunity to everyone."
While any construction company may apply for Flexbase Card, those who use the card in tandem with the Flexbase platform will be able to achieve deeper insight into their financial data and other factors, potentially becoming eligible to borrow larger credit amounts.
New workflow enhancements between the card and the platform will also reduce paperwork and increase invoicing efficiency. This combination of accelerated cash-flow management combined with greater access to capital will help improve these companies' financial position and their ability to compete and grow.
This is the industry's first card requiring no personal guarantee and no security deposit, providing much higher credit and up to 60 days of interest-free credit.
"SMB construction companies should not be failing in a booming market. By supercharging their access to capital, we are fulfilling the needs of a severely underbanked and credit invisible market segment," continues Rahman. "We are excited and proud to support these companies who represent a key factor in building a thriving national economy."
On average, it takes over 100 days to get paid in the construction industry. Through automation, Flexbase reduces the time it takes to get paid through a comprehensive AR/AP product for the construction industry.
BlueTape recently unveiled a Buy Now Pay Later feature financing tool that enables construction professionals to buy their building materials now and pay back over time, improving their cash flow.
Yaser Masoudnia, CEO and co-founder of BlueTape, said: "We started BlueTape with the goal of helping all small and medium-sized businesses in the industry. With the Buy Now Pay Later launch, we are able to help business owners who might not have easy access to traditional financing options have an opportunity to succeed".
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