CreditSuppliers, an Arizona-based liability company, recently developed a FinTech (finance technology) designed for the needs of the construction industry — providing revolving lines of credit to contractors, subcontractors, merchants and suppliers. The new lending platform will provide contractors with Web-based help to jump-start their business and complete development projects, providing them with the necessary capital to purchase materials and an easy-to-use Web interface to track purchases. “I thought, ‘What if I had a specific credit-type card specifically for contractors that I could run through the cloud that would pay suppliers, but tailored for the construction industry?’” says CreditSuppliers CEO James Nielson of his inspiration. “It solved many problems that we faced, [such as] credit, collections, money flow and growth capital.”
CreditSuppliers is able to provide credit lines to contractors that banks and supply houses are unable or unwilling to do and offer multiple payment options to fit an individual business’s needs. Contractors qualify for credit using the CreditSuppliers website and are able to use the credit as a type of credit card to purchase necessary materials without the high costs associated with bank loans. The website will provide payments to suppliers for material purchases in a timely manner, guaranteeing quick and efficient turnaround and promoting an increase in sales. In addition, local businesses can apply to be a CreditSuppliers merchant supplier and ensure they are being paid on time, track and monitor any outstanding or completed jobs and grow their individual business.
Currently located in Scottsdale, CreditSuppliers is looking to expand its services nationwide, starting with neighboring Southwest states.