PRZOOM - /newswire/ -
Detroit, MI, United States, 2014/12/02 - Turner Accelerated Payment Program improves subcontractor cash flow and strengthens their balance sheets [NYSE: TXTR] - TexturaCorp.com / Greensill.com / TurnerConstruction.com.
Turner Construction Company announced today that it has worked closely with Textura Corporation and Greensill Capital to develop a new program that accelerates payments to subcontractors.
The Turner Accelerated Payment Program™, which the company anticipates it will begin rolling out in early 2015, will significantly accelerate payments to subcontractors thereby improving their cash flow and strengthening their balance sheets. Textura will provide the systems platform for this program via its Construction Payment Management™ (CPM™) program, while Greensill will perform the underwriting and provide the funding.
Turner recently began a company-wide implementation of Textura CPM™ to make the payment management process more efficient for Turner, its contractors, and its clients, and to facilitate deployment of the Accelerated Payment Program™.
“Turner signs more than 24,000 contracts with contractors on 1,500 projects on a total of $10 billion of construction projects annually. We developed this program because improving cash flow to subcontractors addresses one of their challenges and we expect it will reduce risks and lower costs for Turner and our clients,” said Karen Gould, chief financial officer of Turner.
Textura is the leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, LEED® management and payment.
About Greensill Capital
Greensill Capital (greensill.com) is an independent financial services firm and principal investor group specializing in structured trade finance, working capital optimization, specialty financing and contract monetization. The firm was founded in 2011 by a seasoned team of trade finance specialists with the goal of providing innovative and alternative structured solutions for corporations and financial institutions globally. In 2014 Greensill Capital acquired a majority shareholding in Greensill Bank AG, a regulated German private bank.