How Steve and the SolarQuote team use PayLater and DrawDown to scale their solar installer business.
“PayLater helps me smooth out my repayment profile. We take large obligations and pay them over 4-26 weeks so they’re easier to manage.”
Steve Doll is the CFO for SolarQuote, a leading solar installer across the US. The SolarQuote team has built a nationally recognized brand and leveraged an AI-powered pricing tool to grow their business. Steve’s top priority is effectively scaling the business as installations and supply chain complexity pick up.
Steve discovered Lendica through SubcontractorHub and applied with ease. He was quickly approved for a $115,000 across PayLater and DrawDown. Using Lendica, SolarQuote could manage large invoices efficiently, breaking down big payments into manageable weekly installments over 4 to 26 weeks. This approach eased the burden of large, single-day payments, ensuring continuous installations and steady cash flow. “With Lendica, we can quickly upload invoices and rest assured knowing our vendors are informed about impending payments. It’s transformed how we handle our cash conversion cycle.”
“Compared to the other lenders out there, Lendica was much faster and more affordable.”
PayLater allows SolarQuote to never turn down a job, always having a line of credit on hand to pay down chunky deposits for installers or equipment providers.
“Lendica’s PayLater portal is really easy to use. I simply upload my vendor bills, selected my payment terms, and Lendica takes care of the rest.”
Lendica's DrawDown line offers working capital for corporate expenses, which helps SolarQuote to invest in overhead, payroll and other marketing resources.
