Taulia Inc., the market-leading provider for supplier financing, praised the Obama Administration for highlighting the negative impact of long payment cycles and their damaging effects on small businesses and the American economy in a White House announcement today.
“Since 2008, small businesses have faced an increasingly difficult borrowing environment when they could have received early payments on their approved invoices at much more favorable rates. We applaud the White House SupplierPay initiative, which is addressing this vital issue that is affecting American businesses.”
The Obama Administration today launched a new initiative called SupplierPay, a voluntary program in which companies commit either to pay small suppliers faster or help them get access to lower-cost capital. SupplierPay is aimed at strengthening the cash flow of small companies by ensuring they are paid within 15 days.
To support the President’s call to action, Taulia released the Early Payment Quick Start Initiative, a comprehensive program designed to incentivize corporations to implement a solution that enables early payments to suppliers.
President Obama will meet today with leaders from some of the country’s largest corporations, including several companies that have already chosen Taulia as their early payment financing provider, about the initiative. The SupplierPay initiative is aimed at providing a much needed boost to the small business sector and highlights the impact that paying invoices early could have on the U.S. economy.
"For the larger companies, joining SupplierPay demonstrates a recognition that a healthy supply chain is good for business," said the White House in a statement. "For the small business suppliers, benefiting from SupplierPay means having more capital to invest in new opportunities, new equipment, and new hiring."
Taulia has already helped large corporations provide more than $75 billion in early payment financing to their small business suppliers. Taulia CEO Bertram Meyer said that the Obama Administration is taking an important step to improve the outlook for America’s small businesses.
“So many American small businesses are closing their doors simply because of poor cash flow,” said Meyer. “Since 2008, small businesses have faced an increasingly difficult borrowing environment when they could have received early payments on their approved invoices at much more favorable rates. We applaud the White House SupplierPay initiative, which is addressing this vital issue that is affecting American businesses.”
Taulia’s Early Payment Quick Start Initiative guarantees:
- A successful early payment financing program up and running within 100 days
- Assurance that 100% of invoices will be offered for early payment
- All suppliers will be eligible for early payments, regardless of size, spend or credit worthiness
With Taulia’s supplier financing program, suppliers can request early payments 24 hours a day, 7 days a week.
Want to learn how SupplierPay will impact your businesses? Join us next Wednesday, 7/16 in a live presentation on how to get ahead of this initiative.