San Francisco, CA – Taulia, the market-leading provider for supplier financing, was on hand today in Washington, D.C., as the White House announced the expansion of its SupplierPay initiative.
“Twenty-one companies are joining the 26 companies that adopted the SupplierPay pledge at a launch announcement with President Obama in July. As part of the SupplierPay initiative, companies pledge to pay their small suppliers faster or enable a financing solution that helps them access working capital at a lower cost,” the White House announced in a release.
The SupplierPay initiative is a partnership in which corporations pledge to pay their small suppliers or help them find an affordable financing solution to access working capital. The White House also hosted a session on working capital today, November 17, led by National Economic Council Director Jeff Zients and SBA Administrator Maria Contreras-Sweet, for existing and new signees of the pledge, which includes numerous Taulia customers.
“Taulia is honored to visit the White House to commemorate this initiative and to provide a technology platform that helps make SupplierPay possible,” said Taulia CEO Bertram Meyer. “We’ll continue to work so that all suppliers have the option to be paid early through a solution that benefits both corporations and small businesses.”
Taulia has already helped large corporations provide more than $75 billion in early payment financing to their small business suppliers. In addition to benefitting small businesses, the Commerce Department further showcased the economic impact by releasing a report this morning detailing the positive effect of early payments on the greater American economy. The report notes that “reducing supplier working capital costs unlocks supplier capital to be put to work for the benefit of the economy – their large customers included.”
In July, Taulia launched its Quick Start Initiative to help corporations support the President’s call to action. 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.