Dubbed SupplierPay, the program has received the backing of a number of top-tier companies, among them Apple, Coca-Cola, Johnson and Johnson, FedEx and IBM.
The effort’s mission, said the White House, is to “strengthen small businesses by increasing their working capital, so they can grow their businesses and hire more workers.”
SupplierPay aims to get small business vendors paid within 15 days of rendering a service or product, says WSJ. That would greatly improve small business’s cash flows, making them less likely to have to take out large loans.
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