ATLANTA, Ga., Nov. 20, 2014 (GLOBE NEWSWIRE) -- via PRWEB - PrimeRevenue, the leading platform for financing suppliers, visited Washington, DC on Monday to support the announcement of the successful expansion of President Obama's SupplierPay initiative. An additional 21 companies joined the original 26, each pledging to pay their small and medium sized enterprise (SME) suppliers faster or support them with innovative financing solutions to improve their working capital at a low cost. According to the White House, the following additional companies have signed the SupplierPay pledge:
Akima
Chenega Corporation
Chugach Alaska
Cook Inlet Region, Inc.
ConAgra Foods, Inc.
Dominion Resources, Inc.
Dun & Bradstreet Credibility Corp.
Intel Corp.
Hallmark Cards, Inc.
Kaiser Permanente
McGraw Hill Financial, Inc.
Nova Corp., Inc.
Oracle Corp.
Sacramento Municipal Utility District
Sealaska
Siemens Corp.
Sempra Energy
Southern California Edison Co.
3M Co.
Xerox Corp.
Zappos.com., Inc.
"The SupplierPay initiative helps address the difficulties small businesses face in accessing affordable working capital. Reducing the time it takes for smaller suppliers to get paid or lowering their short-term borrowing costs enables them to devote more of their resources to investing in their business, hiring, and growing," the White House stated in a release.
"As the provider of the world's supplier finance programs, PrimeRevenue is proud to support the SupplierPay Initiative," said Oliver Belin, member of the leadership team at PrimeRevenue. "We promote the goals from the White House as our mission is to help businesses around the world optimize working capital and cash flow, the lifeblood of every company."
In addition to the announcement, a report released by the Commerce Department on November 17 emphasizes that potential economic benefits of reducing suppliers' working capital costs positively impact the health of the economy. "Reducing working capital costs--as SupplierPay companies are doing--unlocks capital to be put to work for the benefit of large buyers, and for the entire economy," notes the report.
PrimeRevenue's solutions provide suppliers improved the efficiency of global supply chains resulting in an average 75-day reduction of payment terms. PrimeRevenue currently advances an average of $62 million to US based SME suppliers daily.
About PrimeRevenue, Inc.
For organizations that view their supply chains as a strategic asset and are seeking to increase supply chain efficiency, PrimeRevenue has the answer. PrimeRevenue provides cash flow to more than 15,000 clients through its OpenSCi suite, which offers the control and flexibility required by organizations to optimize their working capital as well as reduce costs and risks throughout the financial supply chain. Headquartered in Atlanta, PrimeRevenue also has offices in London, Paris, Frankfurt, Prague, Melbourne, and Hong Kong. PrimeRevenue operates some of the largest supplier financing programs for clients around the globe. For more information or to contact us, please visit http://www.primerevenue.com.
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2014/11/prweb12340911.htm