DETROIT, Feb. 3, 2021 /PRNewswire/ -- Supplier Success, the leading supplier finance agency focused specifically on diverse-owned business growth and corporate diversity efforts, has announced its key role in launching The Facebook Receivables Financing Program.
Supplier Success, working closely with Facebook's Global Supplier Diversity team, has designed, developed, and delivered a first-of-its-kind receivables financing solution, which offers vital, next-day liquidity to its US-based diverse suppliers, at next to no cost.
Under the rules of the program, Facebook's eligible minority, woman, veteran, LGBTQ and disability-owned suppliers now have the ability to sell their outstanding invoices — invoices belonging to non-Facebook customers — to Facebook, at a fixed rate of 0.5%, regardless of when the supplier actually gets paid by their customer. Facebook selected Supplier Success, a black-owned minority business enterprise, to promote and facilitate the disbursement of up to $25 million in early payments per diverse supplier, during a 12-month period, subject to fund availability.
"By placing instant, affordable cash in the pockets of our diverse suppliers, we are not only supporting them during a time of enormous need — we are leveling the playing field in a big way, and fueling their immediate growth and opportunity," said Jason Trimiew, Director of Global Supplier Diversity at Facebook.
"I view the Facebook Receivables Financing Program as a watershed moment in the receivables finance industry," added Louis Green, CEO and Founder of Supplier Success. "This sets a new paradigm for how 'cash abundant' companies can turn their diversity objectives into meaningful action. Facebook's program has the power to transform many lives and livelihoods for the better."
Facebook launched the program this past December to address the disproportionate impact of COVID-19 on diverse businesses, and also to support their broader racial equity initiatives.
About Supplier Success, LLC:
Supplier Success is a supplier finance and corporate diversity consultancy based in Detroit, MI. Supplier Success focuses on solving access to capital issues facing diverse-owned businesses, strengthening the corporate supply chain, and improving corporate diversity and procurement efforts. Founded in 2014 by Louis Green, Supplier Success, LLC is a certified minority business enterprise. For more information, please visit www.suppliersuccess.com.
SOURCE Supplier Success, LLC