President Obama Announces New Partnership with the Private Sector to Strengthen America’s Small Businesses – The White House, July 2014

“SupplierPay builds on the success of the Federal Government’s QuickPay initiative, which President Obama launched in 2011. QuickPay requires federal agencies to expedite payments to small business contractors with the goal of paying within 15 days. As a result of QuickPay, we have already seen well over $1 billion in cost savings for small businesses since 2011, leading to greater investment and job creation. SupplierPay is the private sector’s equivalent, where companies have committed to pay small suppliers faster or help them get access to lower cost capital.”

Small Business, Enterprise and Employment Bill

“The main elements of the Bill are: To make it easier for small businesses to access finance; improve payment practices between small businesses and their customers; providing small firms with fair access to the £230 billion spent each year in the form of public procurement contracts; and increase the availability and sources of finance for businesses that want to invest.”