Supply Chain Finance (SCF) are buyer-sponsored and give suppliers the opportunity to receive prepayment on their invoices. Buyers have the option to deploy their own balance sheet and use LSQ’s prepayment platform or may also receive increased working capital as prepayments are funded through LSQ’s SCF program.
Through this partnership, LSQ is offering minority-owned small and medium-sized businesses credit rates normally reserved for Tier 1 providers. Small and medium-sized businesses have traditionally faced higher rates or been excluded from SCF programs.
“Unfortunately, we too often see the economic downside of MBEs in the state,” said MMSDC, Director of MBEs and Certification. Al Louis. “These companies are on the verge of filling important gaps in the supply chains of major manufacturers, but simply do not have access to the capital to do so.
“By working with LSQ and our large member companies in this partnership, we can make a huge difference in putting Michigan businesses owned by members of diverse communities on an equal footing.”
For MBEs whose buyers do not offer SCF programs, LSQ offers a variety of accounts receivable and inventory financing options.
About LSQ | lsq.com
LSQ is a market leader and pioneer in working capital financing and payments solutions. For more than 25 years, LSQ has relied on innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize working capital, automate, and accelerate payments, manage collections and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack platform to help them get the funds they need to grow and thrive. LSQ is headquartered in Orlando Florida. Learn more about www.lsq.com.
About the Michigan Minority Supplier Development Council | minorsupplier.org
The Michigan Minority Supplier Development Council (MMSDC) is a 501(c)3 nonprofit organization committed to stimulating economic growth in minority communities. The MMSDC advances this mission by facilitating more than $36 billion annually in economic production between corporations and Certified Minority Business Enterprises. Founded in 1977, the MMSDC certifies minority-owned businesses, develops their capabilities and facilitates inclusive sourcing opportunities. To learn more about the programs offered by the Michigan Minority Supplier Development Council, visit minorsupplier.org.
SOURCE LSQ financing