ORLANDO, Fla. (Feb. 15, 2021) – LSQ, a leading provider of technology-driven working capital financing and payments solutions, has forged a partnership with the Michigan Minority Supplier Development Council (MMSDC), a non-profit organization committed to driving economic growth in minority communities, to provide working capital assistance to minority-owned businesses (MBEs) in myriad industries across the state of Michigan.
“The lack of access to affordable working capital continues to be a barrier to growth for diverse suppliers,” said Vikas Shah, LSQ’s Chief Revenue Officer. “Through our new partnership with MMSDC, we are working with the council and large corporate buyers to meet the working capital needs through supply chain finance programs.”
Supply chain finance (SCF) programs are buyer sponsored and give suppliers the opportunity to receive early payment on their invoices. Buyers have the opportunity to deploy their own balance sheet and use LSQ’s early-payment platform or can also receive a working capital lift as early payments are funded through LSQ’s SCF program.
Through the partnership, LSQ is offering minority-owned small-to-medium businesses credit rates that are normally reserved for tier-1 suppliers. Traditionally, small-to-medium businesses face higher rates or are excluded from SCF programs.
“Unfortunately, we see the economic disadvantages way too often with MBEs in the state,” said MMSDC Director of MBEs and Certification Al Louis. “These businesses are poised to fill important gaps in the supply chains of major manufacturers, but just don’t have access to the capital to do it.
“By working with LSQ and our large enterprise members through this partnership, we can make a huge difference in putting Michigan businesses owned by members of diverse communities on 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 finance and payments solutions. For more than 25 years, LSQ has leveraged innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize their 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 obtain the funds they need to grow and thrive. LSQ is headquartered in Orlando, Florida. Learn more at www.lsq.com.
About Michigan Minority Supplier Development Council | minoritysupplier.org
The Michigan Minority Supplier Development Council (MMSDC) is a non-profit, 501(c)3 organization committed to driving economic growth within minority communities. The MMSDC advances this mission by facilitating more than $36 billion annually in economic output between corporations and certified minority business enterprises. Founded in 1977, the MMSDC certifies minority businesses, develops their capacity, and facilitates inclusive procurement opportunities. To learn more about the programs offered by the Michigan Minority Supplier Development Council, visit minoritysupplier.org.
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