TFM’s David Gustin Shares His Expertise at The White House’s SupplierPay Session

David Gustin of Trade Financing Matters was in Washington, D.C., last week attending and presenting at The White House’s SupplierPay session. We talked to David about how he became involved with the initiative and what insight he shared with the many professionals from various organizations and government agencies who took part in the event. You can also check out David’s own articles about the event here and here.

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Earlier this year, the National Economic Council, and later, the US Small Business Administration, reached out to David asking for his expert advice on the government initiative that encourages companies to pay small business contractors quicker. According to The White House, corporations can take nearly 50 days, on average, to pay their suppliers. Often, these are small businesses that depend on this payment to keep their operation afloat. However, through the SupplierPay initiative, companies can take a “pledge” – a commitment to pay small suppliers in less time and take other steps to help the small business community in the US thrive.

David, who has years of experience in the trade financing world, accepted the invitation to be a part of the initiative.

“I couldn’t really pass that up,” he said, adding that it takes a lot to impress his 17-year old triplets at home, but an invitation to speak at The White House? That seemed to do the trick.

David gave a roughly 15-minute presentation that included discussing the different types of early pay techniques from both the supplier side and the buyer side. He also offered some clarity around supply chain finance nomenclature and other critical issues such as direct vs. indirect supplier expenses. David said the people at the SupplierPay session – which included junior and senior executives representing about 50 corporations  – were incredibly sincere, and he was glad to be in the same room with them supporting a positive government initiative.

One of the best things about SupplierPay, according to David, is that it is a “pledge, not a requirement. This is not the government trying to come down on any company or come down on a private commercial transaction.”

The initiative’s goal is to have 100 companies take the pledge - to make the commitment to small businesses in the US. At the moment, there are just under 50 signed up. Some of them include Apple, Coca-Cola, IBM, Honda and Walgreens. You can learn more about SupplierPay at the SBA’s website.

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