Apple Inc (NASDAQ AAPL) is one of the 26 businesses which have joined the government’s new SupplierPay initiative. The program is similar to the already existing “QuickPay” initiative, which makes sure federal employers pay contractors in a reasonable amount of time. The “SupplierPay” program, the White House says, is intended to be “private-sector counterpart” to QuickPay.

Apple Inc (NASDAQ AAPL) is not the only large company joining the government’s SupplierPay program. Other corporation on the list include The Coca-Cola Company (NYSE KO) and International Business Machines Corp (NYSE IBM).

The program intends to send money down the supply chain and help strengthen contractors and smaller businesses by giving them access to lower-cost capital and thereby opening up opportunities for hiring more workers. This, the White House hopes, will increase investments at the small business level as well. For Apple Inc (NASDAQ AAPL), this means paying the suppliers of the components it uses in its products in a more timely manner.

Apple Inc (NASDAQ AAPL): SupplierPay Program

President Obama has announced a new initiative to help small business in the United States. The administration unveiled a new program called SupplierPay which is seen as an extension of QuickPay, a federal government initiative that ensures small businesses or contractors get paid within 15 days of submitting an invoice.

The key behind this is to help businesses avoid the need to borrow money. It would also help small businesses by giving them more capital for things that matter such as new investments, new hires, or new opportunities. For larger businesses, this will show others that chain supply is good for business. The White House reports that it sometimes take up to two months for companies to pay their suppliers. Subsequently, this creates problems for smaller business and sometimes leads into further debt.

Apple Inc financial news (NASDAQ AAPL)

It’s not surprising Apple is involved with this program, especially considering it is an advocate for supply chain responsibility. Every year, Apple Inc (NASDAQ AAPL) releases an annual report discussing efforts to enforce Supplier Code of Conduct. Much of what is discussed in the report addresses child labor and conflict of third world nations. It still manages to address issues close to home.

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