Walmart is rolling out an expanded early-payment program that provides diverse and minority-owned suppliers with convenient and consistent access to reliable funding sources.
“Building on our existing early-payment programs, this new option launches with the goal of making access to working capital affordable, transparent and more equitable by offering qualified diverse or minority-owned suppliers faster payments from us at our lowest rates,” explained Scott McCall, chief merchandising officer, Walmart U.S., and Megan Crozier, chief merchandising officer, Sam’s Club, in a blog post. “The simple interface, provided by technology platform C2FO, enables suppliers to hand-select the invoices they would like to request early payments on. Walmart will independently fund this opportunity at the outset, with plans to team up with leading global and minority-owned banks to provide additional funding capabilities.”
Among Walmart and Sam’s Club’s other efforts to help these suppliers succeed are the Supplier Inclusion Program, which provides qualifying companies equal footing to work with the retailers while growing their own businesses; sourcing more than $13.1 billion in goods and services from diverse suppliers last year; and the Walmart Foundation's $100 million commitment over the next five years to the Walmart.org Center for Racial Equity.
“Today’s retail environment is particularly unique, and more than ever, businesses need to constantly change and grow to keep pace with customer needs,” wrote McCall and Crozier. “Through this latest effort, Walmart and Sam’s Club can help build equity and foster greater awareness of diverse and minority suppliers.”
Qualified diverse businesses will be able to avail themselves of this financing opportunity starting May 3.
Walmart just recently released its “2020 Culture, Diversity, Equity & Inclusion Report,” which details its progress to create greater racial equity across society and in the company.
Bentonville, Arkansas-based Walmart operates more than 11,300 stores under 58 banners in 27 countries, and e-commerce websites, employing 2.2 million-plus associates worldwide. Walmart U.S. is No. 1 on The PG 100, Progressive Grocer’s list of the top food and consumables retailers in North America, while Walmart-owned Sam's Club ranks No. 9 on the list.