Obama asking companies to pay suppliers faster

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Associated Press

Posted on July 11, 2014 at 6:01 AM

Updated Friday, Jul 11 at 8:02 AM

WASHINGTON (AP) — The White House says companies like Apple, Honda and Coca-Cola have agreed to pay their suppliers more quickly in a bid to boost small business.

President Barack Obama will launch an initiative Friday called SupplierPay. Twenty-six companies have agreed to participate.

The companies are committing to pay small businesses they contract with for parts and services faster, or to help them access capital at lower costs. The program mirrors the existing QuickPay initiative that requires the government to pay small contractors quickly, ideally within 15 days.

Obama will discuss the program Friday during a meeting with businesses, suppliers and the head of the Small Business Administration. It's part of the president's attempt to use his power to bring people together to spur growth despite congressional opposition to his agenda.

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