President Obama announced a new initiative to help small business in the United States. The administration unveiled a new program called SupplierPay which is an extension of QuickPay, a federal government initiative that ensures small businesses or contractors get paid within 15 days of submitting an invoice.
The benefits of SupplierPay
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.
Other companies joining Apple with SupplierPay
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). It’s not surprising Apple is involved with this program, especially considering it is an advocate for supply chain responsibility. Every year, the Cupertino-based tech giant 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. The Texas plant that manufactures the new Mac Pro happens to be near a Samsung-owned manufacturing plant which makes A-series processors.
In other Apple news, the purported iWatch was reportedly delayed. The smartwatch was initially set to a fall arrival but Apple may have to delay the production for the phone until November. Analysts are also predicting big things for the iWatch when it does arrive and that it will trump other smart watches.