Chugach Alaska Corporation joins White House in supporting small business 'SupplierPay' program
Chugach Alaska Corporation (Chugach) recently adopted the new White House SupplierPay program, joining the ranks of major companies like Coca-Cola and IBM. The partnership represents Chugach’s commitment to supporting small business development by expediting payments to its small business suppliers, and following guidelines that work towards closing the marketplace gap in small business lending.
By signing onto the SupplierPay program, Chugach ultimately aims to lower the working capital costs of its small business suppliers. The pledge is significant for Chugach, which pays more than $100 million to small business vendors and more than $2.5 million to small business subcontractors annually.
“As a minority-owned business that provides benefits to a community of Alaska Native shareholders, Chugach understands how vital small businesses are to the U.S. economy,” said Gabriel Kompkoff, Chugach CEO. “The SupplierPay initiative addresses some of the unique challenges small businesses face, and positively impacts both small and large businesses alike.”
The program includes sharing best practices among businesses in order to encourage program support, and implementing solutions that align with small business needs and benefits. Members also commit to implementing financial solutions that enable small suppliers to access working capital at a lower cost.
With the SupplierPay Initiative, the White House emphasizes the significance of suppler-buyer partnership. “For the larger companies, joining SupplierPay demonstrates a recognition that a healthy supply chain is good for business,” the White House said in a statement. “For the small business suppliers, benefiting from SupplierPay means having more capital to invest in new opportunities, new equipment, and new hiring.”