ORLANDO, Fla. (Dec. 15, 2021) – LSQ, a leading provider of technology-driven working capital solutions, has partnered with the Chicago Minority Supplier Development Council, Inc. (ChicagoMSDC), a premier organization for increasing business opportunities between major buying organizations and minority-owned businesses, to provide working capital assistance to minority-owned businesses (MBEs) in construction, manufacturing and other industries across Chicagoland.
“Diverse suppliers tend to be looking to grow their businesses, but often lack access to affordable working capital to scale,” said Vikas Shah, LSQ’s Chief Revenue Officer. “Our new partnership with ChicagoMSDC allows us to help MBEs meet their cash-flow requirements through a supply chain finance program with their large buyers.”
Supply chain finance (SCF) programs are buyer sponsored and give suppliers the opportunity to receive early payment on their invoices. Buyers have the opportunity to deploy their own balance sheet and use LSQ’s early-payment platform or can also receive a working capital lift as early payments are funded by a third party.
Through the partnership, LSQ is offering minority-owned small-to-medium businesses credit rates that are normally reserved for tier-1 suppliers. Traditionally, small-to-medium businesses face higher rates or are excluded from SCF programs.
“Access to capital continues to be an impediment to growth for our MBEs,” said Isaiah Spears, ChicagoMSDC’s Director of Development and Strategic Partnerships. “Providing access to capital from corporate buyers that our MBEs are working with is an innovative approach to strengthening business relationships and creating more diverse supply chains and the Council is thrilled to partner with LSQ in this endeavor.”
For MBEs whose buyers do not offer SCF programs, LSQ offers a variety of accounts receivable and inventory financing options.
For more information about the LSQ and Chicago Minority Supplier Development Council partnership and how, contact Brittany Hooper at bhooper@lsq.com or Isaiah Spears at ispears@chicagomsdc.org.
To learn more about how a supply chain finance program can help drive diversity, equity, and inclusion in your business, read our earlier blog.
About LSQ | lsq.com
LSQ has been deploying working capital solutions for more than 25 years, delivering more than $25 billion to thousands of small, medium and large enterprises. LSQ’s breadth and depth of experience across a broad range of industries enables us to deliver value beyond capital. From manufacturing, energy, utilities and high tech, to healthcare, retail and professional services firms, LSQ delivers a unified platform for working capital management that can deliver optimized liquidity and cash-flow management for any company. Learn more about our working capital solutions at www.lsq.com.
About Chicago Minority Supplier Development Council, Inc. | chicagomsdc.org
The Chicago Minority Supplier Development Council, Inc. is the premier supplier development organization focused on building strategic alliances between our buying members and our certified minority business enterprises. Corporate members create opportunities for certified minority business enterprises to effectively compete in the procurement process for supply chain diversity. To learn more about the programs offered by the Chicago Minority Supplier Development Council, visit chicagomsdc.org.