With a number of key players signing the new agreement, more payment protection will be provided to all those catering for the supply chain of construction industry in Scotland. It is noteworthy that Carillon, Babcock, Tata Steel and Balfour Beatty and many other businesses have already declared their support for the Supply Chain Finance initiative.
This agreement is likely to accelerate the payment terms for suppliers. Operating under this payment agreement, the supplier firms will notify the bank when an invoice has been approved for payment so that the bank can offer it a 100% advance payment at minimal interest rate. This way the suppliers and others in supply chain management jobs will be able to maintain sufficient cash flow within smaller businesses.
This initiative is being backed by Federation of Small Businesses. National chair John Walker noted that this payment agreement could improve the working capital for the SMEs and help the firms deal with the persistent problem of delayed payments.
"The government is determined to back all those businesses who aspire to get ahead and take on more people,” as per David Cameron.
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