The inordinately long wait for payment for goods and services provided to Government will now be a thing of the past for small businesses.
This follows the launch of Government’s Trade Receivables Liquidity Facility, more commonly known as a factoring programme, which will allow businesses to receive timely payment at discounted rates.
It is anticipated that no more than seven working days will elapse between the time contracting ministries and departments certify that goods and services have been provided and the time payment is made available.
This is according to Minister of Industry, Small Business and Rural Development Denis Kellman, who delivered the opening address of the launch at the Grand Salle of the Tom Adams Financial Centre on Wednesday.
The programme has its genesis in a proposal made by the late Prime Minister David Thompson in 2009 when he said many small businesses had folded partly due to the long wait on payment by Government.
