Corporate Diversity Programs Participate to Reduce M/WBE Contract Defaults in Ailing Economy

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 6, 2009 --

Houston, TX – January 6, 2008 – As with the ailing economy and the credit crunch, Minority and Women Owned Businesses contract defaults are on the rise. Corporate Diversity Departments and Working Capital Solutions have joined together to ease the credit crunch and access to working capital for M/WBE’s. The M/WBE Vendor QuickPay Program is like a bailout for struggling MWBE’s. With corporate participation, the QuickPay program is a non-vendor-qualifying access to funds. No application fee. No set-up fee, no vendor term contracts. It is immediate access to cash for receivables within 24 hours of invoice approval. This is not factoring and does not carry the high fees associated with factoring. It is a funding based program, in agreement with corporations, that cost corporations nothing to participate but offers a reduction in defaults, increased productivity and increased RFP’s from M/WBE’s.

Just when many banks and finance companies are cutting lines of credit, Working Capital Solutions, a subsidiary of WebBank, a FDIC Insured bank, is increasing the awareness and necessity of the M/WBE Vendor QuickPay Program. Business owners get the financial stability of a bank without the funding credit requirements or restrictions of traditional bank lending.

Working Capital Solutions Diversity Department’s M/WBE Vendor QuickPay Program is helping businesses keep liquid and operate on a cash basis to survive the credit crunch. Gone are the days of being able to wait 30, 45 to 60 days for corporate receivables to pay. MWBE’s can meet weekly payroll, pay suppliers, pay expenses, and spend more time marketing to grow your business rather than worrying how you are going to make ends meet.
Corporations, especially major corporations with a large number of MWBE suppliers, can have the QuickPay program in place in five business days. Giving them a contract is a great thing, helping them maintain it is an exceptional thing. Corporations, city and state entities with M/WBE vendors are encouraged to participate.

For information: Contact the Texas Office Iris Welch (281) 438-5885 or the Corporate Office Tom Siska (866) 970-9274
Email: Iris.Welch@WebBank.com http://www.WebBankWCS.com

More information can be found online at http://www.webbankwcs.com

factoring     invoice funding     working capital