Launch of scheme to support business
Businesses which supply goods and services to Wakefield Council are set to receive a boost to their cash flow.
The initiative, 'Working with Wakefield', will see local suppliers have their payment time cut by half, with the promise of being paid within 15 days. Around 1,000 local small to medium businesses will benefit from the scheme.
The Council has also introduced an early payment scheme for larger businesses which will also provide savings to the Council's budget.
If a larger organisation wants to be paid earlier than the standard 30 days they will have to offer the Council a discounted payment in return. Under this arrangement any money saved by the Council will be reinvested into frontline services.
Councillor Michael Graham, Wakefield Council's Acting Cabinet Member for Corporate Services, said:
"This scheme demonstrates our commitment to our priorities of having successful businesses in the district and a successful Council. The scheme also helps us as a Council to become even easier to do business with, which is part of our recently launched Economic Strategy.
"By giving access to accelerated payments to smaller and medium sized companies we are improving their cash flow which gives them many opportunities including using the money to grow their own business.
"We believe the scheme delivers a win-win outcome for our suppliers and for the Council.
"It provides efficiencies for companies whilst generating savings to the Council which can help us deliver our most important services to our residents.
"We hope companies will sign up to the Early Payment scheme so we can have closer collaboration and better long-term working relationships which will be of benefit to the district."
The initiative is entirely voluntary and if a supplier chooses not to sign up they will be continued to be paid under the current payment terms of 30 days.
For more information visit http://www.wakefield.gov.uk/business/procurement-tendering/selling