How to get cash now through the Illinois Vendor Payment Program?

Small Business Owner: “Yes! We won a State of Illinois contract! This is great for our business…this is exactly what we needed. Our sales are going to look great with this new contract.”
The CFO: “Wait a second…when is the state going to pay us? Aren’t they slow in paying their bills? How long do we have to wait for the money?”
Does this scenario sound familiar?
The reality of winning a State of Illinois contract sets in when the work is complete and your business must wait for the cash to come in from the State. Currently, the backlog of unpaid bills in Illinois is Billions of dollars long and often taking multiple months to be repaid.
Can your small business operate in the meantime? You pay employees bi-weekly, pay for inventory regularly, pay leases and utilities monthly, and pay to start new projects or make new investments. Unless you have very extended terms with your employees, suppliers, and lessors, you need cash to operate while waiting on the state to pay their bill. This cash flow problem is a major headache for your CFO and your business operations.
Good news! Help has arrived. The Vendor Payment Program is designed to advance cash to vendors for eligible invoices* with the State of Illinois in a predictable & timely manner. In partnership with the State, Payplant is a Qualified Purchaser in the program, and can advance you 90% of what you are owed from the State immediately upon assignment. You receive the remaining 10% in two parts:

1) 10% less a 1% per month penalty when State pays the invoice
2) Remaining when State pays the penalty
Payplant makes its money from the 1% penalty paid by the state. It is redirected on assignment of an eligible invoice.

Benefits of the program:

• 100% of what you are owed is paid
• NO interest or fees
• More predictable cash flow (your CFO will thank you)
• Completely Voluntary
• No personal guarantees required
• No extensive documentation required

Also known as Receivables Financing or Factoring, this alternative finance tool puts cash into your business for day-to-day needs and to grow operations.
Why wait while the State of Illinois to pay? Register with Payplant today and get cash for your overdue receivables immediately on assignment.
*Eligible Receivables – Invoices that are eligible to receive the Prompt Payment Penalty according to the Illinois Prompt Payment Act, at least 90 days past due, and free of liens or encumbrances. Note: Medical Assistance receivables are not currently eligible.