About The Company
Headquartered in Chicago, Illinois, The Vendor Assistance Program, LLC (VAP) purchases eligible Accounts Receivable from vendors of the State of Illinois for 100% of the underlying invoice value.
VAP was founded in 2010 in partnership with the State of Illinois to address the State’s delayed payment cycle. VAP operates under the guidelines of the State of Illinois Vendor Payment Program and is working to expand to other states.
By registering with VAP, state government vendors access timely payments with fair terms. By providing certainty and transparency in payment cycles, vendors can finance operations, better manage cash flow, and recognize revenues earlier, allowing vendors to expand their businesses, create jobs, and provide more goods and services to state governments.
A Higher Purpose
Over the past several years, governments have encountered enormous fiscal challenges at the federal, state, and local levels. As a result of current cash flow deficits, states have been forced to delay payment to the majority of their vendors.
For example, in Illinois, at the end of June 2010, the backlog of unpaid bills and fund transfers with the Illinois Office of the Comptroller stood at $4.7 billion, with an average delay in paying invoices of 153 working days.
States’ payment delay to vendors causes significant cash flow management concerns that result in layoffs, downsizing, and even bankruptcy. The Vendor Assistance Program solves state vendors’ cash flow concerns with certainty and predictability in payment cycles. The capital influx boosts economic growth and creates jobs.
Contact UsThe Vendor Assistance Program 1201 North Clark Street, Suite 201 Chicago, IL 60610 Email: firstname.lastname@example.org
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