April 28, 2021
By Scott McCall, Chief Merchandising Officer, Walmart U.S., and Megan Crozier, Chief Merchandising Officer, Sam’s Club
Walmart and Sam’s Club are committed to supporting the long-term growth and success of diverse and minority-owned businesses. We’ve heard loud and clear from current and potential diverse suppliers that the biggest challenge to achieving growth is the ability to gain access to working capital. That’s why we’re proud to announce, in partnership with C2FO, an expanded early payment program that provides these suppliers with convenient and consistent access to reliable funding sources.
Building on our existing early payment programs, this new option launches with the goal of making access to working capital affordable, transparent and more equitable by offering qualified diverse or minority-owned suppliers faster payments from us at our lowest rates. The simple interface, provided by technology platform C2FO, enables suppliers to hand-select the invoices they would like to request early payments on. Walmart will independently fund this opportunity at the outset, with plans to team up with leading global and minority-owned banks to provide additional funding capabilities.
Walmart and Sam’s Club have been focused for many years on identifying, onboarding and fostering diversity within our supplier network to best serve customers and members. Our Supplier Inclusion Program provides qualifying companies equal footing to work with us, while at the same time growing their own business. Last year, Walmart Inc. sourced more than $13.1 billion in goods and services from diverse suppliers and has committed with the Walmart Foundation $100 million over the next five years to the Walmart.org Center for Racial Equity.
Today’s retail environment is particularly unique, and more than ever, businesses need to constantly change and grow to keep pace with customer needs. Through this latest effort, Walmart and Sam’s Club can help build equity and foster greater awareness of diverse and minority suppliers.
Qualified diverse businesses can take advantage of this new financing opportunity starting May 3. Our diverse suppliers can learn more about this new program and other related financing programs on our Supplier Academy training portal on Retail Link.