Greensill welcomes the decision of the Australian Small Business and Family Enterprise Ombudsman to support its fair payment terms for SME suppliers

LONDON, Aug. 19, 2020 /PRNewswire/ -- Greensill welcomes a statement from The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) supporting the action Greensill has taken to cut services to clients that have poor payment terms for SMEs and calling on other supply chain finance providers to follow suit.

Greensill has taken decisive action in Australia to ensure that clients do not use its supply chain finance (SCF) to push out payment terms to small business suppliers, issuing discontinuance notices to those that continue to do so.

Kate Carnell, Australian Small Business and Family Enterprise Ombudsman, states: "Greensill has shown that supply chain finance providers can lead by example by cutting off clients that fail to pay on time. This should be the position adopted by all supply chain finance facilitators."

Lex Greensill, founder and CEO of Greensill, said: "We are delighted that the ASBFEO has welcomed our action to protect small businesses.  Small businesses are the backbone of the Australian economy and must be treated fairly."

Full statement from the ASBFEO here.

About Greensill

Reformers at heart, Greensill challenges the status quo by working to make global finance fairer and levelling the playing field for all businesses and people alike. The company unlocks capital so the world can put it to work.

Founded in 2011, Greensill is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Bogota, Shenzhen, Abu Dhabi, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides innovative financing solutions to customers across Europe, North America, Latin America, Middle East, Africa, and Asia – injecting more than $143 billion of financing in 2019 to more than 8 million customers and suppliers across more than 175 countries.

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SOURCE Greensill