Small business financing platform BlueVine is teaming up with government procurement solutions portal GovQuote to connect government vendors with working capital solutions.
A press release issued on Tuesday (April 23) said that GovQuote, which connects government agencies to potential contractors and vendors, is connecting those suppliers with BlueVine working capital financing to support their entrance and expansion in the public market. With the partnership, GovQuote will be targeting state, local and education (SLED) government agencies and their supplier pool.
According to the companies, the SLED market is comprised of 90,000 agencies, creating a significant opportunity for small business service and product providers. But SMBs can struggle to break into the space because they lack visibility into contract opportunities and bidding processes.
Further, delayed payments to government contractors can also make working in the public sphere a struggle for small vendors.
"Our mission is to bring liquidity to the entire government procurement ecosystem, making it efficient and transparent, through the use of technology. It's that simple," said GovQuote CEO and Founder Jeff Rubenstein in a statement. "We've partnered with BlueVine to deliver on that mission for small and medium-sized businesses and give small, minority and disadvantaged businesses the power to level the playing field in the government market and quickly get access to tailored funding solutions."
Companies using GovQuote to view government contract bid opportunities will be connected to BlueVine's Business Line of Credit solution, and can apply for up to $250,000 in funding to finance up-front costs of providing government services and products. Businesses can also use BlueVine's Invoice Factoring option to access funding while they wait for invoices to be paid.
"The government and education market is growing, presenting many growth opportunities to small businesses," added Eyal Lifshitz, BlueVine founder and CEO, in another statement. "But many business owners wrestle with cash flow challenges in a market where many agencies pay their bills on net 30-, 60- or 90-day terms."