Vendor Payment Program
The Vendor Payment Program is a simple process and takes just a couple minutes to sign up.
Enter basic company information. Once registered, we will work with you and the State to help get your eligible receivables.
Our systems will alert you when invoices are ready to assign, and will guide you through the assignment process.
VAP will advance 90% of your invoice value, paying the remaining 10% upon final state payment.
Partner of the State of Illinois' Vendor Payment Program
Vendor Assistance Program is a specialty finance company founded in Chicago in 2010. In partnership with the State of Illinois, VAP helped launch the Vendor Payment Program in 2012, and was the program’s first Qualified Purchaser. To date, VAP has financed $3.5 billion of Illinois receivables and has been repaid $2.5 billion by the State. In total, VAP Companies and its principals have financed $9 billion in deferred payments.
VAP currently has offices in Chicago, Philadelphia, Orlando and San Juan, Puerto Rico.
- VAP has financed over $3.5 billion in accounts receivable with $2.5 billion repaid to date.
- VAP has worked with over 1,000 businesses to aid in expediting State payments through the program.
- VAP and its principals have managed in excess of $9 billion with over 100,000 individual transactions.
Contact Sol Solis MALCOLM WEEMS JOINS VENDOR ASSISTANCE PROGRAM Chicago, IL, January 5, 2017– Vendor Assistance Program, LLC (VAP) announced the new hire of former Central Management Services (CMS) Director, Malcolm Weems. As CMS Director, Weems oversaw the creation of the Illinois Vendor Payment Program, for which VAP was the first qualified purchaser in 2012.[…]
“Vendors doing business with the state can turn to “qualified purchasers” for money when Illinois does not pay.” “When the state of Illinois spends money it does not have, who makes up the difference?” News-Gazette.com News-Gazette.com http://www.news-gazette.com/opinion/editorials/2016-12-01/operating-borrowed-m…
“The one-of-its-kind, bill-payment program seeks to avert the nightmare scenario for a state in the worst financial shape in the country: a shutdown of essential services such as employee health insurance, a disruption of prison food supplies or mothballing of state trooper cars in need of fuel and maintenance.” Reuters Dave McKinney – Karen Pierog[…]
“I had heard about this (Vendor Payment Program), and I’m very leery because I don’t want to give up a penny. I think, ‘What is this going to cost me?’” Martin said. “I checked into it and met with the people and really it didn’t cost me anything.” Before trying the Vendor Payment Program, Martin[…]