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New scheme to boost local businesses cashflow

Published: 12 May 2023

We are to introduce a new early payment initiative to improve cash flow for our suppliers.


The scheme, being implemented by Oxygen Finance, is in line with the recommendations of the national prompt payment code and is designed to support businesses in the current challenging business climate.

We spend some £527 million each year on goods and services for the people of Derbyshire and have more than 10,000 suppliers.

The scheme will enable thousands of invoices to be processed early, injecting millions of pounds of liquidity into the local economy. A small discount will be negotiated with individual suppliers, which will generate savings that will help us protect essential front-line services.

Our Deputy Leader, Councillor Simon Spencer said:

“We are committed to investing in strategic initiatives that help us to protect future regional growth and development.

“The council is an important driver of business across the county, so it is essential that we set the standard for good financial governance.

“The implementation of a sector leading early payments initiative reinforces our commitment to the many thousands of suppliers we work with.”

Ben Jackson, Chief Executive at Oxygen Finance commented: 

“We are delighted to be partnering with Derbyshire County Council on its early payment initiative. The advantage of early payment cannot be underestimated. For many businesses it provides vital liquidity outside of the normal month-end billing process. In these uncertain times, as businesses across all sectors look to reopen, consolidate, or expand, having financial liquidity can make a huge difference.”

With smarter processes and increased digitisation, the scheme will ensure our large-scale payment function is more efficient and effective for suppliers. It will also offer them the choice to be paid early, typically up to 3 weeks earlier than standard payment terms.

A dedicated team from Oxygen Finance is working with us to put the new scheme in place, expected to be launched over the summer of 2023.