“We congratulate Run Veggie on its important role in the Inauguration and its expansion plans in the year ahead. Jermaine Kelly is a terrific entrepreneur, and it has been a pleasure to see Run Veggie grow at such an incredible pace,” said FundThrough CEO and Co-Founder Steven Uster. “We look forward to providing continued funding support to the company as it expands into its new markets in 2021.”
Run Veggie partners with FundThrough to accelerate its cash flow and take on new customers and larger projects. In Washington D.C., government contracts typically undergo a bidding process by vendors. Under the stringent application process, decision-makers examine a company’s ability to procure materials, deliver products on time, and have the necessary cash flow to meet these obligations.
Given that contractors typically have payment terms of 30 days or more, cash truly is king. In order to have enough cash flow on hand, Kelly uses FundThrough’s invoice funding platform. Kelly exchanges unpaid outstanding customer invoices to FundThrough and receives the full value of his invoice within 24 hours or less. The working capital allows Run Veggie to purchase raw materials quickly and bid on bigger contracts.
“Having a partner like FundThrough enabled us to have the capabilities of funding the financial aspect of our Inauguration project. We had to buy a lot of food and bring in a lot of additional labor in just six days,” said Jermaine Kelly, Founder of Run Veggie. “With all of the food and labor required – having FundThrough as a resource was pivotal to our success.”
Kelly says that the company’s cash flow position, with the help of FundThrough, has allowed it to take on much larger projects. In 2019, its average contract was relatively small as Kelly spent time building the business and relationships with customers. In 2020, the company, with stronger cash flow, bid on seven-figure contracts. In 2021, it is already primed to bid on contracts potentially worth upwards of eight figures.