Rosemont, IL (April 28, 2020) — Independent Suppliers Group (ISG) the largest globally member-owned Business Products cooperative continues to take decisive and measurable steps to assist its valued members during these challenging and unprecedented times. Recent steps include the Q4 2019 rebate distribution being completed and a survey conducted in an effort to understand our members’ efforts to gain funding through the Federal Government’s Small Business Loan Resources.
An additional $2 million in Q4 2019 rebates were distributed last week to all members, making the record-breaking total rebate distribution for 2019 over $36 million.
Small Business Loan Resources Survey results summary includes 242 ISG Member dealerships. Of the responding companies, 65.70% applied for a Paycheck Protection Program (PPP) Loan, 2.07% applied for an Economic Injury Disaster Loan (EIDL) and 28.51% applied for both, a total of 94.21% have applied for SBA assistance, 71.90% of responding dealerships were approved and 46.28% have been funded to date.
All members continue to be eligible for extended payment terms to the group in order to assist them as they focus on how best to support their employees, customers and communities. Extended terms provided members with an additional $38.6 million of working capital during the month of April.
Suppliers have committed to the ISG membership during these unique times, helping to source high demand products needed by our customers in this new pandemic marketplace. By supplying ISG members with hand hygiene products, protective barriers, and personal protection equipment (PPE), these partners have proven essential to the independent dealers success. Flexible payment terms, expedited rebates, and enabling ISG to pay members earlier than scheduled are just a few more examples of how our suppliers have strengthened their commitment to the independent dealer channel. To date, ISG and EPIC have helped secure over $15 million in customer purchase orders for these products, via direct and indirect ISG suppliers. $2.5 million in essential product has already been delivered, and another $3 million is scheduled for delivery this week for these essential items.
ISG continues increased proactive member communications and is developing a “Back to Work Sales Playbook” to assist its members in selling in the “New Normal.” With the working environment undoubtedly changing, new selling opportunities will arise and this Playbook will house vendor marketing materials, new product introductions, dealer best practices and industry trend information all focused to help ISG members assist their customers in returning to the workplace safely, efficiently and effectively or if they continue to work remotely.
David Guernsey, ISG Chairman, expressed gratitude for the comprehensive and timely reaction by ISG staff and suppliers to assist members during this most difficult time. In addition to the efforts above, ISG, through SP Richards, arranged two very helpful and well-attended seminars to assist members in applying for the CARES Act PPP funding.
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About Independent Suppliers Group
Founded in 1977, Independent Suppliers Group is a leading global organization providing sales, marketing support and purchasing power for the community based independent business products dealer. The organization’s members are located throughout the U.S. and in 6 foreign countries. Collectively, Independent Suppliers Group members produce $7 billion in end-user sales.
