For a range of historically disadvantaged small business owners, Supplier Diversity programs present an opportunity to get a leg up in a very competitive landscape.
Specifically, benefits include:
- Access to supplier diversity and procurement executives at hundreds of major U.S. corporations and some federal, state and local government entities
- Formal and informational opportunities to pursue business deals with National Corporate Members
- Access to mentoring, education and capacity development
- Opportunity to promote your business through event participation
It takes tremendous effort and dedication to get any small business off the ground, and supplier diversity programs are intiatives to help expand business opportunities, such as help for bidding on large contracts. These opportunities for growth bolster both the small business itself and local communities through job creation and revenues that are shared across the local economy.
The support and advantages these programs provide are vital to the select small business owners who may face additional challenges in getting started and expanding their operations.
The eligible groups are:
- Women-owned Small Business - Owned and operated by a woman or women
- Small Disadvantaged Business - Owned and operated by socially and economically disadvantaged persons
- Service-disabled Veteran-owned Small Business Concern - Owned and operated by U.S. military veterans who acquired a disability during their service
A Banking Partner
Small businesses with diverse ownership have a well-equipped ally in Bank of America. BofA’s Supplier Diversity Program, which works with those businesses to ensure that they are afforded opportunities to participate in competitive bids and/or aid in assisting them grow their existing business with BofA.
To participate in BofA’s program, small businesses must become certified as a diverse supplier, which can be done through one of several organizations like:
These organizations help confirm that the business fulfills all of the criteria necessary. Bank of America supports categories including:
- Veteran, Disabled Veteran, and Service-Disabled Veteran
- HUBZone Businesses (Historically Underutilized Business Zone)
From there, a small business can begin to work with BofA under the Supplier Diversity Program.
Bank of America works with suppliers to understand their capabilities and to align them with upcoming opportunities where the needs of their business fit the services and/or products that the supplier provides.
Bank of America works with both buyers and suppliers to develop the best business matches and foster diversity in the supply chain. To successfully do so, the team at Bank of America has added resources like legal services, marketing and advertising support, digital and social media staffing, design & construction, promotional products, office supplies, global tech and ops and call center support.
Starting a small business is never easy but finding the right tools and partners can help diverse businesses start strong while building a vibrant and thriving business.
For further information, please visit the Bank of America supplier page.