Supplier Diversity

The pandemic and racial reckoning have illuminated a lot about the ways that minority business enterprises (the fastest-growing ownership in the small business universe) historically have been cut off from the capital and other support available to white entrepreneurs. We know this inequity is bad for business, for families, for communities and for the economy as a whole: Leveling the playing field between Black-owned and white-owned businesses alone would add an estimated $290 billion to the economy, according to McKinsey.

Now, as small BIPOC- and women-owned businesses begin to emerge from the pandemic, LISC is focused on helping them grow and compete. A critical piece of the agenda is advancing supplier diversity, so that these entrepreneurs can successfully vie for and fulfill corporate procurement contracts. This work is integral to our commitment to racial equity and the goals of Project 10X, LISC’s initiative to help narrow racial health, wealth and opportunity gaps.

To that end, we are offering growth capital and low-cost loans to minority businesses as well as technical assistance and coaching to ready entrepreneurs to become part of corporate supply chains and build capacity for the future. This includes supporting enterprises with certifications and compliance issues such as cybersecurity, cash flow, insurance and bonding requirements.

Ultimately, supplier diversity is the definition of win-win: It promotes racial and gender equity in the procurement world. It helps entrepreneurs create jobs and build wealth for the next generation. And, it creates a more inclusive and agile supply chain, so that industries such as healthcare, banking and manufacturing can better meet the needs of customers and clients.

We welcome corporate partners to join our efforts. Please connect with us at development@lisc.org.

If you are an entrepreneur looking to grow your small business and compete for procurement contracts, see below for opportunities available through LISC.

Current opportunities