The Alliance for Economic Development of Oklahoma City recently launched its Supplier Diversity Program, which is designed to help minority entrepreneurs and minority-owned businesses secure corporate and government contracts. The free program is an important step in helping create a diverse business ecosystem in Oklahoma City, said Alliance President Kenton Tsoodle. It will go a long way in eliminating some of the barriers and inequities minority suppliers face daily. SUPPLIER DIVERSITY PROGRAM OPENS DOORS FOR MINORITY-OWNED BUSINESSES
owned. It must also be designated as a small business (less than 500 full-time equivalent employees) and must have been founded prior to March 31, 2021. Jabar Shumate, vice president of community convening and social justice for the Urban League of OKC, said you do not find many opportunities for community collaborations at this level. “This partnership between REI, Urban League and the Hispanic Chamber is something that I think can be a model for other work that can be done which really helps some of our communities that face some similar disadvantages,” Shumate said. “One of the things we’re trying to do with this partnership is open people up in spaces they haven’t quite been in. Our services are going to be uniquely given in a way that is helpful to have a client who has some unique challenges. But because there’s consistency [among the partners], you will get the same thing everywhere. And I think that’s what makes us so innovative,” he said. Although the Supplier Diversity Program is being funded through the City of Oklahoma City’s allocation from the American Rescue Plan Act, REI Oklahoma has also created a funding pool of its own that will be used specifically for minority businesses coming through the program. “All of the partners have the same goal in mind. And that’s what we’re going to do is help these folks get access [to funding]. So, for us, with our lending pool, we’re able to be more flexible,” said Melanie Anthony, REI Oklahoma’s senior director of marketing and development. In a 2022 report by the National Minority Supplier Development Council, Inc., minority-owned businesses produced more than $316 billion in revenue and supported almost two million jobs across the U.S.
“Historically, minority-owned businesses have often been overlooked and discouraged from contracting opportunities. Barriers continue to exist today that prevent minority-owned businesses from accessing capital, bonding and collateral required by many larger contracts,” Tsoodle said in an Alliance news release announcing the program. The Greater Oklahoma City Hispanic Chamber, REI Oklahoma and the Urban League of Greater OKC are partnering with the Alliance to administer the program. Each partner will provide minority suppliers with an array of services based on their unique focus and expertise, including facilitating business certifications, providing mentorship, and providing accounting assistance and access to bonding/loan products, among others. To qualify for the Supplier Diversity Program, a business must be in OKC and at least 51% minority
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