Building a business economy that looks like the community it serves.
We’re offering a practical and impactful way to address supplier diversity with the Local Impact Pledge.
For publicly-funded organizations and projects, there are federal and state requirements that any contract representing an investment greater than $30,000 be sent out for public bidding. Historically Underutilized Businesses (HUBs) vendor participation is tracked, and organizations are expected to achieve a benchmark percentage of HUB participation. Projects and contracts below that amount are considered discretionary spending, and there is no formal requirement for businesses to report their HUB participation on either a cumulative or project-specific basis.
Expanding vendor access addresses two main problems:
- Problem One: Systemic underutilization of HUBs on any/all opportunities below the bid threshold.
- Problem Two: Due to bonding requirements, it can be difficult for HUBs to compete for the larger contracts that are sent out to public bidding.
Want to learn more? Download our PDF fact sheet to learn more about how improving inclusive procurement practices can also improve your bottom line.
Just Good Business: Unlocking the Advantages of Supplier Diversity
Combating Barriers to Opportunity
Inclusive procurement practices are one of the most effective levers to advance economic equity in the United States.
Community Impact
As historically underutilized businesses (HUBs) grow and scale, they tend to create job opportunities within their own communities.
Business Strategy
Implementing an intentional inclusive procurement practice strategy can offer your organization a competitive advantage.
Our Solution: Local Impact Pledge
What does the local impact pledge do?
Impact One: Creates a system of accountability for businesses to intentionally spend more of their discretionary income with HUB vendors.
Impact Two: Encourage organizations, public and private, to engage HUBs on smaller-scale projects, allowing them to effectively build both the capacity (bonding, scale, workforce) and the relationships they will need to compete more effectively for large (above $30k) projects.
The Details: How it Works
Confirm your organization’s commitment to economic equity by signing the pledge to spend at least $30,000 per month on cumulative projects smaller than $30,000 (ex: To fulfill the pledge in any given month, an organization might spend $5,000 on catering, $20,000 on supplies, and $7,500 on professional services for a total of $32,500 in HUB spending).
Engage HUBs: Having trouble finding an HUB vendor? From catering a lunch to striping a parking lot to hiring an on-site consultant (and everything in between), Accelerate Greensboro is committed to matching you with qualified HUB vendors in our region.
- If we cannot identify an HUB who can fulfill your project, Accelerate Greensboro will help build it!
- We will provide technical assistance and identify funding opportunities for related, existing businesses to meet your needs (ex: securing VC investment for a local print shop to add promotional product printing to their service line).
- Partnering with Launch Greensboro and NC A&T, Accelerate Greensboro is building a startup pipeline to create new HUB businesses that fill identified HUB market gaps
- This pledge can be renewed on an annual basis from the time of signing.
- Businesses that sign the pledge will be asked to forward documentation of participating projects to Accelerate Greensboro. This data will be confidential except as a measure of the entire campaign’s cumulative economic impact. Tracking this data allows Accelerate to ensure that participant companies are following through on their supplier diversity commitments.
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