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 equity 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. MBE (Minority Business Enterprise) vendor participation is tracked, and organizations are expected to achieve a benchmark percentage of MBE participation. Projects and contracts below that amount are considered discretionary spending, and there is no formal requirement for businesses to report their MWBE (Minority and Women-Owned Business Enterprises) participation on either a cumulative or project-specific basis.

Addressing supplier diversity tackles two main problems:

  • Problem One: Systemic underutilization of MBEs on any/all opportunities below the bid threshold.
  • Problem Two: Due to bonding requirements, it can be difficult for MBEs 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 supplier diversity can also improve your bottom line.

 

Just Good Business: Unlocking the Advantages of Supplier Diversity

Combating Inequity

Supplier diversity is 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 supplier diversity strategy can offer your organization a competitive advantage.

Our Solution: The Equity Impact Pledge

What does the equity impact pledge do?

Impact One: Creates a system of accountability for businesses to intentionally spend more of their discretionary income with MBE vendors.
Impact Two: Encourage organizations, public and private, to engage MBEs 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 MBE spend).
Engage MBEs: Having trouble finding an MBE 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 MBE vendors in our region.

  • If we cannot identify an MBE 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 MBE businesses that fill identified MBE market gaps
  • This pledge can be renewed on an annual basis from time of signing.
  • Businesses who 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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