BANK OF AMERICA:
Providing Credit Access and Technical Assistance Bank of America spent close to a half billion dollars with African American-owned suppliers in 2011. “As our company evolves and economic dynamics change, our commitment to helping African American businesses grow remains unchanged and as strong as ever,” says Tiffany Eubanks-Saunders, senior vice president and supplier diversity and development executive. “We look for suppliers that are willing to work with us to balance quality, performance, innovation, and cost with effective risk management. Our supplier diversity program ensures that we focus attention on the revenue-generation and capacity-building for the African American suppliers in the communities we serve.”
To support the economic growth of small and diverse suppliers, Bank of America has developed a Small Business Credit and Supplier Development Opportunity Seminar that brings together Bank of America’s Small Business Banking team, the Small Business Administration, and community development financial institutions to provide information about credit options and technical assistance. Also, Bank of America sourcing teams are brought in to identify and review potential suppliers for upcoming proposal requests.
Bank of America’s supplier diversity policy also holds its suppliers accountable for “paying it forward” by including diverse supplier subcontracts for products and services provided to Bank of America. And the bank’s mentoring programs provide MBEs with a comprehensive company assessment, coaching, guidance, and training.
William Haygood, CEO of Global Networkers, recently completed a one-year mentoring program with Bank of America. “The program enabled us to build invaluable relationships with senior leadership and gain exposure,” says Haygood. “It’s charter was to build our capacity for increased competitiveness in the global marketplace.”
Since its inception in 2000, Global Networkers has generated more than $30 million in revenues. The Charlotte, North Carolina-based information technology consulting firm provides application development, infrastructure support, and program management to customers nationwide. “Bank of America has been very instrumental in our company’s success and growth,” says Haygood. “We are tracking 18% to 20% growth in 2012.”
View the 2012 Best Companies for Diversity here.
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