Latino Business Action Network (LBAN) Launches Supplier Diversity Advancement Program

Source: PALO ALTO, CA, UNITED STATES, September 9, 2022 /EINPresswire.com

This summer, the Latino Business Action Network (LBAN) presented the Supplier Diversity Advancement Program to its 900-plus alumni network. The pilot program supported by Wells Fargo was designed to thoughtfully connect Latino-owned businesses within the LBAN network to corporate partners seeking to procure from minority-owned businesses.

The program participants are scaled companies ($1m+ in revenue), MBE certified, Stanford Latino Scaling Program graduates, and who have a deep desire to grow via corporate procurement. The new program adds to LBAN’s roster of offerings to help Latinx businesses continue to scale.

Designed to promote collaboration between corporations and the Latino business community, the Supplier Diversity Advancement Program focused on general procurement education, hands-on training, and connections with corporations interested in doing business with minority-owned companies. Graduates are leaving the program with a greater understanding of the corporate procurement process and a well-refined capability statement, which will help better position them to pursue corporate contracts.

“Access to corporate and government contracts are crucial to the growth and scale of Latino businesses, yet they are underrepresented in these contract opportunites; where only 8% of Latino-owned businesses have reported accessing corporate or government contracts,” says Jennifer Garcia, COO, LBAN. “The Supplier Diversity Advancement Program is an opportunity for businesses to prepare for corporate procurement and for corporations to source from the top three percent of Latino-owned businesses. This program creates a multi-faceted win,” added Garcia.

LBAN published an e-book of capabilities statements of all the Supplier Diversity Advancement Program participating companies, allowing corporations to efficiently browse capability statements based on category. Corporations committed to supplier diversity and an interest in connecting with Latino-owned businesses should email info@lban.us for more information on accessing the e-book and connecting with LBAN.

About LBAN
LBAN is a dynamic nonprofit based in Silicon Valley with a big mission to strengthen the U.S. economy by empowering Latino entrepreneurship across the country. We partner with Stanford University through the jointly supported Stanford Latino Entrepreneurship Initiative (SLEI). In addition to driving SLEI-Research, SLEI-Education Business Scaling Program, LBAN focuses on building a national ecosystem for Latino business owners.