Supporting Small Businesses through Supplier Diversity Programs

Small minority- and female-owned business development is a cornerstone to economic prosperity and a priority for economic inclusion. Supplier diversity programs strengthen small minority- and female-owned business through education and exposure, enabling them to expand their offerings and service to more complex customers. The programs have had tremendous positive impact in recent months as large businesses look to expand their supplier bases given recent supply chain challenges. This FedTalk program will examine trends currently impacting small, minority- and women-owned businesses, review best practice in the area, share some of the key lessons learned by experts in this space, and dive in the inner workings of the Federal Reserve Bank of Cleveland's supplier diversity program.