Sponsored By JPMorgan Chase
Now more than ever, consumers and companies alike are prioritizing businesses that are actively addressing diversity, equity and inclusion. They’re seeking out diverse suppliers – defined as businesses that are at least 51% owned and operated by underrepresented groups – in an effort to address racial injustice and support minority entrepreneurs.
Being certified as a diverse supplier is more important than ever. Certification not only creates new business opportunities with larger corporations, it also increases access to resources and support. It serves as proof that your business is diverse, stable and ready to take on new growth opportunities.
Why should diverse-owned businesses get certified?
With the right connections, diverse small business owners can develop new ideas, avoid common mistakes and uncover opportunities. Getting certified can help you build connections with hundreds of U.S. companies, representing billions of dollars in sourcing. Further, diversity certifications serve as proof that your company meets inclusion program requirements and can be considered for supplier contracts with large companies, such as JPMorgan Chase, that go through formal procurement processes, as well as the federal government.
What are the benefits for minority-owned businesses to get certified?
Certifying your business is an investment in your business. Corporations seek certified companies on an ongoing basis to ensure a diverse and competitive supplier base. The time spent now collecting documents and meeting with people can pay off for years to come.
Significant benefits include:
- Business Opportunities. By getting certified, businesses are entered into a national database where customers go to find companies that can meet their business needs and advance their diversity goals.
- Access to Capital. Certification provides companies with additional financing opportunities through banks and venture capital firms.
- Meaningful Support. Certification organizations invest in their member businesses by providing educational sessions, training, networking events and matchmaking programs that can provide opportunities for connections and growth.
What does the official accreditation process entail?
Supplier diversity certifications are available through many organizations, including the National Minority Supplier Development Council, and the National Veteran Business Development Council, among others. Each certification is designed for a specific historically underrepresented group, so each has its own requirements.
Why do you think there is reluctance among minority-owned business owners to get certified?
The certification process can be time consuming, so some minority-owned business owners hold off on getting certified. The rigor of the process ensures high standards and trust – but the result is being eligible for significant growth opportunities.
What resources does JPMorgan Chase provide to help diverse businesses get certified?
JPMorgan Chase has designated resources to help educate business owners about the game-changing effect of becoming a certified diverse-owned business. Business owners can learn more by accessing this how-to guide or visiting https://www.jpmorgan.com/commercial-banking/insights/benefit-from-diverse-owned-certification.
