Charlotte initiative issued $193 million mainly with minority and women businesses last year.
The Charlotte Business INClusion program has an ambitious goal: Within the next two years, it aims to become a national model for dispensing city contracts.
The CBI activity comes as many states have recently ended or curbed diversity and inclusion programs at institutions such as the government, colleges, and businesses.
Research shows that closing racial gaps in business ownership could potentially add up to $5 trillion to the U.S. economy over the next five years. Cities nationwide are striving for more inclusive economies.
Steven Coker, Charlotte’s business inclusion officer, stated, “By embedding our efforts within the city’s operational framework, CBI serves as a critical bridge between municipal resources and Charlotte’s diverse business community.”
Other efforts include offering a Contractor Development Program to support surety bonding readiness. Regular disparity studies and economic impact analyses allow CBI to identify gaps, measure success accountability, and refine strategies. Coker declared that other cities intending to foster economic equity could draw inspiration from CBI’s approach.
“These combined efforts create a nationally recognized model of inclusivity, positioning Charlotte as a leader in supplier diversity and economic equity,” Coker says.
Conversely, CBI’s top challenge is increasing the capacity and resources it provides MBEs to support their growth. Coker says CBI hopes to overcome that hurdle by starting new efforts like CBI University next February. It is a collection of programs offering technical support and educational resources to MBEs and other programs.
Coker added, “To every MWSBE business interested in working with the City of Charlotte, my message is simple: we are open for business and here to help you unlock the doors to opportunity.”
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Source: Black Enterprise
