The Greater Washington Partnership, an alliance of CEOs of the region’s largest employers, said Tuesday member businesses and colleges are committing $4.7 billion over five years toward boosting minority-owned businesses and underrepresented communities.
The group, whose members span between Baltimore and Richmond, said in its announcement the multibillion-dollar pledge is coming from 25 entities and is focused on three areas: supplier diversity, racial equity and access to capital.
The pledge includes $2.6 billion toward procurement spending on “diverse suppliers and Minority Business Enterprises,” including a priority on Black and Latino businesses. The partnership said the supplier focus “addresses systemic inequities that have created barriers to growth.” The group said this specific commitment is expected to generate roughly $3.5 billion in revenue for small and medium-sized businesses and create and sustain more than 4,000 jobs per year.
