Small business participation is essential to procurement strategies of major corporations and government agencies as they sharpen their focus on increasing small, minority and women owned business contracting. This access to contracting opportunities significantly boosts small business competition, leading to more contract awards, increased job creation and accelerated growth for local economies.
While measurable and substantial progress has been made by minority and women owned businesses, many still lack adequate capital and size to take full advantage of some of these corporate, federal, and state contracting opportunities.
Today it is increasingly clear that opportunities to acquire capital come more readily to some subsets of businesses than others. Limited access to financing restricts the ability of Minority, Women and other Diverse Business Enterprises to achieve economic viability, obtain new contracts, generate new jobs, expand operations and, in general, fulfill their potential to contribute to the development of communities in which they operate.
The Importance of Access to Capital for
Diverse Business Enterprises (DBEs)
The Supplier Diversity Procurement Process
Having limited access to investor or private lender funding restricts DBEs ability to become or remain financially viable suppliers to corporate and government contracting needs.
As a major participant in the growth of minority, women and veteran owned businesses, we ask you to Join, Partner and Support VFNA’s Mission and advocacy of greater access and more opportunities for DBE small businesses to connect with prospective investors and lenders; to widen their pool of available resources for capital funding partnerships.