The St. Louis Minority Supplier Diversity Council’s Billion Dollar Impact program is on track to exceed its initial goal to generate more than $1 billion in new contracting with minority business enterprises by July 2014.
“Only a year and a half into the program, and we are already exceeding our goals,” said James Webb, president and CEO of the St. Louis Minority Supplier Diversity Council. “We are on the right track to achieve and even exceed our initial goal by 2014.”
Last week, the diversity council announced that minority business enterprises (MBEs) have generated $600 million in new revenue only a year and a half through the program. This number shows an increase from $275 million last reported in May 2012 by the council. To participate in the program, MBEs are asked to submit quarterly reports of any new or renewed contracts in excess of $10,000.
“Minority business inclusion is an important initiative for our community that, I think, we need to put as a top priority because that’s how we’re going to grow and develop our entire community,” said Webb.
The Billion Dollar Impact is designed to create jobs, expand local businesses, grow the tax base and position the city of St. Louis, the region and the state of Missouri as leaders in economic growth. The program is designed to bridge the gap between corporate and minority businesses in St. Louis, creating advantageous partnerships.
Ameren Corporation continues to lead corporations who have taken the pledge to increase their MBE spending. Other participating corporations include The Boeing Company, Monsanto Company, Peabody Energy, Proctor & Gamble, St. Louis Public Schools, Enterprise Holdings, Express Scripts and Washington University.
“The Billion Dollar Impact program has provided local MBEs a way to really showcase what we can do,” said Sue Bhatia, CEO of Rose International Inc. “Corporations are able to tap local resources and find cost savings, while improving our city’s economy as a whole.”
World Wide Technology, Inc. also participates in the program as an MBE, not a corporation, and has been involved since the program’s inception in June 2011.
Through the program, the diversity council hopes to create 2,000 jobs by its deadline; Webb estimates that 500 jobs have been created thus far. Last year, World Wide Technology, Inc. alone hired over 300 people according to Shay Gillespie, Supplier Diversity manager for World Wide Technology, Inc.
“It’s just crazy, the growth because of contracts we’ve been awarded,” Gillespie said.
Webb acknowledges World Wide Technology, Inc. as a private-sector MBE that strives to be inclusive in its procurement of local MBE and Women-owned Business Enterprises (WBEs).
“We were a small MBE, and now we’re a large company,” Gillespie said. “We know where we came from and the struggles, so whenever we can we try to find as many opportunities for our pool of suppliers.” For example, she mentioned an ongoing expansion project at World Wide Technology’s, Inc. home campus where 40 percent of sub-contracts went to M/WBEs.
The St. Louis Minority Supplier Diversity Council is one of 37 regional councils affiliated with the National Minority Supplier Development Council. Formerly named the St. Louis Minority Business Council, it has been in operation for 39 years.
Businesses can still sign a pledge to participate in the Billion Dollar Impact, a bipartisan initiative. Forms are available at www.stlouismsdc.org or by calling the St. Louis MSDC at (314) 241-1143.
