In Ohio, business diversity shouldn’t solely pertain to the owner of a company. It can also extend to partners and suppliers, as you work toward developing strong relationships and a productive network.
Diversity seems to be lagging for supply chains in general, according to a March report from Supply Chain Insights. This study found that the majority of 386 respondents (57 percent) employed in the supply chain were Caucasian or white, with nearly a quarter (23 percent) reporting as Asian or Pacific Islander. Furthermore, just 28 percent of this population were female.
Although there seems to be low diversity in supply chains now, that doesn’t mean there aren’t existing methods to address this. Crain’s Cleveland Business recently spoke to Kent State University procurement director, Timothy Konczal, who referred to the work that supplier diversity program manager Veronica Cook-Euell has been doing in this regard.
“We take supplier diversity very seriously,” he said. “She’s always out searching for minority partners to try to nurture so that they can become a viable supplier for us — almost like creating a business incubator. Her mission, and her long-term goal, is simply to improve the business climate here.”
“Evaluate loan programs based on the impact on the community at large.”
The program offers significant benefits for minority business owners, since participants can not only gain important knowledge and experience but also make contacts for work in the future. This is clearly designed to have a long-lasting effect, and not simply to help individual owners.
Along those lines, those seeking Ohio small business loans can also evaluate the programs they choose based on their impact on the community at large.
The Community Advantage Loan Program can provide extra capital toward refinancing and increase receivables along with other important uses. Learn more about this and other Growth Capital loan options from our mailing list.