Albertsons is partnering with new vendors to boost its supplier diversity. The company said its latest efforts are part of its commitment to racial equality.
“Albertsons Companies is dedicated to helping our communities lay the foundation for racial equity,” Albertsons senior vice president and chief diversity and inclusion officer, Jonathan Mayes said. “We’re taking these steps as part of our commitment to diversity, equity and inclusion in our company and the businesses we choose to partner with so that we reflect the wonderfully diverse communities we serve.”
In order to help small businesses with access to working capital, Albertsons said it is launching an expanded early payment program via a partnership with C2FO, a secure online platform, as part of the program. The C2FO partnership will help determine the best time for payments between the retailer and its suppliers, with the aim of helping diverse-owned businesses with immediate capital challenges by making working capital access equitable and providing funding to qualifying suppliers at lower rates.
“Accelerated payment of receivables is essential for all businesses in need of greater liquidity, but especially for those that may be underrepresented and underfunded in our current financial system,” said Alexander “Sandy” Kemper, founder and CEO of C2FO. “We want to position these diverse suppliers for long-term success and can start by offering the working capital needed to grow and stay strong in this difficult economic climate. We are honored to join Albertsons Companies in their ongoing efforts to support the partners and communities it serves.”
Albertsons said it also would be working with ECRM, RangeMe and Quantum to grow its supplier diversity, with ECRM and RangeMe helping the retailer identify small and innovative diverse suppliers. E-procurement and diversity spend-management solution Quantum will help grow Albertsons ability to identify diverse suppliers, the company said.
“We believe our partnerships with these vendors will give us the tools we need to expand our supplier diversity in all areas of our business,” Mayes said. “We hope it will also make it easier for diverse suppliers to work with us.”
Albertsons said its supplier diversity program applies to businesses with more than 50% ownership by a U.S. citizen in the following groups: African American, Asian American, Hispanic/Latino, LGBT, Native American, service-disabled veteran and/or female.