Albertsons Companies continues to develop new strategies that help diverse suppliers do business with the grocery chain by increasing their access to working capital while reaffirming its commitment to racial equity.
Given one of the biggest hurdles for small businesses is access to working capital, Albertsons said it is launching an expanded early payment program by partnering with C2FO, a secure online platform for working capital.
This partnership with C2FO will help determine the best time and terms for payments between Albertsons and suppliers.
“Albertsons Companies is dedicated to helping our communities lay the foundation for racial equity,” said Jonathan Mayes, Albertsons Companies SVP, Chief Diversity & Inclusion Officer. “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.”
The goal is to help diverse-owned businesses alleviate immediate capital challenges by making access to working capital more equitable by providing funding to qualified, diverse-owned suppliers at significantly lower rates.
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“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,” Kemper added.
The grocery chain also plans to work with ECRM, RangeMe, and Quantum to expand supplier diversity.
ECRM and RangeMe will help identify small, innovative, diverse suppliers. Quantum, an eProcurement and diversity spend management solution, will enhance Albertsons Cos.’ ability to identify diverse-owned and operated suppliers.
Earlier this month, Albertsons hosted a summit with over 130 diverse suppliers interested in doing business with the company.
“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’ Supplier Diversity Program applies to the following groups that are over 50% owned and controlled/operated by a U.S. citizen and one of the following categories or ethnicities:
- African American
- Asian American
- Lesbian, Gay, Bisexual & Transgender
- Native American
- Service-Disabled Veteran