Learn how the National Black Supplier Development Program is helping black entrepreneurs succeed by securing $110 million in business funding for 2023.
The National Business League (NBL) opens applications for Black businesses to apply for its 4th cohort
DETROIT, MICHIGAN, Thursday, July 11, 2024: The National Business League (NBL) is excited to announce that applications will open for the highly successful National Black Supplier Development Program (NBSDP) for the 2024/25 cohort on June 13, 2024. Presented in partnership with Comerica Bank, Cummins, DTE Energy, Ford, GM, Lear, Magna, Stellantis (presenting partner), and Toyota, the NBSDP was launched in 2021 to address the economic challenges faced by Black-owned businesses during the COVID-19 pandemic and to promote Black Business Enterprise (BBE)™ equity and substantive participation following the tragic murder of George Floyd, which ignited the global Black Lives Matter movement.
The NBSDP achieved a historic $100 million in contracts for Black businesses in its first two years and aims to continue empowering Black suppliers and supporting their growth in the marketplace in the coming years. Since its initial launch, the program’s mission has evolved to help its partner organizations and the marketplace as a whole develop and nurture a pipeline of innovative, value-adding suppliers who contribute to economic equity in this country. The program features a unique blend of both explicit and tacit knowledge transfer, the seeding of corporate relationships, and mentoring.
Dr. Forrest Carter, PhD, NBSDP’s National Director, expressed his vision for the program’s impact on Black businesses, stating, “Our goal is to boost and promote opportunities for the nation’s 3.7 million Black businesses, who are vital to its economy. The program pursues this goal by helping these Black businesses invigorate their customer creation systems, become more innovative, more capable of enhancing their customers’ competitive advantages, and being more in tune with the subtle expectations and requirements of being a tier-one or tier-two supplier.”
With a population of 47.9 million people and a purchasing power of $1.8 trillion, Black Americans represent a significant economic force, equivalent to the world’s 12th largest GDP. The Black business community comprises over 3.7 million businesses, generating $183 billion in revenues and employing 1.4 million workers with a payroll of $53.6 billion. At present, though, 95% of Black-owned businesses are solopreneurs or micro-businesses, have no or one employee, and often operate from home. Unfortunately, fewer than 1.5% of the total population of Black businesses are minority or agency certified, which hinders their ability to leverage contracting and procurement opportunities with Fortune 500 companies and the federal government. The NBSDP plays a unique role in the mosaic of organizations seeking to address these problems.
The NBL’s NBSDP has already conducted three successful cohorts, empowering over forty Black suppliers. These suppliers have gained, or are in the process of gaining, the scale and capabilities to operate as tier-one or tier-two suppliers. The program continues to attract interest and support from several Fortune 500 companies, joining Comerica Bank, Cummins, DTE Energy, Ford, GM, Lear, Magna, Stellantis, and Toyota as partners to the program.
Black Business Enterprises (BBE)™ seeking to chart a path to accelerated growth can now apply for the 4th cohort of the National Black Supplier Development Program. Interested applicants are encouraged to visit the official NBL website for more information and to submit their applications. The open application period closes on July 10, 2024.
About National Business League (NBL): The NBL, founded in 1900 by Booker T. Washington, is the nation’s oldest and largest trade association for Black Business Enterprise (BBE)™, celebrating 124 years of service. Established 36 years ago, the National Black Supplier Program was established as a leading program committed to empowering Black suppliers and promoting economic growth and substantive growth within the Black community. Through its National Black Supplier Development Program, launched in 2021, the NBL aims to foster sustainable partnerships between Black suppliers and major corporations, fostering economic success and prosperity for all.
Press Contact:
Dr. Forrest Carter
Email: fcarter@nationalbusinessleague.org
Phone: (517) 974-8741
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