Diverse Suppliers: Meaning and Key Facts
Diverse suppliers are business organizations in which more than 51% of the company is owned, operated, and controlled by underrepresented groups.
These groups may include but are not limited to small-business enterprises (SBEs), minority-owned business enterprises (MBEs), woman-owned business enterprises (WBEs), LGBTQ+ individuals, veterans, people with physical or mental impairment, and other socially or economically underserved individuals.
By prioritizing diverse suppliers in procurement practices, organizations not only contribute to a more equitable and inclusive society but also gain access to a range of tangible benefits such as improved market share, expanded supplier options, and improved competitiveness.
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