Several companies have pledged their support in helping to increase by $1 billion the amount of contracts awarded to local minority-owned companies by 2014.
Ameren Corp., BJC Healthcare, Boeing and Walgreens were among the first companies to signup for a new 'Billion Dollar Impact' initiative announced at the St. Louis Minority Supplier Development Council's business opportunity fair downtown on Thursday.
The council is urging more companies to sign a pledge to increase their contracts with minority owned businesses, but there's no requirement for businesses to commit to a set number or percentage increase.
Companies are asked to set a goal for minority contracts, and the council will work to match companies with local minority-owned businesses.
A goal of the initiative is to create 2,000 new jobs for minority-owned businesses, said James Webb, president and chief executive of the council. Local minority-owned businesses currently have annual revenue totaling $3.2 billion and about 8,000 employees. "We're looking at new dollars versus replacing existing dollars," Webb said.
Minority-owned businesses will report contracts quarterly to the council to track the initiative's success.
St. Louis Mayor Francis Slay said the initiative has the potential to have a significant economic impact on the whole region. "Regions where there are more opportunities for more people are stronger and more successful communities," Slay said.
"When the word gets out that these companies are really serious about this, (and) you have more people within the minority community looking at business opportunities, getting jobs and working for some of these companies ... it can only be positive in my view." |
