Company enters new vendor partnerships to increase diverse suppliers’ access to capital and provide more opportunities for collaboration
Albertsons Companies (NYSE: ACI) today announced the launch of several new vendor partnerships aimed at helping the company boost supplier diversity as the company reaffirms its commitment to racial equity.
“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.”
Given one of the biggest hurdles for small businesses is access to working capital, Albertsons Cos. is launching an expanded early payment program by partnering with C2FO, a secure online platform for working capital, as part of this program. This partnership with C2FO will help determine the best time and terms for payments between Albertsons Cos. and suppliers. 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.
“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 Cos. 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 Cos. 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 Cos.’ 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
About Albertsons Companies
Albertsons Companies is a leading food and drug retailer that operates stores across 34 states and the District of Columbia with more than 20 well-known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets and Balducci's Food Lovers Market. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. In 2020, along with the Albertsons Companies Foundation, the Company gave $260 million in food and financial support, including $95 million through our Nourishing Neighbors Program to ensure those living in our communities have enough to eat. Albertsons Companies also pledged $5 million to organizations supporting social justice. These efforts have helped millions of people in the areas of hunger relief, education, cancer research and treatment, social justice and programs for people with disabilities and veterans' outreach.
Kirby Nardo, Albertsons Cos.