The Billion Dollar Roundtable announced last week that it will now recognize LGBTQ-owned businesses as diverse suppliers, reports Medardo Perez for NBC News.
The Roundtable is an organization that encourages corporations to patronize suppliers under diverse ownership.
To qualify for the BDR, a corporation must spend $1 billion annually with diverse suppliers.
Since its founding in 2001, the BDR has recognized companies owned by women and ethnic minorities as diverse suppliers.
Per the new guidelines, it will also recognize LGBTQ-owned companies, as well as companies owned by veterans and people with disabilities.
Justin Nelson, president of the National Gay & Lesbian Chamber of Commerce (NGLCC), voiced his approval for the change: “In the United States, LGBT-owned businesses are creating tens of thousands of jobs and adding over $1.7 trillion to the economy, much of that due to inclusion in corporate supply chains. We’re proud to see our businesses included in the criteria that rewards corporate excellence in creating new opportunities for diverse-owned businesses to thrive.”
To meet the BDR’s criteria for a diverse supplier, the NGLCC must certify an LGBTQ-owned business as an LGBT Business Enterprise.
The BDR’s current 27 members spend an estimated $72 billion dollars with diverse suppliers.
Read the full NBC News article here.