Published
September 19, 2024
On the sidelines of the Congressional Black Caucus Foundation's Annual Legislative Conference, the U.S. Chamber of Commerce – in collaboration with the Executive Leadership Council (ELC) and African American Chamber of Commerce of New Jersey (AACCNJ) – hosted CBC Chair Steven Horsford (D-NV), small and underserved businesses, companies, and other stakeholders for a conversation on renewing growth and expanding opportunities for Black-owned businesses.
Established in 1970, the CBC has fought for African Americans and other marginalized communities in the United States to have the opportunity to achieve the American Dream and has a history of bipartisan collaboration on and off Capitol Hill.
Free enterprise has long been the bedrock of America’s economy – creating jobs, driving competition, spurring innovation, and ensuring economic prosperity. Small and underserved businesses often face challenges in accessing business opportunities. Incorporating small and underrepresented suppliers in corporate supply chains has tremendous economic value and can help these underrepresented businesses grow.
During the event, Congressman Horsford discussed how economic opportunity and intergenerational wealth building is central to the work the CBC is doing to create a more equitable economy. The CBC’s recently released report, “What Good Looks Like,” highlights the importance of supplier diversity as a corporate best practice.
“Our goal is to create economic opportunity with full economic participation, so that we can close the racial wealth gap and make sure that we grow GDP that benefits everybody,” said Chairman Horsford. “I think we all saw during the pandemic what happens when you do not have a diverse supply chain. Doing business with diverse companies in America is imperative because it helps us have a more secure and sustainable supply chain”.
Congressman Steven Horsford (D-NV), Chair of the Congressional Black Caucus, discusses how economic opportunity and intergenerational wealth building is central to the work the CBC is doing to create a more equitable economy.
Congressman Steven Horsford, Chairman of the Congressional Black Caucus; Michael Hyter, President and CEO of Executive Leadership Council; John Harmon, Sr., Founder, President and CEO of African American Chamber of Commerce in New Jersey; Tom Quaadman, Senior Vice President of Economic Policy at the U.S. Chamber of Commerce; and Rick Wade, Senior Vice President of Strategic Alliances and Outreach at the U.S. Chamber.
Congressman Steven Horsford, Chair of the CBC, and Tom Quaadman, Chamber Senior Vice President, share a moment.
Congressman Steven Horsford talks with the U.S. Chamber's Rick Wade, Senior Vice President of Strategic Alliances and Outreach, and Carmen West, Vice President of the Equality of Opportunity Initiative
The Chamber's Rick Wade and other guests listen as panelists discuss renewing growth and expanding economic opportunities.
Guests listen to the panel conversation.
After the panel's conversation, CBC members, companies, small and underserved businesses, and other stakeholders were able to network.
Keith Carr, Partner and Executive Vice President, PRO2CEO with Kevin Carr, CEO, PRO2CEO.
C.A. Houston, Edison Electric. One of 21 vendors from the African American Chamber of Commerce in New Jersey (AACCNJ).
Rosa Whitaker, CEO, The Whitaker Group, Diplomat, and U.S. Chamber of Commerce Board Member, with Dana Banks, Senior Advisor at the U.S. Chamber of Commerce Africa Business Center.
Jeff Wasden, President and CEO, State Business Executives and board member of the South Metro Denver Chamber of Commerce, with Derrick Clay, Senior Vice President at Shumaker Advisors.
Michael Hyter, President and CEO of the ELC, discussed the spirit of partnership and advocacy for economic policies that impact the benefit of workforce and supplier diversity. He emphasized that the data the ELC and CBC are collecting “helps reinforce key messages to expand opportunities for businesses to work with minority suppliers and addresses laws affecting workforce diversity discussions within companies.”
John E. Harmon Sr., Founder, President and CEO of the AACCNJ, stressed the need for stronger engagement from government and business leaders to support African American small businesses, emphasizing that an agenda focused on economic growth and addressing challenges faced by minority businesses can drive positive change in the economy and supply chains. “These [small businesses] hit the ground running every day to provide value."
Many companies already understand the importance diverse supply chains and the role that inclusive practices play in stimulating economic growth, fostering entrepreneurship, and improving lives.
According to the 2023 Supplier.io Economic Impact report, spending with small and underrepresented suppliers resulted in 1.3 million jobs supported by 326 companies, and $31.4 billion in tax revenue for the global economy. The survey also affirmed that every $1 spent with a small or underrepresented supplier resulted in $1.80 in economic benefit to the community. Simply put, expanding corporate supply chains enhances business performance, helps companies remain competitive, creates jobs, builds stronger communities, renews growth, and creates equality of opportunity for all people.
From greater opportunities to innovate, save costs, access new markets, gain insights into consumer bases, and mitigate the risks associated with supply chain disruptions, companies recognize the value of expanding their supply chains as a business sustainer and economic multiplier.
The U.S. Chamber is proud to work with the CBC and its members to bring awareness to issues impacting underrepresented business owners across America. Our shared goal is to help our country’s entrepreneurs start, run, and grow their business and pursue their American Dream.
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About the authors
Rick Wade
Rick C. Wade is senior vice president of Strategic Alliances and Outreach at the U.S. Chamber of Commerce.
