Albertsons, Walmart commit to supplier diversity, early payment
Albertsons and Walmart have committed to working with more diverse suppliers and expanding their early payment programs for small vendors.
Albertsons is launching an expanded early payment program by partnering with C2FO, a secure online platform for working capital, to help determine the best time and terms for payments between Albertsons and its 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,” the company said in a press release.
“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,” C2FO Founder and CEO Alexander “Sandy” Kemper said. “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.”
Walmart also began working with C2FO in April on an early payment program “to make access to working capital affordable, transparent and more equitable by offering qualified diverse or minority-owned suppliers faster payments from us at our lowest rates,” Chief Merchandising Officer Scott McCall said, according to Progressive Grocer.
Albertsons also plans to work with ECRM, RangeMe, and Quantum to expand supplier diversity.
ECRM and RangeMe will help the retail conglomerate identify small, innovative, and diverse suppliers while Quantum – an eProcurement and diversity spend management solution – will help it identify diverse-owned and operated suppliers.
Albertsons also recently hosted a summit with more than 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' supplier diversity program applies to the following groups that are over 50 percent owned and controlled or operated by a U.S. citizen and belonging to one of the following categories or ethnicities: African American; Asian American; Hispanic; lesbian, gay, bisexual and transgender; Native American; service-disabled veteran; and/or female.
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