What is supplier diversity?
Supplier diversity is a business strategy of incorporating diverse-owned businesses, suppliers and vendors into a company’s supply chain and business practices. Diverse-owned businesses are companies that are at least 51% owned and operated by members of ethnic minority groups, women, veterans, members of the LGBTQ+ community and people with disabilities.
The benefits of supplier diversity
Supplier diversity is vital for driving innovation, expanding into new markets and fostering a more equitable business climate. It’s also a meaningful tool for economic growth and job creation—especially in often-overlooked communities.
Large companies with large supply chains wield a powerful tool for good. Since 2019, JPMorgan Chase has been a proud member of the Billion Dollar Roundtable, which was founded in 2001. Together, we work alongside the most prominent companies in the U.S. to narrow gaps in wealth, health, technology and sustainability. In 2022, BDR member companies spent $122.7 billion with diverse-owned U.S. suppliers, but the effects across the economy were more far-reaching.
These Tier I suppliers are only the first step along the supply chain; as those businesses buy goods and services from their own diverse suppliers, the stimulus gets amplified across the economy.
Below, diverse suppliers—and businesses interested in working with them—can find additional content to inform and inspire their pursuit of mutually beneficial partnerships.
Supplier diversity certification
- Diverse supplier certification: What it means to you and your customers (article)
- How to become a certified diverse-owned business (guide)
- Diverse-owned business certification can be a game-changer (infographic)
- Diverse suppliers are becoming crucial links in corporate supply chains (article)
- Why diverse-owned supplier certification matters (article)
- How to become a certified LGBT Business Enterprise (article)
- National Minority Supplier Development Council + JPMorgan Chase Certification Reimbursement Initiative (program)
BDR’s member companies look to these third-party certification organizations across the U.S. to verify that companies meet the diversity criteria in ownership, operations and control:
Scaling your business for growth
“It’s a marathon, not a sprint. You’re not going to get an overnight success solely by virtue of being a diverse business. But over time, you’ll have the potential to win contracts and build and grow your business.”
— Frederick Royall III, Managing Director and National Head of Diverse Businesses, JPMorgan Chase Commercial Banking
Diverse supplier success stories
- HighRoad Press (video)
- Bandujo Advertising + Design (video)
- SHI International Corp. (video)
- Veterans Sourcing Group (video)
- World Wide Technology (video)
Our firm’s commitment
“Supplier diversity is one of the most effective strategies to create wealth in diverse communities and build a more inclusive economy.”
— Ted Archer, Global Head of Business Partner Diversity at JPMorgan Chase
Have questions? Contact our supplier diversity team for more information.
© 2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
