Joined by Vice President Kamala Harris, U.S. Secretary of Commerce Gina Raimondo, and U.S. Small Business Administration Administrator Isabella Guzman, Greater Washington Partnership Announces $4.7 Billion Toward Advancing Inclusive Growth in the Capital Region

$
0.1
Billion

… and counting in support for underrepresented communities and
Minority Business Enterprises in the Capital Region

Partnership organizations have collectively allocated a landmark $4.7 billion over five years to support underrepresented communities and Minority Business Enterprises (MBEs) in the Capital Region. 

This landmark effort will be directed in three categories: Access to Capital, Supplier Diversity, and Racial Equity. Read more below.

U.S. Secretary of Commerce

“Homogeneity is the enemy of diversity, is the enemy of innovation. If we are going to unlock the full potential of our economy, then we have to be committed to equity.” - Gina M. Raimondo

Vice President of the United States

“The mission of the Greater Washington Partnership — the $4.7 billion investment announced today, over $600 million will go to community lenders — is a major step forward. It is a model that can and should be replicated around our nation.” - Kamala D. Harris

U.S. SBA Administrator

“As we work together to build a better America, strengthening competition so small businesses can have a fair shot, making more in America, and supporting innovations, we have to invest in undeserved communities.” - Isabella C. Guzman

 

Through the combined strengths and assets of the leaders behind these efforts and commitments and the community partners impacted by them, the Capital Region is well-positioned to be a national model for cross-sector collaboration. The Partnership aims to leverage its resources – social, intellectual, and financial – to drive shared prosperity and economic opportunity across the region.

Delivering on the $4.7 billion effort will require both laser focus and sustained effort. As announced in April 2021, the Partnership is developing an Inclusive Growth Blueprint with support from Deloitte Consulting. The Blueprint will provide a 10-year roadmap to close the equity gaps in the region and advance shared prosperity. The Partnership’s collective action represents a reaffirmed commitment to ensuring that economic growth benefits all residents, regardless of zip code.

Watch the Video

Read the Press Release

$4.7 Billion Effort

Supplier Diversity

$2.6 billion will be directed in procurement spending to diverse suppliers and Minority Business Enterprises (MBEs), with a priority to spend with Black- and Latinx-owned businesses. This effort both meets critical business needs and addresses systemic inequities that have created barriers to growth for these groups.

Racial
Equity

$1.5 billion for wealth-building opportunities in underrepresented communities, such as direct corporate investments in affordable housing and in community organizations that are leading place-based equity initiatives.

Access to Capital

$619 million for financial investments to Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). CDFIs and MDIs provide access to capital to underrepresented populations in the form of loans and strategic financing in order to create economic opportunity.

Supplier Diversity Regional Impact

  1. $2.6 billion in supplier diversity efforts and commitments will have a lasting impact across the region:

  2. Generating $3.5 billion in revenue for small and medium-sized businesses

  3. Creating and sustaining approximately 4,000+ jobs per year

  4. Driving a cumulative GDP impact of approximately $2 billion

Why It Matters

Watch a Recap of the Event

 

 

Thank you to the 25 organizations whose collective $4.7 billion in efforts and commitments will serve as a catalyst to drive transformational change across the Capital Region.

Interested in joining this historic effort? Please contact Francesca Ioffreda, Vice President for Inclusive Growth & Talent Initiatives, at [email protected]greaterwashingtonpartnership.com

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