The commitment is aimed at “inclusive growth' practices and was convened by the Greater Washington Partnership,
a little over five years ago, during the District’s failed bid to host the 2024 Olympics. The group then redirected its efforts toward growing and promoting the regional economy, focusing on matters such as transportation and job training.pandemic heightened economic
More than half the pledge — $2.6 billion — consists of promises from the companies to boost how much they spend on procurement deals with “diverse suppliers,” including minority-owned businesses.How that is defined varies from one company to the next, Ioffreda said. It may consist of a broader pool of possible suppliers that includes those owned by veterans or women. Corporations with more granular data are specifically prioritizing suppliers owned by Black and Latino entrepreneurs.
The smallest pool of money in the partnership pledge, $619 million, will be passed on to community-oriented lending organizations, which provide capital to small businesses that might otherwise face barriers in getting loans from traditional banks.Harris said such institutions can help address the obstacle constantly faced by underserved entrepreneurs: Being told they are “unbankable.
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