Albertsons Cos. is launching several new vendor partnerships aimed at boosting supplier diversity, reaffirming the company’s commitment to racial equality, according to the retailer.
“Albertsons Companies is dedicated to helping our communities lay the foundation for racial equity,” said Jonathan Mayes, Albertsons Companies SVP, chief diversity & inclusion officer, in a statement. “We’re taking these steps as part of our commitment to diversity, equity and inclusion in our company and the businesses we choose to partner with so that we reflect the wonderfully diverse communities we serve.”
One of these partnerships is with C2FO, a secure online platform for working capital. The goal of the partnership 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. This will be accomplished by determining the best time and terms for payments between Albertsons Cos. and suppliers.
“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,” said Alexander 'Sandy' Kemper, founder and CEO of C2FO, in a statement. “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. We are honored to join Albertsons Companies in their ongoing efforts to support the partners and communities it serves.”
Earlier this month, Albertsons Cos. hosted a summit with over 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 continued. “We hope it will also make it easier for diverse suppliers to work with us.”
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Image: Albertsons Cos.