Categories: Business NewsConstructionHealthcareNews

Charlotte Awards $193 Million in Contracts to Minority-Owned Businesses

Diverse business owners celebrating success in Charlotte

Article Sponsored by:

Northford Structural Connections (NSC)

Northford Structural Connections (NSC) specializes in innovative engineering solutions for enhancing the safety and durability of precast concrete structures. Their patented products, including the Double-Tee Flexible Connection (DTFC) and Double-Tee Connection Pro (DTC Pro), address critical challenges like fatigue, corrosion, and seismic resilience. With a focus on quality and longevity, NSC provides advanced connection systems trusted by industry professionals for both retrofitting and new construction projects.

News Summary

In a significant move to support minority and women-owned businesses, Charlotte’s city officials announced the awarding of $193 million in contracts to historically underutilized vendors in 2023, marking a 23% increase from the previous year. The Charlotte Business Inclusion program, which boasts over 1,600 enrolled businesses, aims to create sustainable relationships and offer real support, including the upcoming launch of CBI University and a $40 million Small Business Growth Fund.

Charlotte’s Staggering Success: $193 Million Contract Distribution in 2023

In a spectacular show of support for minority and women-owned businesses, the exciting business inclusion program in Charlotte has reached a remarkable milestone this year. Charlotte’s city officials announced that a whopping $193 million in contracts were awarded to historically underutilized vendors in 2023! This impressive sum marks a significant increase of 23% from 2022 and a jaw-dropping 45% jump from 2021.

Growing the Business Community

It’s not just about the numbers; this initiative is all about fostering sustainable relationships and building a solid network among contractors. Right now, there are over 1,600 businesses enrolled in the Charlotte Business Inclusion (CBI) program, and 1,141 of those businesses proudly call Mecklenburg County home! Meanwhile, another 502 operate just beyond the county borders, showcasing the growing reach of this initiative.

The CBI is backed by a dedicated team of 12 staff members and more than 30 liaisons across various municipal departments who are working tirelessly to advocate for small, minority, and women-owned businesses. Their goal? To create opportunities that lead to success and sustainability.

Supporting Business Development

This program isn’t just about handing out contracts; it’s about providing real support. With initiatives like a Contractor Development Program, CBI helps businesses navigate the often tricky waters of surety bonding, which has historically been a significant barrier to entry for many aspiring contractors. By offering assistance to boost bonding limits, these businesses can pursue larger projects with more confidence.

Introducing CBI University

In an exciting development, CBI will soon launch CBI University, a series of technical support programs slated to begin in March 2023. These programs aim to equip local businesses with the knowledge and resources they need to thrive in today’s competitive environment.

And that’s not all! The city has initiated a remarkable $40 million Charlotte Small Business Growth Fund, designed to provide 2,000 loans of up to $250,000 over the next four years, giving local entrepreneurs a much-needed boost.

Fostering Economic Growth

Research shows that closing the racial gaps in entrepreneurship has the potential to infuse an astonishing $5 trillion into the U.S. economy over the next five years. It’s clear that the support for minority and women-owned businesses is not just a local issue but a significant step toward national economic growth.

The Importance of Feedback

Continuous feedback from local business owners is front and center in CBI’s strategy. This valuable input helps refine programs and offerings, ensuring that they remain effective and relevant. Collaboration with community development financial institutions is also a key part of their game plan, enhancing access to funding opportunities for these underserved vendors.

Highlighting Major Projects

CBI-certified businesses have played a crucial role in transforming prominent city landmarks, including renovations at the Spectrum Center and the Bank of America Stadium. These partnerships not only enhance infrastructure but also spotlight the talents and capabilities of local businesses.

Charlotte’s commitment to enhancing inclusivity and diversity in city contracts and operations is more than just business; it’s a powerful movement aimed at uplifting the entire community. As this program continues to evolve, the future looks brighter than ever for Charlotte’s small and minority-owned businesses.