Page 25 - ARUBA TODAY

BUSINESS Monday 10 June 2019
A25

How LGBT owners boost chances to win big business contracts

By JOYCE M. ROSENBERG diversity and inclusion a
Associated Press priority want to buy from
NEW YORK (AP) — In the LGBT suppliers; when she
early days of his information mentions that San Rafael,
technology company, Sam California-based Equator
Lehman looked for ways is LGBT-owned, it catches
to differentiate his business purchasing executives’ at-
from its many competitors. tention. Equator has gotten
As he searched online, contracts after attending
Lehman found the National NGLCC events that include
Gay and Lesbian Chamber networking opportunities
of Commerce, or NGLCC, with big companies and
which certifies companies also LGBT-owned firms. She
as lesbian-, gay-, bisexual- also finds that certification
or transgender-owned, helps win coffee-drinking
helping them be more vis- customers. Certification
ible to potential clients also helps convince big
and customers. Nine years companies that the small,
ago, Columbia Consulting LGBT-owned business seek-
Group got its LGBT-owned ing a contract is worth hir-
certification and in turn, a ing, says Jackie Richter, co-
boost in sales. owner of Heels & Hardhats,
“Within five years it dou- In this Tuesday, June 4, 2019, photo Helen Russell, left, and her partner Brooke McDonnell, co- a contracting company
bled our revenue,” says founders of Equator Coffees, pose with a shirt they sell at their first cafe location in Mill Valley, Calif. based in Byron, Illinois, that
Lehman, whose company Associated Press does projects including
is based in Stamford, Con- gay, lesbian, bisexual and ated, managed, and con- government does not have roadwork and land clear-
necticut. “Eighty percent transgender company trolled by an LGBT person a target for how many of ing. Richter and her partner,
of our business comes from owners may not be able to or people. It must also go its contracts are awarded Cyndi, have been sought
contacts I made through get credit in some states, through an application to LGBT-owned firms al- out by Fortune 500 corpo-
the NGLCC.” and there are companies process much like compa- though it does have targets rations. When she spoke
A growing number of LGBT that don’t want to do busi- nies certified as owned by for companies owned by at an NGLCC-sponsored
business owners are seek- ness with them. But Nelson women, minorities, veter- women, minorities, veter- event, supplier diversity ex-
ing certification that helps believes the economic ans or veterans who be- ans, service-disabled vet- ecutives approached her
them get contracts with power of the LGBT popula- came disabled during mili- erans and economically afterward.
companies including For- tion will create more oppor- tary service. Depending on disadvantaged businesses. Large companies with sup-
tune 500 corporations that tunities for these businesses. the certification, it is made Helen Russell and Brooke plier diversity programs
have supplier diversity and “When we put an econom- by an organization like the McDonnell were able to have started including
inclusion programs. Certi- ic face on who LGBT own- NGLCC or the government. get their Equator Coffee LGBT-owned businesses in
fication is a way for these ers are, people who think Nelson says the NGLCC has products into coffee bars recent years. Having a di-
owners to gain accep- of us as this amorphous certified 1,200 companies at big tech companies in verse supplier base can
tance across the country, group and are willing to across the country, and he the San Francisco area be part of a corporate so-
including places where take our rights away then expects more LGBT owners once they were certified. cial responsibility strategy.
they have encountered understand that we can to seek certification. “Certification matters. It just But they’re also motivated
discrimination, says Justin have a company that has A growing number of state does. It’s one more that by profit — being diverse
Nelson, president of the $180 million in revenue,” and local governments in- thing that gets you in front and inclusive can make a
NGLCC. Nelson says. To be certi- clude LGBT owners in their of another group,” Russell company’s products and
While same-sex marriage fied, a company must be supplier diversity and inclu- says. She finds that large services more attractive to
is now legal in every state, at least 51% owned, oper- sion programs. The federal companies that make customers.q

US consumer borrowing up $17.5 billion in April

By MARTIN CRUTSINGER March. Borrowing for auto not cover mortgages or
Associated Press and student loans slowed other loans backed by real
WASHINGTON (AP) — Con- to an increase of $10.5 bil- estate.
sumer borrowing acceler- lion, down from $13 billion The overall economy, as
ated in April to the fastest in March. It is the smallest measured by the gross do-
pace in five months as a advance since last June. mestic product, grew at a
rebound in credit card use Consumer credit is a key 3.1% rate in the January-
offset slower demand for indicator of the willingness March quarter. Economists
auto and student loans. of households to increase believe growth is slowing
Borrowing increased by borrowing to support con- and will result in a GDP in-
$17.5 billion, the Federal sumer spending, which ac- crease of around 2.5% for
Reserve said Friday. That is counts for 70% of econom- the year, down from 3.9%
up from March’s $11 billion ic activity. in 2018.
advance and marks the The April acceleration in The Labor Department re-
biggest jump since a $21.7 borrowing represented a ported Friday that employ-
billion increase last Novem- 5.2% increase following ers added just 75,000 jobs In this Feb. 20, 2019, file logos for credit cards are visible on the
ber. a 3.3% gain in March. It in May, down sharply from cards in Zelienople, Pa.
Borrowing on credit cards pushed total borrowing to 224,000 jobs in April. Econo- Associated Press
increased by $7 billion after a record $4.07 trillion. The mists saw the hiring slow- business have become er global growth and wid-
having fallen by $2 billion in Fed’s monthly report does down as evidence that more cautious amid weak- ening trade conflicts.q