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| Small and Diverse Business Spending | $700 million |
|---|---|
| Minority-owned | Not Reported |
| Woman-owned | $149 million |
| Veteran-owned | Not Reported |
| LGBT+ -owned | Not Reported |
| Disabled Person-owned | Not Reported |
For every bid over $250,000, Citi requires the inclusion of diverse suppliers in the bidding process
Citi has extensive mentoring and business development programs for diverse suppliers
Review how to become a Citi supplier here
Take a look at key features and steps for suppliers ready to begin the registration process here
Take a look at Cit’s statement of supplier principles and these FAQ
Citi’s 2019 total diverse supplier spend was $700 million. Though under a billion dollars, the firm’s Supplier Diversity and Sustainability Program remains a commendable one and targets small businesses, and women-, veteran-, disability-, LGBT+- and minority-owned firms.
Following the death of George Floyd, Citi announced a goal to increase spending to $1 billion with a $50 million target for black firms. Citi encourages tier 2 spend through subcontractors and has a formal program to encourage this. Spending on these suppliers is still relatively low at just over $400 million.
Citi requires the consideration of diverse suppliers for all bids over $250,000. To help facilitate this, In 2018 Citi implemented a technology upgrade which gives employees access to additional data and analytics to quickly identify certified diverse suppliers and consider them for available procurement opportunities.
Citi runs a number of initiatives to economically empower underrepresented business groups and enable them to compete with established firms. Citi employees engage with small and diverse businesses as mentors. They assist with financial planning, marketing, product and service pricing and more. Some can even be fully embedded as executives “on loan.”
Training and education are held in-house at Citi and in collaboration with local community colleges and other organizations that develop diverse suppliers. Citi engages with all the major diverse business organizations, attending and sponsoring training and networking events throughout the country.
In all, Citi has a comprehensive program to engage small and diverse businesses. Spending remains rather low for a company of its size but it is taking steps to raise its goals.
The Citi Supplier Diversity Program works to create mutually beneficial business relationships with diverse suppliers that strengthen the communities we serve and create value for our shareholders. The primary thrust of this program is to provide maximum opportunity to diverse suppliers and consultants who satisfy our purchasing and contractual standards. Sourcing areas of the corporation are encouraged to identify and include diverse suppliers and consultants in the procurement process.
Citi's search for diverse suppliers is not limited to those suppliers who already meet purchasing and contractual requirements. A secondary objective of the program is to provide technical and managerial assistance that will help suppliers meet our criteria. With this assistance, we hope to give more diverse suppliers access to corporate buyers.
Citi is committed to assisting diverse suppliers in their growth and development on a long-term basis. Today, Citi Supplier Diversity encompasses all of Citi's businesses in the United States. The Supplier Diversity Program is responsible for supporting and encouraging each business group in the effort to identify and include diverse suppliers and consultants in their purchasing activities. The Supplier Diversity Program maintains a list of diverse suppliers, seeks additional suppliers for referral to purchasing areas, and secures the technical and managerial assistance needed to help qualify diverse suppliers.
The program provides diverse suppliers with equal access to business opportunities, financial services and technical assistance. As Citi looks to the future, we recognize that working with a wide range of professional, diverse suppliers and consultants in the communities we serve is important.
At least 51% owned, controlled AND operated by one or more members of a diverse group:
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