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| Small and Diverse Business Spending | $515 million |
|---|---|
| Minority-owned | $335 million |
| Woman-owned | $199 million |
| Veteran-owned | $15 million |
| LGBT+ -owned | $2 million |
| Disabled Person-owned | $3 million |
Facebook has committed to spend at least $100 million annually with black owned businesses
Facebook set a goal to spend $ 1 billion dollars with diverse suppliers in 2021
To help diverse suppliers cope with the effects of Covid-19, Facebook launched a program that prioritises paying diverse suppliers quicker instead of following the 60-120 days waiting period.
Facebook’s supplier diversity program is still in its infancy stage, having been established in October 2016. Since the launch, total spending with diverse suppliers is just over $1.1 billion. In 2019 Facebook spent $515 million with diverse suppliers in categories spanning across creative services, network infrastructure, facilities management, and more.
2020 has forced a lot of organizations to find ways to combat and confront the racial injustice which still prevails in the US. Following the deaths of George Floyd’s and Breonna Taylor’s, Facebook committed to take action in support of the black community. Part of that commitment was a pledge to spend $200 million to support Black-owned businesses and organizations. This money will be split into cash awarded to black content creators, grants and ad credits. Of this, $100 million will be spent with black suppliers.
The company’s supplier diversity program is open to underrepresented businesses that are majority-owned, operated, and controlled by racial or ethnic minorities, women, veterans of the US Armed Forces, persons identifying as lesbian, gay, bisexual, or transgender, or entrepreneurs with a disability.
Uniquely amongst large companies, Facebook’s supplier diversity team is quite accessible. On their Facebook page, suppliers can contact the team though the Messenger platform. Supplier spotlights enable potential suppliers to reserve a 15 minute meeting with the Facebook supplier diversity team on a first come first served basis, a welcome level of access.
Towards the end of 2020, Facebook launched The Facebook Receivables Financing Program which prioritises paying diverse suppliers quicker instead of following the 60 to 120 days waiting period it usually takes for invoices to be paid. This program accepts receivables from contracts with companies other than Facebook was created to help diverse suppliers cope with the effects of Covid-19.
Except for a few networking events, Facebook does not seem to have educational and mentorship initiatives created with diverse suppliers in mind. However, at the rate at which the company is evolving its program, those initiatives may not be far in the future.
We believe our supplier base should reflect the people and communities we serve. That’s why we launched our Supplier Diversity program in October 2016 to help diverse suppliers do business with Facebook and with the people and communities that Facebook connects. Our vision is to transform the way diverse suppliers connect to customers, each other, and the tools and resources to grow.
At least 51% owned, controlled AND operated by one or more members of a diverse group:
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