Wells Fargo joined forces with the National Minority Supplier Development Council (NSMDC) to create three new Minority Business Leadership Academies. These academies will be held in Houston (hosted by the Houston MSDC), Los Angeles (hosted by the Southern California MSDC) and Washington D.C. (hosted by the Capitol Region MSDC).
The four basic goals of the academy program are to increase the competitiveness of minority business enterprises (MBEs) in seeking contracts and market opportunities, to improve MBE readiness to meet industry needs, to build value proposition for MBE owners and to improve best practices in scalability, organizational capabilities and business development.
To qualify for the academy program, MBEs must have annual revenues of at least $3 million, proven track record of high performance, confirmed financial solvency and market-competitive pricing. Preference will be given to NMSDC-certified MBEs and Wells Fargo suppliers. About 15-20 applicants will be selected for the one year training.
According to Wells Fargo head of Supplier Diversity Regina Hayward, they are committed to developing diverse suppliers and they spent $1.27 billion with these businesses in 2017. They also invested in capacity building programs which will help more than 500 diverse suppliers.