Our commitment to development suppliers includes contracting and subcontracting with certified small and underdeveloped companies. This inclusion is enabled by our industry-leading Supplier Development program, which has been in place for more than 30 years. Bank of America is proud to have one of the most recognized supplier development programs in the financial services industry, based on program tenure, overall spend with development companies and investment in development company growth.
Bank of America's Supplier Development Program currently supports businesses in the following categories: Small and underdeveloped owned, Woman owned, Disabled person owned, Disabled Veteran owned, Veteran owned, LGBT+ owned, or Historically Underutilized Business Zone (HUBZone) Enterprise.
Our Program & Goals Bank of America's program is enabled by our Supplier Development and Responsible Sourcing team. Although all employees with responsibility for the selection of the goods and services we purchase are responsible for adherence to our policies, the centralized team provides the infrastructure and support to realize our mission.
Support provided includes development of small and underdeveloped supplier strategies, identification of development suppliers and procurement commitments as part of contract negotiations. Our program also includes investment in development supplier growth. We mentor select small and underdeveloped companies, host capacity-building events and award scholarships to small and underdeveloped business owners through our Supplier Development Small Business Scholarship Program.
Further, from an ESG standpoint, we develop and track ESG strategies and metrics for the lines of business. We provide annual training regarding ESG risks, including modern slavery. We assist with bids, assess suppliers for alignment with our ESG expectations, and support contract negotiations. Our program also includes ongoing engagement with and training/advisory services for suppliers to ensure they are managing climate risk and modern slavery risks appropriately.
Bank of America also partners with and sponsors many non-governmental organizations (NGOs). NGOs that certify and support development of small and underdeveloped businesses include the National Minority Supplier Development Council (NMSDC), a national certifying agency that advocates business development with development suppliers, the Women Business Enterprise National Council (WBENC) and the National Gay and Lesbian Chamber of Commerce (NGLCC), the exclusive certifying body of LGBT-owned businesses. Other organizations include CDP (formerly the Carbon Disclosure Project) and the Sustainable Purchasing Leadership Council (SPLC).
