Initiative to Improve Disadvantaged Businesses’ Opportunities

About the Program

Category: County Administration and Management (Best in Category)

Year: 2011

Finding zero inclusion of disadvantaged business enterprises in contract proposals submitted by financial services (banking and investment advisory services) providers, the County Treasurer’s Office and the office of Community Business Development Partners (CBDP) designed an outreach program to create and expand disadvantaged business enterprises participation in financial services contracts. The program was successful in procuring 5 percent participation in minority-owned community banks, service and supply companies. A total of over $6 million in financial institution DBE business, comprised of deposits, office supply contract and services, was implemented through this DBE outreach process. The majority of this money was in the form of certificate of deposits in minority owned banks. These deposits provided increased local bank profits as well as improving their capital ratio to allow them to increase their local lending program.