8 Companies Bold Enough to Share Their Black Supplier Spends 💵
A Look at Who’s Transparently Investing in Black Businesses
In 2023, Supplier.io reported that Black suppliers get on average .3% of supplier spends across industries and when it comes to industries that spend the most with Black suppliers — Energy, Utilities & Waste – 1%.
We’ve researched over 120 corporations, and most of them are NOT transparent about their Supplier Diversity spends.
But let’s back up for second, what is Supplier Diversity?
Supplier Diversity is a business strategy that encourages the use of suppliers that are owned and operated by traditionally underrepresented or underserved groups, such as Black-owned, Hispanic, Veteran, Women, and LGBTQ+.
For more context, this could be a Black woman-owned company that manufactures uniforms for fast food workers or it could be a Black-owned media company like Essence, that the corporation spends hundreds of thousands of dollars with on advertising.
Now, if most companies aren’t transparent about their overall Supplier Diversity spends, there are even LESS that are transparent about what they spend with Black suppliers — so we kinda geek out when we see transparent reporting.
These eight corporations reported what they spent with Black suppliers in 2023-2024:
FED EX
Since 2012, FedEx’s Small Business Grants Program has awarded nearly $2 million to over 120 small businesses to support their growth. In fiscal year 2023, the program distributed over $300,000 in grants, with 40% awarded to women-owned businesses and 30% to minority-owned businesses. The program operates across the U.S., Canada, Europe, AMEA, and Latin America and the Caribbean (LAC).
Tier 1 Supplier Spend: $18.6 Billion
Black Supplier Spend: $5.028 Billion (28%)
GENERAL MOTORS
GM touts that since 1968, the company has led in supplier diversity as the first original equipment manufacturer (OEM) to establish a formal program. It supports diverse suppliers through community initiatives and partnerships aligned with its broader vision. For over a decade, the company has hosted its annual Supplier Connections event, attracting thousands of attendees to strengthen relationships, enhance business skills, and identify new sourcing opportunities. It also partners with advocacy organizations like the National Minority Supplier Development Council to support minority business owners.
Tier 1 Supplier Spend: $5.6 Billion
Black Supplier Spend: $1.176 Billion (21%)
DELTA AIRLINES
Delta set a goal to double its spending with Black-owned businesses to $690 million by 2025, starting from a 2020 baseline of $345 million. By 2023, the company had already spent $559 million with Black-owned businesses.
Additionally, Delta sponsored five supplier diversity conferences and support for events with organizations such as the National Black MBA Association, Atlanta Business League, National Urban League, and Morehouse College Innovation & Entrepreneurship Center.
Tier 1 Supplier Spend: $2 Billion
Black Supplier Spend: $559 Million (28%)
CITIGROUP
In 2023, Citi and the Citi Foundation committed to advancing their Action for Racial Equity initiative—a three-year, $1 billion commitment focused on increasing financial inclusion and closing the racial wealth gap in the U.S. They reportedly met and exceeded their goal, supporting their broader mission to enable economic growth and progress.
While Citigroup didn’t spend the highest amount with Black spend suppliers, they dedicated the largest percent of their Supplier Diversity spend of 41% to Black suppliers.
Tier 1 Supplier Spend: $1.1 Billion
Black Supplier Spend: $446 Million (41%)
AMERICAN EXPRESS
American Express set a goal to double its annual spend with underrepresented-owned suppliers in the U.S. from a 2019 baseline to $750 million by the end of 2024, including a commitment to spend at least $100 million annually with Black-owned suppliers. In 2022, American Express achieved the first component of its goal by spending $758 million with underrepresented-owned suppliers, $60 million of which was spent with Black suppliers (7%). In 2023, the company spent an additional $580 million with underrepresented-owned suppliers and increased their spend with Black-owned suppliers by 58%.
Tier 1 Supplier Spend: $758 Million
Black Supplier Spend: $95 Million (16%)
ESTEE LAUDER
Estee Lauder company committed to doubling its spend with Black-owned businesses over a three year period. In fiscal year 2023, it spent $44 million with Black-owned businesses—a 120% increase from its 2020 baseline of $20 million.
Tier 1 Supplier Spend: Not Reported
Black Supplier Spend: $44 Million (% Unknown)
MACY’S INC.
In 2023, Macy’s, Inc. expanded its focus from supplier diversity to a broader business diversity strategy aimed at fostering economic growth among underrepresented segments of its business and customer communities.
Key accomplishments included:
Expanding the business diversity policy to cover all Macy’s, Inc. brands: Macy’s, Bloomingdale’s, and Bluemercury
Welcoming Disability-Owned Business Enterprises (DOBE) into the business diversity ecosystem
Launching the Business Diversity Roadshow to create access opportunities
Introducing the Business Diversity Learning Hub to provide tools and resources for colleagues in supply chain and merchandising
Awarding $250,000 in business grants to participants of The Workshop at Macy’s cohort
Increasing spend with diverse and underrepresented suppliers to better reflect evolving customer demographics
Tier 1 Supplier Spend: $805 Million
Black Supplier Spend: $41 Million (5%)
HP
HP touts supplier diversity as a core value, recognizing its role in driving innovation, strengthening business operations, and supporting local communities. In 2023, HP spent $358 million with small businesses, $210 million with minority-owned businesses, and $107 million with women-owned businesses in the U.S., generating an overall economic impact of $878 million.
The company reported that they collaborate with organizations such as the National Minority Supplier Development Council to further its supplier diversity efforts. HP also focused on increasing its spend with Black/African American-owned suppliers in the U.S., exceeding its 2023 goal with $33 million in spending—a 26% increase from the previous year.
Tier 1 Supplier Spend: $695 Million
Black Supplier Spend: $33 Million (5%)
We commend these bold companies and as the political climate continues to drive backlash around diversity-related programs, we hope that they continue to be transparent — and those who say they are committed, we hope that you join in on transparent reporting.
If you found this information insightful, please share this with your networks:
Be informed.
The Black Dollar Initiative is the independent 501(c)(3) research and data hub that powers the Black Dollar Index. Your support goes towards researching, analyzing, and reporting on over 120 corporations across 20+ points of impact, that enable the Black Dollar Index to keep consumers informed. Donations are tax-deductible (EIN: 85-2383485).
Sources: