Creating Diverse Opportunities
For BB&T, supplier diversity is about providing opportunities to a diverse base of qualified and certified vendors - ready, willing, and able to provide products and services.
Supplier Diversity Terms Defined
Minority-Owned Business Enterprise
A minority-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories that is owned, operated and controlled by minority group members. "Minority group members" are United States citizens who are Asian-Pacific, Asian-Indian, Black/African American, Hispanic or Native American. Ownership by minority individuals means the business is at least 51% owned by such individuals or, in the case of a publicly-owned business, at least 51% of the stock is owned by one or more such individuals. Further, the management and daily operations are controlled by those minority group members.
Women-Owned Business Enterprise
A woman-owned business must be at least 51% owned, operated, and controlled by one or more women.
A small business owned, operated and controlled by one or more economically or socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities compared to others who are not socially disadvantaged in the same or similar business. This category includes, but is not limited to, HUBZone, 8(a), and SBD certified businesses.
Disabled Veteran Business Enterprise
A small business owned and controlled by service-disabled veterans not less than 51% of which is owned by one or more service-disabled veterans or, in the case of any publicly owned business, not less than 51% of the stock of which is owned by one or more service disabled veterans whose management and daily business operations are controlled by such veterans.
Veteran-Owned Small Business
A business that is 51% or more owned by veterans or service-connected disabled veterans.
Tier II Process
Tier II is used to further promote and include diverse suppliers in the sourcing process when direct spend is not an option. BB&T encourages Tier I prime suppliers to use certified Tier II subcontractors.
BB&T has participated in various conferences and events dedicated to support and promote supplier diversity including:
- Carolinas Minority Supplier Development Councils, Inc. – Business Opportunity Conference (An affiliate of the NMSDC)
- Institute for Supply Management, Inc. (ISM) – International Supply Management Conference
- National Minority Supplier Development Councils, Inc. (NMSDC) – Business Opportunity Conference
- North Carolina Minority and Women Business Enterprise Coordinators' Network Conference
- The North Carolina Institute of Minority Economic Development – Executive Networking Conference
- Virginia Minority Supplier Development Councils, Inc. – Virginia Business Opportunity Fair
- Women's Business Enterprise National Council, Inc. (WBENC) – Carolinas Forum