Albertsons Companies Forms New Partnership With C2FO to Bolster Supplier Network
BOISE, ID - Perspective is everything in business, and Albertsons is enduring that it has plenty. In its latest efforts to bolster its supplier network, the retailer is pursuing greater diversity and inclusion amongst its partners, teaming up with both new vendors and supply chain innovators.
“Albertsons Companies is dedicated to helping our communities lay the foundation for racial equity,” said Jonathan Mayes, Albertsons Companies SVP, Chief Diversity and Inclusion Officer. “We’re taking these steps as part of our commitment to diversity, equity, and inclusion in our company and the businesses we choose to partner with so that we reflect the wonderfully diverse communities we serve.”
As part of its strategy, Albertsons is launching an expanded early payment program by partnering with C2FO, a secure online platform for working capital. This partnership will help determine the best time and terms for payments between Albertsons and suppliers, a press release stated. The goal is to help diverse-owned businesses alleviate immediate capital challenges by making access to working capital more equitable by providing funding to qualified, diverse-owned suppliers at significantly lower rates.
“Accelerated payment of receivables is essential for all businesses in need of greater liquidity, but especially for those that may be underrepresented and underfunded in our current financial system,” said Alexander “Sandy” Kemper, Founder and CEO of C2FO. “We want to position these diverse suppliers for long-term success and can start by offering the working capital needed to grow and stay strong in this difficult economic climate. We are honored to join Albertsons Companies in their ongoing efforts to support the partners and communities it serves.”
Albertsons also plans to work with ECRM, RangeMe, and Quantum to expand supplier diversity. ECRM and RangeMe will help identify small, innovative, diverse suppliers, while Quantum, an eProcurement and diversity spend management solution, will enhance Albertsons’ ability to identify diverse-owned and operated suppliers.
“We believe our partnerships with these vendors will give us the tools we need to expand our supplier diversity in all areas of our business,” Mayes said. “We hope it will also make it easier for diverse suppliers to work with us.”
Albertsons’ Supplier Diversity Program applies to the following groups that are over 50 percent owned and controlled/operated by a U.S. citizen and one of the following categories or ethnicities:
- African American
- Asian American
- Lesbian, Gay, Bisexual, and Transgender
- Native American
- Service-Disabled Veteran
Diversity and inclusion continue to be greater areas of focus for the retail community, and ANUK will keep you up to date as we learn more.