Albertsons Cos. has partnered with new vendors to enhance its supplier diversity program, continuing in its efforts for racial equity.
One of these partners is C2FO, a secure online platform for working capital. Given that one of the biggest hurdles for small businesses is access to working capital, Albertsons is launching an expanded early-payment program with the help of C2FO. This partnership will help determine the best time and terms for payments between Albertsons and suppliers. 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 Leawood, Kan.-based 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 Cos. in their ongoing efforts to support the partners and communities it serves.”
C2FO also partnered with Walmart Inc. in April on the retailer’s rollout of its expanded early-payment program to provide diverse and minority-owned suppliers with access to reliable funding sources.
To further expand supplier diversity, Albertsons also plans to work with Solon, Ohio-based ECRM, its RangeMe platform and Quantum. ECRM and RangeMe will help identify small, innovative, diverse suppliers. Campbell, Calif.-based Quantum, an e-procurement 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,” said Jonathan Mayes, Albertsons’ SVP, chief diversity and inclusion officer. “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 more than 50% owned and controlled/operated by a U.S. citizen and one of the following categories or ethnicities:
Earlier this month, Albertsons hosted a summit with more than 130 diverse suppliers interested in doing business with the company.
Boise, Idaho-based Albertsons operates 2,277 retail stores with 1,725 pharmacies, 400 associated fuel centers, 22 dedicated distribution centers and 20 manufacturing facilities. The company’s stores predominantly operate under the Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, Acme, Shaw’s, Star Market, United Supermarkets, Kings Food Markets and Haggen banners. Albertsons is No. 8 on The PG 100, Progressive Grocer’s 2021 list of the top food and consumables retailers in North America. Bentonville, Ark.-based Walmart is No. 1 on the list.