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Entrepreneurship has been a cornerstone of American life. In fact, research shows that entrepreneurs across the spectrum tend to be more upwardly mobile than other workers.
But, success in business isn't guaranteed, and minorities and women in particular sometimes find existing informal business networks closed to them or a lack of people willing to mentor them in ways that can help their businesses grow. That's at least part of the reason minority-owned enterprises close up shop at a greater rate than white-owned businesses, and women-run businesses overall have lower revenues than those owned by men.
At Freddie Mac, we're committed to helping minority and women-owned businesses succeed by reducing these roadblocks through our Supplier Academy.
Supplier Academy gives Freddie Mac's existing diverse suppliers the tools and access they need to expand their business with our company. We offer them expert advice on marketing their businesses and introduce them to the people who make buying decisions, including our Enterprise Supply Chain (ESC) category managers – the experts who guide the contracting process throughout the company.
Freddie Mac's Human Resources division presents the academy in cooperation with ESC management. Delivered online over the course of a month to a class of five to seven participants, Supplier Academy is designed to enable busy entrepreneurs the time to run their companies while still receiving the benefit of the instruction.
The academy is open to women and minorities, including Black, Asian, Hispanic, veteran, disabled and LGBTQ business owners. Since its creation in 2016, more than 50 participants have completed the program, and new spending with their small businesses totals more than $40 million.
Additional business with Freddie Mac is never guaranteed, but one recent graduate has already expanded their engagement with us via a contract to provide payment modernization solutions to our Enterprise Operations division.
Our Supplier Academy supports our goal of developing a diverse supply chain and ensuring inclusion and transparency in the procurement of products and services that support Freddie Mac's key lines of business and operations. We welcome all qualified diverse suppliers to consider Freddie Mac's potential sourcing opportunities and we encourage diverse suppliers that meet the minimum qualifications to apply to our program.
Freddie Mac has supported diversity in contracting for more than 25 years – awarding millions of dollars in contracts to diverse suppliers that provide the highest-quality products and services at the most competitive prices. That's good for our suppliers, good for Freddie Mac, and essential to addressing our nation's racial and gender wealth gap.
To apply to become a diverse supplier to Freddie Mac, visit our Supplier Interest Form.