After the death of George Floyd at the hands of police in May 2020, corporations responded to mass protests with promises to support Black communities better, in part by buying more goods from Black-owned companies. Target pledged to spend more than $2 billion with Black-owned businesses by 2025. Walmart has since pledged to spend $5 billion on products from"diverse suppliers" by 2025.
Trying to spread this spending out among diverse business owners is something many companies had never attempted before 2020. And when they tried, many found it difficult to manage, Stanard told Insider. Two years before George Floyd became a household name, Stanard founded Stimulus, a software startup that's building a data service to make it easier for big buyers — like retailers, hospitals, and governments — to buy from diverse businesses. So when diversifying supply chains became a priority the same year the Stimulus platform launched, the young startup got a boost. Stanard raised $1 million in 2021 and a $2.5 million seed round in August led by Black Ops Ventures.
"We're helping diverse companies get contracts and create jobs to helps create a better community. But it doesn't mean that we're not helping these billion-dollar companies save time, save money, and increase their profit margins," Stanard said.
Diverse = Non white. Do they fight for Diversity in non-white countries?
Need to do an article including pressure on the Feds to quit raising the Prime Rate; SBA small business loans are variable rate loans so they get hit hard when PR rises; and large % of business owners w/SBA loans are minorities