Capture Minority Spend Credit with OTP and IBC
OTP can provide Minority Spend credit to help companies with initiatives and strategies to support minority business enterprise (MBE) companies and minority communities as a whole.
Minority Spend programs to support MBE are important in many industries. The Federal government requires contractors to subcontract with minority businesses. State and local governments often have similar requirements. By the year 2050 one third of the United States’ population will be comprised of minorities – and companies in many industries have embraced this fact and have developed marketing strategies to support minority communities.
Many companies establish diversity departments to support minority businesses and set goals on purchase amounts. These dollar amounts “trickle down” to their suppliers, and become goals for these suppliers as well. Minority Spend continues to gain more importance as companies discover the need to significantly improve Minority Spend as a way to maintain existing business and to win new customers.
OTP has an alliance with IBC to enable each OTP customer to capture minority credit. IBC’s unique business offering provides value on many levels. As a premier contract management company, the value to the end users stretches far beyond minority credits. Purchasing power, technology platforms and targeted cost-savings initiatives helps OTP and IBC win and maintain long-term contracts.
IBC is a minority-owned business certified by the Connecticut division of the National Minority Supplier Development Council (NMSDC). IBC meets NMSDC criteria as a Hispanic and veteran owned company. IBC is one of the few minority owned organizations with a footprint covering industrial MRO throughout North America.