As Black Business Month comes to a close, we are celebrating the impact of our supplier diversity initiative with Abbott. Through the partnership, we connect business owners with the financial resources and advice they need to win contracts, hire more staff and fuel economic opportunity in the communities where they operate. To date, the LISC-Abbott initiative has invested $6.2 million in 19 small businesses and provided one-on-one coaching to 37 small businesses. Meet three of them.
Becoming a supplier for large companies can be a game changer for a small business looking to expand and build a sustainable enterprise. But inequitable access to capital leaves many diverse small business owners – including people of color, women and other underrepresented groups – unable to cover the costs of meeting the minimum requirements for doing business with large corporations.
To help address this gap, LISC teamed up with Abbott, a global healthcare leader committed to creating a resilient, diverse and responsible supply chain. Launched last year, our $37.5 million initiative offers growth capital, loans and coaching to help owners from diverse backgrounds become part of corporate supply chains and build capacity for the future.
To date, the Abbott-LISC initiative invested $6.2 million in 19 small businesses that provide, or have the potential to provide, essential products and services to the healthcare industry. We also delivered one-on-one coaching to 37 small businesses. With this support, these businesses are better able to compete for supplier contracts, hire more staff, and fuel economic opportunity in the communities where they operate.
Check out some of the dynamic small businesses we've met through our partnership with Abbott:
Meet Artura Taylor of TDG Scientific
Artura Taylor was a happily retired Fortune 500 exec when the 2008 recession pushed her back into the workforce. But instead of becoming someone else’s employee, she launched her own business, TDG Scientific, to supply lab equipment, chemicals, PPE, and more to the corporate and government sectors. Like many Black business owners, Taylor found it difficult to access capital to scale her business—until now. Thanks to a $100,000 working capital loan and a $140,000 growth capital investment from Abbott and LISC, Taylor’s business is now able to invest in its IT infrastructure and grow its bid department to pursue more contracts. Learn more about her story.
Meet Ibrahim Jackson of Ubiquitous Preferred Services
More companies are looking to increase employee retention through upskilling, retooling and fostering a culture of belonging. Entrepreneur Ibrahim Jackson wants to harness this momentum to grow his people development firm, Ubiquitous Preferred Services. But that takes capital. With a $240,000 capital injection from the Abbott-LISC partnership, Jackson now has the resources to create a highly effective employee e-learning platform, which will lead to more employer contracts for his business. Learn more about his story.
Meet Kristin Harper of Driven to Succeed, LLC
Kristin Harper is the founder and CEO of Driven to Succeed, a firm that helps Fortune 500 companies and leading brands ramp up growth through market research. The traditional structure of industry contracts – which requires Harper to front the money for project expenses – has kept her from growing the enterprise the way she’d like. With $146,000 in financing from Abbott and LISC, Harper is now able to bridge the gap so she can execute and seek new contracts simultaneously, creating the right conditions for growing her business. Learn more about her story.
