Building on Our Supplier Diversity Program with Mentorship
Providing mentorship in marketing, cybersecurity, finance and more, to create lasting relationships with local businesses
February 4, 2021
At Capital One, our core mission is to change banking for good, and diversity, inclusion and belonging are integral parts of our culture. That’s why we’re committed to prioritizing racial equity, affordable housing, small business support, workforce development and financial well-being – creating beneficial relationships with BIPOC-owned businesses, women-owned businesses, LGBTQ-owned businesses, veteran-owned businesses, and businesses owned by persons with disabilities.
Through our supplier diversity mentoring program, we provide Black and Latinx business owners with the tools, resources and counsel needed to succeed in today’s marketplace. The program pairs local entrepreneurs with Capital One associates to develop sustainable models that accelerate year over year growth, profitability and key operating metrics.
As part of Capital One’s Impact Initiative, a $200 million, five-year commitment to support growth in underserved communities and advance socioeconomic mobility, the supplier diversity mentoring program aims to accelerate the success of small business owners to create more jobs, strengthen the local economy and move our society toward a more equitable future. This differs from other business mentorship programs Capital One has established, such as Catapult, which focuses on supporting more established businesses using digital innovation to solve challenges they are facing.
The diverse supplier mentoring program began in Richmond, Virginia with 10 businesses – chosen by the City of Richmond and BLK RVA – ranging from expertise in event production to pharmaceuticals to food and beverage and interior design. At the onset of the program, Capital One instructors teach courses on marketing and social media, design-thinking, cybersecurity, legal and finance, and change management. Then, businesses are matched with mentors from across Capital One.
Through the program, mentors and mentees work together to focus on a clear vision and specific goals. Those goals help to guide mentorship discussions as the teams determine how to achieve those goals and overcome potential obstacles.
Soon, the program will expand into McLean, Virginia and Plano, Texas.
“We recognize the longstanding impact Black-owned businesses have had on the social and economic vitality of cities,” said Jim Gorzalski, Chief Procurement Officer and Senior Vice President of Enterprise Services at Capital One. “As part of our greater supplier diversity work, we are honored to provide mentorship to accelerate the revenue and business growth of these entrepreneurs in the cities where we live, work and serve.”
The diverse supplier mentoring program lasts six months with an option to continue after graduation.