When you aim high and surpass your goals by 15%, it’s time to celebrate!
The Port of Long Beach’s dedication to promoting small businesses in its vendor pool has yielded remarkable results, expanding opportunities for diverse enterprises to secure contracts for port-related construction and professional services. This commitment not only enriches the local business landscape but also fosters inclusivity and economic growth within the community. The success achieved thus far underscores the importance of fostering partnerships that empower smaller entities while enhancing the overall vitality of the region.
Did you know? Last fiscal year, nearly 42% of Port funds allocated for contracts through the Small Business Enterprise Program supported small and very small businesses. This demonstrates the Port’s commitment to empowering local enterprises by purchasing vital services and materials directly from them. By engaging with these specialized companies, we not only invest in their growth but also contribute to building a sustainable business ecosystem.
In fiscal year 2023, small and very small businesses showed remarkable growth with a participation rate of 41.8% in contracting – the second-highest since 2004. This achievement follows closely behind the record-setting 48.9% seen in 2022, demonstrating a strong trend of engagement and success in government contracts. The continuous increase in participation reflects the vital role these businesses play in driving economic development and innovation across various sectors.
Port of Long Beach CEO Mario Cordero highlighted the positive impact of the SBE program, emphasizing how it opens doors for local contractors and suppliers to participate in opportunities that ultimately boost the local economy. By providing a platform for a more diverse range of businesses to thrive, this initiative not only fosters economic growth but also strengthens community relationships. Kudos to Port of Long Beach for their commitment towards empowering local entrepreneurs!
Long Beach Harbor Commission President Bonnie Lowenthal emphasizes the importance of the Port of Long Beach as a job creator, not just an economic engine. Through innovative programs, like providing opportunities for smaller companies, the port plays a key role in supporting our community and beyond. It’s more than just business – it’s about fostering growth and inclusivity for all stakeholders involved.