Join        Login             Stock Quote

Fifteen Large Corporations Seek to Bolster U.S. Economy by Providing Access to $300 Billion in Supply Chain Spending to Small Businesses

Thursday, March 22, 2012 10:30 AM

Small Businesses Gain New Contracts, Grow Business

NEW YORK, March 22, 2012 /PRNewswire/ -- Fifteen large corporations today announced that thousands of small businesses have a new way to do business with them, giving them access to the $300 billion that these corporations spend annually on goods and services. (#connectbiz)

Small businesses, which are catalyst for the U.S. economy now have access to the supply chains of these 15 corporations by introducing them to a free Web site called Supplier Connection.  This portal is similar to the Universal College Application, where a potential vendor need only fill out simplified forms once to be considered for many types of contracts for goods and services.   Through the platform, small businesses can offer their goods and services to many large enterprises with the goal of winning contracts, growing their business and creating jobs. The website was created and is maintained by IBM (NYSE: IBM) through a grant of more than $10 million from the IBM International Foundation.

"A recent national study revealed that within two years of winning a contract with a large company, small businesses doubled their workforce. Clearly by streamlining access to large company spending, we can help more small businesses create jobs," said Stanley S. Litow, IBM Vice President of Corporate Citizenship and President of its Foundation.  "By reducing complexity and offering access to spending by a group of large companies, Supplier Connection will help small businesses grow and improve their bottom line. The clear benefit to large companies is the access to the creativity and innovation of small businesses." 

Currently there are nearly 1,000 small businesses registered in the Supplier Connection program with more than 250 large company buyers actively searching for potential suppliers across 20 categories.  One small business that has found success using the platform is Bottini Fuel, a provider of heating oil, propane, heating and air conditioning services based in New York's Hudson Valley.


Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.