Exciting Growth and Investment for Nashville’s Minority and Women-Owned Businesses

Exciting Updates in Nashville’s Business Landscape

Hey there, Nashville! It’s a glorious time to catch up on some inspiring news that’s making a positive impact in our community, particularly for our black and brown owned businesses as well as our women owned firms. The latest report on the City of Nashville’s Equal Business Opportunity Program is out, and it contains some fantastic insights that we can all cheer about!

Growth in Opportunities

From July 1, 2023, to June 30, 2024, the city has proposed an impressive $85 million to spend specifically with black and brown owned firms. That’s a substantial $13 million increase compared to the previous year, which represents an 18% rise! Isn’t it great to see this commitment toward increasing opportunities for our diverse business community?

But wait—there’s more! For women owned firms, the city is looking at a whopping $98 million in proposed spending. This marks a striking $59 million increase or an astonishing 151% boost over last year. Talk about moving the needle!

Contract Highlights

Minority Business Enterprises (MBE) and Women Business Enterprises (WBE) continues to shine. In the current fiscal year, the city has paid out about $44.8 million to MBE and WBE subcontractors. That’s a $6.6 million increase or 17% more than the previous fiscal year. What a fantastic trend of growth!

Subcontract Participation

black and brown owned firms stands at 9%, while women owned firms see an average of 7%. These percentages indicate that more prime contractors are beginning to include our minority and women-owned businesses when they bid on projects. This is a huge step forward for creating a more inclusive business environment!

Meeting Market Availability

A Bright Future Ahead

As we move forward, it will be exciting to see what additional strides Nashville makes toward supporting our local businesses. If you have any questions or want to learn more about the specifics of the report, feel free to reach out to BAO@nashville.gov for additional insights.

So there you have it, Nashville! Let’s celebrate these achievements and hope for even more growth and inclusivity in our beloved city’s business endeavors in the coming years!

Author: HERE Nashville