Minority Business Enterprises (MBEs) generated nearly $600 billion in economic output in 2024, according to NMSDC's Economic Impact Report. This growth is fueled in part by corporations that have made significant commitments to sourcing from minority-owned suppliers.
Based on verified corporate reports and public disclosures, here are the companies leading in MBE spending.
Walmart's US businesses sourced more than $13 billion in goods and services from over 2,400 diverse suppliers in fiscal year 2024. The company defines diverse suppliers as vendors that are at least 51% owned, managed, and controlled by racial and ethnic minorities, women, veterans, LGBTQ+ individuals, or people with disabilities.
Walmart previously committed to sourcing $10 billion annually from diverse suppliers by 2025. The company hosts events like the Equity in Entrepreneurship Summit and Procurement Connect to connect directly with diverse suppliers.
2. AT&T: $16.3 Billion (2022)AT&T, which pioneered corporate supplier diversity in 1968, spent $16.3 billion with certified diverse businesses in 2022. Over its 54+ year history, AT&T has spent more than $230 billion with businesses owned by minorities, women, service-disabled veterans, LGBTQ+ individuals, and people with disabilities.
Between 2019 and 2020 alone, AT&T spent $3.1 billion with Black-owned suppliers—the largest commitment to Black suppliers in the company's history.
3. Ford Motor Company: $11.1 Billion (2019)Ford's Supplier Diversity & Inclusion Program, launched in 1968, has spent over $181 billion with diverse businesses since 1978. In 2019, Ford spent $11.1 billion with diverse suppliers and small businesses—the most of any automotive OEM that year.
In 2021, Ford purchased more than $7 billion worth of goods from minority-owned companies.
4. General MotorsGM, along with Ford and Stellantis (the "Detroit 3"), has historically contributed to approximately $25 billion in annual spending with minority-owned suppliers combined. GM's supplier diversity program is one of the oldest in American business, dating back to the late 1960s.
5. Stellantis: $9.3 Billion (2023)Stellantis recorded $9.3 billion in diversity spend in 2023 and was ranked as the leading automaker for diversity and inclusion in 2024 by Fair360 (formerly DiversityInc).
6-10: Other Billion-Dollar SpendersOther corporations with verified billion-dollar+ diverse supplier spending include:
- CVS Health: $4.2 billion in diverse spend (2022), goal of $5 billion by 2030
- JPMorgan Chase: $2.5 billion with diverse-owned businesses (2019), with a $750 million racial equity commitment
- IBM: $2+ billion annually with first-tier diverse suppliers worldwide since 2006
- Toyota North America: Historically $3+ billion directly with 300+ diverse suppliers (prior to recent tracking changes)
- Honda North America: BDR member, spending $1+ billion annually
NMSDC's network connects over 15,000 certified MBEs to more than 1,500 corporations, resulting in nearly $400 billion in economic output annually. The organization has set an ambitious goal to reach $1 trillion in certified MBE annual revenue by 2030.
To access these corporate supply chains, minority-owned businesses should pursue NMSDC certification. Most Fortune 500 companies require third-party certification before adding diverse suppliers to their vendor programs.
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