The Council Economic Development and Small & Minority Business Committee of Columbus, Ohio, convened to discuss the proposed city operating budget for 2025, focusing on initiatives aimed at supporting minority and women-owned businesses. The meeting highlighted significant progress made in the past year, particularly through various programs and partnerships designed to enhance business opportunities and streamline certification processes.

One of the key initiatives discussed was the collaboration with the NOW Foundation, which has successfully supported over 35 new business certifications, with more pending. The committee also introduced a new supplier diversity compliance software platform, aimed at improving the certification process for women-owned and minority-owned businesses.

The meeting showcased the city’s commitment to fostering entrepreneurship among diverse groups. Notably, a supplier diversity event was organized in partnership with several local entities, including Columbus City Schools, which attracted over 100 businesses. This event aimed to reduce barriers to entry for entrepreneurs by facilitating discussions around certification processes.

Additionally, the committee reported a 4.4% increase in spending with minority and women-owned businesses from the second quarter of 2023 to the second quarter of 2024. The number of certified vendors also saw a remarkable increase of 69.2%, attributed to enhanced outreach efforts and contracting opportunities. Furthermore, the participation goal dollars set for projects aimed at these businesses surged by 171.96%, rising from $61.1 million in 2023 to $167.8 million in 2024.

The meeting concluded with a focus on continuing these initiatives and expanding support for small businesses in Columbus, emphasizing the importance of equity and opportunity in the city’s economic development strategy. The council anticipates further growth as they approach the end of 2024, with additional data to be released in March.