Press release
Intuit’s First Supplier Diversity Economic Impact Report Reinforces Commitment to Small & Diverse-Owned Businesses
Intuit releases annual Supplier DEI report: $312 million in direct spend with suppliers supported 4,000+ new jobs and $261 million in wages for US women and
About this update from Intuit Inc.
[{"type":"text","content":"\nIntuit releases annual Supplier DEI report: $312 million in direct spend with suppliers supported 4,000+ new jobs and $261 million in wages for US women and minority-owned businesses\n\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nAs the center of small business success, Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, published its first annual Supplier Diversity Economic Impact Report. Through a concerted effort to proactively source products and services from small and diverse suppliers, Intuit is achieving impactful change for minority and women-owned businesses at scale.\n\n\nDuring Intuit’s fiscal year 2022, the company spent $312 million with 550 US-based diverse and small businesses, an increase of $24 million year-over-year. Intuit’s focus on creating new opportunities for diverse small businesses is aimed at reducing economic disparities in underserved communities in the US by supporting new jobs and opportunities for small businesses to scale and grow their businesses in communities in which they operate.\n\n\n“We are proud to highlight that for every $1 we spend with diverse small businesses, we create $1.96 of economic impact,” said Emma Chontos, Chief Procurement Officer at Intuit. “Our supplier diversity program is far more than just a business strategy, it’s an opportunity to drive meaningful change in local communities and is a key component of our mission to power prosperity.”\n\n\nIntuit’s spending with diverse and small business suppliers generates economic activity in its supply chain and communities. In total, the program generated $613 million in total production. Key findings also included that the program supported more than 4,000 jobs across Intuit’s supply chain and in the communities in which they operate, generating $261 million in total wages to the economy. A subset of these jobs are also included in Intuit’s Prosperity Hub Program.\n\n\nView Intuit’s complete Supplier DEI Economic Impact Report here.\n\n\nIntuit’s Supplier DEI and Social Impact Program is committed to improving small business cash flow by accelerating payments to be due upon receipt of invoices for small and diverse suppliers that are minority-owned (Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American), LGBTQ+ owned, woman-owned, veter...