The City of Charlotte unveiled the Fiscal Year 2023 Annual Report for the Office of Charlotte Business INClusion (CBI), and the figures speak volumes about the city's investment in diversifying its economic landscape. A significant $2.85 million of city funds were channeled into bond contracts with local Minority, Women, and Small Business Enterprises (MWSBEs), according to the report titled "Building Bridges to Prosperity." This investment aims at narrowing the economic gaps within the city and fostering a collaborative environment for all businesses to thrive.
In a detailed overview, the report, published on October 7 by the City of Charlotte, highlights a noticeable escalation in city spending on Professional Services contracts, which leaped from $5.5M in FY2022 to a hefty $10.6M. Among the key achievements, the launch of the Contractor Development Program was a standout initiative, welcoming 92 participants, providing 1,770 technical assistance services, and 825 contractor development services. This program not only increased contractors' bonding capacity to $2.85M; it also enabled them to clinch significant bidding opportunities, such as a $250,000 bid bond for one participant.
Further success was seen as 80 new vendors were incorporated into the CBI MWSBE Directory, expanding the network of diverse businesses the city can tap into. Additionally, the report boasted about a five-week Bidding and Estimating Training Academy that catered to 37 contractors, with 16 training sessions covering a gamut of essential business topics to equip them for success. This marks a pointed effort by the city’s CBI staff to proactively enhance the skills and opportunities available to small and minority-owned businesses.
Everyday interactions between CBI staff and local entrepreneurs are more than transactional; they are transformational for the individuals and businesses involved. "Each day, CBI staff connect, support, and collaborate with individuals and businesses throughout the community," according to City of Charlotte.
