Historically Underutilized/Small Business Procurement Program

Colgate University has established a Historically Underutilized/Small Business Procurement Program to track and promote procurement with small, disadvantaged, and women-owned businesses.

Definitions

Small Business
A business, independently owned and operated, not dominant in the field of operation in which it performs and qualifies under the criteria and size standards of the Small Business Administration regulations.

Minority-Owned Business
A small business that is at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged or a publicly owned business that has at least 51 percent of its stock owned by one or more historically underutilized individuals.

Women-Owned Business
A small business that is at least 51 percent owned by a woman or women who also control and operate it.

Assumptions

The data complied assumes that classification information supplied by vendors is accurate and that this information is correctly input and compiled in the BANNER database.

Program Objectives

1. Inform the campus community on the needs and capabilities of small, disadvantaged, and women-owned businesses. 
2. To increase participation of small, disadvantaged, and women-owned business concerns in the Colgate University procurement process.

Program Highlights

The Colgate University Purchasing Department will continue to collect and compile vendor data related to the business classifications of vendors providing services and goods to the university. By doing so, the above data will continue to become available on an annual basis to monitor and highlight program trends.

The above goals are an effort to demonstrate that the Purchasing Department and the Colgate community can effectively include Historically Underutilized Businesses in the procurement process.