SMALL AND DISADVANTAGED BUSINESS PROCUREMENT REPORT FEDERAL RESERVE BANK OF BOSTON istorical Perspective The Federal Reserve Bank of Boston has actively fostered a minority business procurement program since 1975. During 1986, the Bank additionally institutes a formal Set-Aside Program encompassing both small and minority (disadvantaged) vendors in accordance with the System's Acquisition Guidelines. A çcal of $1,303,000 was established and approved by the Board of Directors as the 1991 target for minority business purchases. End-of-year 1991 results pertaining to small business purchases showed that small business awards of $4,294,225 through December 1991 represented a 29% increase over 1990. The number of awards made to small businesses decreased slightly by 1% from 1,839 to 1,821 for 1991. Our small business vendor base at year-end consisted of approximately 1,015 businesses or 64% of Boston's total vendor base. In 1991 over $982,000 was awarded to various Small businesses in the category of office furniture & accessories and over $500,000 in the construction category. The 1991 minority business purchases goal of $1,303,000 was surpassed by $132,520 or 10%. The number of awards made to minority businesses increased from 472 in 1990 to 543 in 1991 and represents a 15% increase. Efforts to maintain product diversity were successful. Key product categories included computer supplies and equipment, plastic bags, plumbing and electrical supplies, office supplies, and printing and business forms. The top two categories for minority vendor purchases in 1991 were in computer supplies and equipment at $545,064 and office supplies at $458,243. Plans for 1992 The Federal Reserve Bank of Boston plans to actively participate in the first New England Regional Trade Show sponsored by the New England Minority Purchasing Council, Inc. and the Connecticut Minority Purchasing Council, Inc. This should be an excellent opportunity for us to identify new potential sources of supply. We will particularly, be seeking new minority suppliers in areas such as construction. In addition, we plan to host one Mini-Fair to internally promote new or existing minority businesses. A goal of $1,460,000 in minority vendor purchases has been established for 1992. |
