Cities are beginning to see the effects of allowing diverse business owners to come in and be a part of their communities, reports CNBC.
The city of Los Angeles will be the largest municipality, by both population and economy, to formally include LGBTQ-owned businesses in the city’s billions of dollars in contract procurement. Reports show that similar contracts in LA amount to as much as $8 billion over roughly 40 departments.
Federal and local governments have long built into contract procurement opportunities for minority-owned and women-owned businesses. Nationally, certified LGBT businesses contribute $1.7 trillion to the U.S. economy and create more than 33,000 jobs, according to the National LGBT Chamber of Commerce (NGLCC).
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