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Supplier Diversity Frequently Asked Questions

November 18, 2024

  1. What is Supplier Diversity? Supplier diversity is the intentional inclusion of historically underutilized businesses in a company’s supply base to achieve innovation; cost reduction; and revenue growth objectives. This may include minority-, woman-, LGBTQ-, veteran-, disabled-owned businesses and others.

  2. Why is Supplier Diversity Important? For many years, supplier diversity was thought of as a social program that was about doing the right thing. Now with consumers knowing more than ever about the brands that they buy, they are demanding that corporations demonstrate that they embrace diversity. Supplier diversity has become an important business strategy that provides an avenue for:

    1. Generating innovative products and services

    2. Increasing competition

    3. Building economic growth in our communities

  3. What is Capital One’s Commitment to supplier diversity? Capital One is committed to making supplier diversity an integral part of the way we do business-creating mutually beneficial relationships with certified diverse owned businesses. We seek to identify and encourage diverse businesses to compete for our commodities and services throughout the Capital One enterprise. In addition, on projects that are awarded to non-diversity suppliers, we expect these suppliers to demonstrate their commitment to a diverse supply base by including diversity business partners when opportunities exist. We have a team of associates dedicated to establishing relationships with diverse suppliers in the communities where we operate.

  4. How does Capital One find a diverse supplier? Capital One utilizes several approaches to identify certified diverse suppliers that can compete for our opportunities. We leverage organizations that seek to advocate for and to connect diverse suppliers. As corporate members, we have access to databases that supplement our face-to-face interaction at various events. We also search for suppliers who have registered in our supplier database. You can register here.

  5. What is a certified diverse supplier? A certified diverse supplier demonstrates to an independent organization (non-profit, government), that their business is at least 51% independently owned, operated, and managed. In the case of a publically owned business, at least 51% of the stock must be owned by one or more diverse owners. Eligibility for certification is typically established through a combination of screenings, interviews, and site visits.

  6. Why is certification important? Certification is an important tool that authenticates that a supplier is 51% owned, managed and controlled by a qualifying diverse group. We proudly accept the following national certifications: National Minority Supplier Development Council (NMSDC), Women’s Business Enterprise National Council (WBENC), National LGBT Chamber of Commerce (NGLCC), NaVOBA (National Veteran Owned Business Association), Disability:In and the US Pan Asian American Chamber of Commerce (USPAACC).

  7. Do diverse suppliers need to be certified? While certification is not required to do business with Capital One, we strongly recommend certification so that the supplier can become part of our Supplier Diversity program. If a supplier is not certified, we do encourage them to become certified with one of our partner groups.

  8. What certification does Capital One support? We accept certifications from organizations that have a process that is rigorous and that is well documented. The certification process must require a supplier to be 51% owned, operated and managed by an individual that is ethnic minority, woman, disabled, veteran or LGBTQ. The process should include an onsite visit for verification and annual re-certifications. Any agency that meets these standards will be accepted as a viable certification source.

  9. How does Capital One Supplier Diversity help diverse suppliers potentially do business with the company? We promote diversity growth in Capital One's supplier base through the following process:

    1. Work with sourcing to identify upcoming, non-production and production procurement opportunities.

    2. Identify qualified, diverse suppliers to participate in upcoming procurement opportunities.

    3. Screen identified diverse suppliers to determine whether a match exists between suppliers' capabilities and business requirements.

    4. Refer the identified suppliers to sourcing to be included in the request for information (RFI) process.

    5. Based on the information received, sourcing will then review and make a decision to include you in the request for proposal (RFP) process. This process will allow you to view in detail the scope of the project and submit a bid for work.

  10. How do I do business with Capital One? First you must register your company's information in our database.

  11. Is there a registration fee? No. There is no fee associated with registering in our database.

Who is STARS? STARS Supplier Management Portal provides a robust and thorough registration process that will allow us to identify and engage with potential diverse suppliers in a more efficient way.