Innovative Contracting Model Takes Aim at Supplier Diversity Inequities


PITTSFIELD, MA – Greylock Federal Credit Union and Elegant Stitches of Pittsfield have entered into a unique and industry-leading supplier contract aimed at providing minority-owned businesses an opportunity to grow and compete in the business-to-business marketplace.

“Greylock’s innovative contractual agreement with Elegant Stitches highlights how institutions can approach spending practices with minority business enterprises to be more intentional and inclusive through purchasing,” said Elegant Stitches founder Alfred Enchill. “This blueprint should serve as a model for businesses who are looking for ways to connect with the BIPOC business community.”

Founded in 1997, Elegant Stitches is a family-owned custom embroidery and screen-printing company that supplies branded apparel and promotional products for public and private sector employees, teams, and community groups. As a small business and certified minority business enterprise, Elegant Stitches is proud of their contribution to the local economy, which generate jobs that help enrich their community.

Greylock and Elegant Stitches have entered into a multi-year guaranteed minimum purchase agreement. The agreement will allow Elegant Stitches to forecast its sales and make appropriate investments to meet contract obligations. This financial security will give them the ability to focus on growth. In return, Greylock is guaranteed that their preferred vendor has the capacity and stability to meet their demands for years to come.

One of the ground-breaking provisions of this agreement is the guaranteed minimum spend. While minimum purchase amounts are not unique per se, Greylock added a clause guaranteeing Elegant Stitches income, regardless of whether Greylock’s purchase orders meet the agreed upon amount. Any unmet contractual spend is converted to a grant.

“It’s a win-win,” said Greylock’s Senior Vice President and Chief Administrative Officer, JamieEllen Moncecchi. “Elegant Stitches has been our go-to supplier for many years. This long-standing relationship with an immigrant founded enterprise, has sparked an innovative solution built on trust and mutual community-focused goals.”

Read Full Article Here >>