The University of Minnesota has spent more than $66 million on services from local businesses just this past year. More specifically, the University has been consciously trying to use businesses owned by women, minorities and the disabled.
Not only does this stimulate MinnesotaâÄôs economy, but it helps out smaller businesses that may have trouble beating out big companies. The University is doing the right thing and should keep up their efforts.
Of the millions of dollars spent, about $44 million was for services from the âÄútargeted businesses,âÄù which helps even out the playing field for women-, minority- and disabled-owned companies in the state. The University has spent about $750 million on small and local businesses in the past 12 years, according to the Minnesota Daily.
By using companies within the state, the University is helping boost the local economy and keep jobs around for small businesses. For example, while building the TCF Bank Stadium, the University spent $57 million of the total $375 million cost of the project on local businesses from around the state.
With a rough economy, itâÄôs a challenge to start up a business or keep one running. Businesses owned by women, minorities or the disabled face even more difficulties keeping their business up and running.
The University is helping many by choosing these targeted small businesses. Money is going back into the state, helping the economy and helping keep jobs in the state. Money is also going to small companies, which boosts their business. The University should be applauded and continue this helpful small-business targeting with its future projects.