Dodd-Frank Opening the Doors for Women and Minority Owned Businesses

REO Allegiance, a property preservation and eviction field services provider, has announced that an analysis of its 2010 expenditures showed that the company sent 42 percent of its work, measured in dollars spent with their contractors, to minority- and women-owned contractors. REO Allegiance was recently named a Top Diversity-Owned Business by DiversityBusiness.com. “The federal government has indicated the importance of diversity in the contracting of default services when it mandated the creation of the Office of Minority and Women Inclusion in last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act,” said Lisa Sadaoui, president and chief executive officer of REO Allegiance. “Tracking every single aspect of our business has allowed us to keep abreast of important statistics such as how we spend our resources. This is important to our clients, many of whom are working diligently to expand their own diversity programs to meet the new standard. Our diversity spend record provides them with tangible evidence that those efforts are in fact bringing about the desired outcome.” REO Allegiance is a certified Women-Owned Business by the Women’s Business Enterprise National Council (WBENC), as well as by the Division of Minority and Women Business Development in New Jersey, 100 percent of revenue spent on the company by its clients is already counted as diversity spending. By doing business with other women- and minority-owned contractors in turn, REO Allegiance creates a two-fold impact in diversity spending.