October 26, 2009
Texas Tech University is among the Top 20 state agencies and universities in the use of Historically Underutilized Businesses (HUBs). A HUB business is one that is 51 percent owned by a woman or a minority.
Of the 200 state agencies and public universities that report HUB transactions to the Texas Comptroller’s office, Texas Tech ranked 20. This is the first time Texas Tech has ranked in the top 20.
From office supplies to major construction projects, almost 28 percent of Texas Tech’s expenditures are with HUB vendors. The Texas Tech University System has made the HUB program a priority for each of the system’s institutions.
"It is a policy of the Texas Tech University System and its component institutions to enhance equal participation from all businesses for our purchases and contracts," said Chancellor Kent Hance. "This ranking confirms our commitment to increasing opportunities for historically underutilized businesses in the state."
Texas Tech’s use of HUB vendors has dramatically increased in the last six years with HUB utilization growing from 3.5 percent in 2002 to 27.63 percent in fiscal year 2008-2009. Texas Tech’s total expenditures were $137,619,231 in 2008-2009 with $38,026,464 going to HUB vendors.
"It is a priority for the university to do business with historically underutilized businesses," said Bubba Sedeno, Texas Tech HUB manager. "The procurement services staff and all Texas Tech employees should be credited with this accomplishment."