Can we create a sub-classification for Vendor Business Classifications, other than "Minority Owned"?

We have a business need to create new business classifications in Vendor Master. We can create new Vendor business classifications by adding new look up codes in lookup type=POS_BUSINESS_CLASSIFICATIONS.

However, business also wants to create sub-classification for those new vendor classifications, just like standard Oracle offers to create "Minority Type" for "Minority Owned" business classification for a vendor.

Please let me know if this possible and what steps need to be done- configs, extension, personalization or others.

Thanks,

Sunil