Gov. Andrew Cuomo in July signed a law that reauthorized the Minority and Women Owned Business Enterprises (MWBE) program for five more years.
\nHe aid it will ensure ongoing and meaningful participation of MWBEs in contracted state projects. The reauthorization of the law includes enhancements that will enable even more MWBEs to participate in and benefit from the program.
\n\u201cThe extension and expansion of New York\u2019s nation-leading MWBE program will help ensure our economy is reflective of our values and of our diverse talent pool,\u201d Cuomo said. \u201cDiversity is New York\u2019s greatest asset, and by signing this measure into law we will empower more women and people of color to participate in State contracts and continue our aggressive program to make contracting even more inclusive.\u201d
\n\u201cWe are breaking down barriers for aspiring entrepreneurs and providing opportunities to ensure the growth and success of minority and women owned businesses,\u201d said Lt. Gov. Kathy Hochul. \u201cThe renewal and expansion of our robust MWBE program advances New York\u2019s nation-leading MWBE goals as part of our overall efforts to promote diversity. We are committed to encouraging and supporting minority and women owned businesses across the state, creating jobs and strengthening the economy.\u201d
\nThe MWBE program, designed to make New York\u2019s economy more inclusive by requiring MWBE participation in state contracts, was due to expire at the end of 2019. The reauthorization extends the program until 2024 and amends the law to make it easier for more MWBEs to participate and to give all participating businesses greater benefits.
\nThe new terms include:
\n\u2022 Extending the term of MWBE certification from three years to five years.
\n\u2022 Increasing agency and authority discretionary purchasing threshold from $200,000 to $500,000 without a formal competitive process.
\n\u2022 Increasing the personal net worth cap from $3.5 million to $15 million to make more businesses eligible.
\n\u2022 Authorizing the Division of MWBE to organize outreach events, training and educational opportunities for MWBE firms across the state.
\n\u2022 Establishing a Workforce Diversity Program that requires state agencies overseeing construction projects to utilize a diverse workforce; among additional new terms.
\nSen. Majority Leader Andrea Stewart-Cousins said the program \u201cis a proven success, and has helped empower minority and women-owned businesses and entrepreneurs. The bill signed into law today will extend the MWBE program until 2024, continue to make the state contracting process more inclusive, and take action to combat misrepresentation.
\n\u201cThe Senate Democratic Majority is committed to tearing down barriers and this legislation furthers that effort through creating a more level playing field for minority and women entrepreneurs.\u201d
\nAssembly Speaker Carl Heastie said the program has been \u201cinvaluable in boosting our economy and ensuring that our workforce more accurately represents New York\u2019s diversity. By renewing and extending the program, we can continue to build on the progress we have made in promoting equality of economic opportunities for minority and women owned business enterprises.\u201d
\nState officials said the new provisions will support the continued growth of the MWBE program, which has resulted in over $13 billion in contracts awarded to MWBEs since 2011. In 2010, state contract spending with MWBE firms totaled less than $100 million and MWBE utilization was just under 10 percent.
\nThe extension is enhanced by the signing of two additional bills. One authorizes the state Dormitory Authority to create a four-year procurement pilot program to further expand contracting opportunities for MWBEs and small businesses. The other authorizes an increase of the threshold of New York City\u2019s discretionary purchasing authority from $150,000 to $500,000 making such threshold consistent with the state\u2019s increased authority.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gov. Andrew Cuomo in July signed a law that reauthorized the Minority and Women Owned Business Enterprises (MWBE) program for five more years. He aid it will ensure ongoing and meaningful participation of MWBEs in contracted state projects. The reauthorization of the law includes enhancements that will enable even more MWBEs to participate in and […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-33818","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\n