What is New in Minority and Women Owned Business Enterprise Landscape in New York?

New York Governor Kathy Hochul signed into law a package of three bills recently that will increase oversight of the Minority-and Women-Owned Business Enterprise (MWBE) infrastructure in New York state (NYS). The first bill is aimed at preventing fraud and abuse in the MWBE program while also creating a framework for a fund to investigate and audit fraud. The second bill will allow businesses to use MWBE development and lending program funds to refinance existing debts. The third bill, which may be the most impactful, allows New York City to award contracts up to $1 million to MWBEs without a formal competitive process. (https://natlawreview.com/article/new-laws-increase-oversight-new-york-state-s-minority-and-women-owned-business#:~:text=New%20York%20Governor%20Kathy%20Hochul%20signed%20into%20law,for%20a%20fund%20to%20investigate%20and%20audit%20fraud)

New York State is home to a vibrant community of minority- and women-owned businesses (MWBEs). These businesses play a crucial role in the state’s economy and contribute to its diversity. Here are some key points about MWBEs in New York:

• High Utilization Rate: New York has the highest MWBE utilization rate in the country. This means that a significant portion of state contracts and business opportunities are awarded to MWBEs.

• Certification Process: A minority or women business owner become MWBE-certified through the Division of Minority and Women’s Business Development (DMWBD). The certification process is decentralized, and one can take the preliminary steps using the MWBE Certification Assessment Tool.

• Business Development Assistance: The DMWBD provides information and resources to help MWBEs expand their businesses. Whether one needs guidance on growth strategies or wants to explore economic development projects, they can assist the company.

Next Generation Innovation L.L.C. is a MBWE Company located in New York City.