New York City’s procurement infrastructure is a tremendous economic generator, and it creates a full spectrum of opportunities for new York’s small businesses. each year, the City spends billions of dollars on everything from car mats to hard hats,
As well as a large variety of professional services and capital construction. recent legislation helps fortify this infrastructure with a unique opportunity to grow new York City’s economy, strengthen small businesses and promote equal economic opportunity for Minority and Women- Owned Business enterprises (MWBEs) throughout the city.
Over the past several years, new York City and new York State, along with the Federal government, have gone beyond taking notice of the challenges for MWBe construction firms to take action, changing the game for MWBEs in the process. improved legislation, mentoring, financing, bonding, technical assistance and networking opportunities are several of the areas that have become more accessible for MWBEs.
The Bloomberg Administration has taken a collaborative approach across new York City government to create a new paradigm for MWBE participation and growth and at the same time increase competitive bidding to control construction costs. On January 7, 2013, Mayor Bloomberg made history with the signing of Local Law 1 of 2013. the law covers over 38,000 contracts and, for the first time in history, increases Women-Owned Business enterprise (WBE) participation goals from zero to 18%. that’s more opportunity for MWBEs.
The law also eliminates the $1 million cap, allows higher value contracts and strengthens the certification process. it establishes increased accountability and requires agency purchasing staff to report quarterly to the City Council and a mayoral designee on their progress towards meeting agency MWBE goals.
The diversity of new York City’s business community doesn’t just contribute to our overall economic success; it is a fundamental driver of its growth. We encourage you to continue to engage in the conversation during this exciting time, and we look forward to delivering you more useful news in 2014 and beyond.
enjoy the read. Stay close,
Renee Sacks, Ph.D.