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Friday, September 29, 2017

Contracts With Women Owned Businesses Have Doubled in New York

Contracts With Women-Owned Businesses Have Doubled in NYC

New York City Mayor Bill de Blasio has not only promised more city contracts to women- and minority owned businesses, but he has accomplished this goal by awarding more than $1 billion in city contracts last year to women and minorities, more than double the amount of contracts to MWBE (minority- and women-owned business enterprises) in 2015. This area is definitely a focus for the Mayor and the city of New York.
Increase in MWBE

Women- and minority-owned firms now account for 11 percent of city contracts, but de Blasio wants to increase this number even more -- to 30 percent. To help him reach his goal, the city is allocating $30 million worth of funding to three loan programs designed to help small businesses compete for city contracts. This will make a huge difference to MWBEs who often can't compete for city contracts because they can't get the capital.

Removing the obstacles

New York is "working with private banks to make more loans available to help companies for development, operations or bonding," according to Deputy Mayor Richard Buery. In addition, the city is improving the process for small business certification to make it easier for small businesses. This includes ensuring that women- and minority-owned businesses get the contracts.

Women- and minority-owned small businesses in New York received more than $1 billion in city contracts in 2016, more than double the 2015 total. "New York City buys so much – on an average of $15 billion to $20 billion in spending last year," stated Buery, adding that "That is a tremendous, tremendous leverage point to encourage businesses led by women and people of color.”

Read more by visiting www1.nyc.gov/site/mwbe/index.page


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