New York Gov. Kathy Hochul signed last week a legislative package that strengthens the Minority- and Women-Owned Business Enterprise Program.
Legislation (A.9259-A/S.3390-A) prevents MWBE Program fraud and abuse while creating a framework for a fund investigating and auditing program misconduct; Legislation (A.6420/S.571) enables businesses to use MWBE Program funds to refinance existing debt; and Legislation (A.10459/S.9351) authorizes the City of New York to increase MBWE award amounts for non-competitive contracts from $500,000 to $1 million.
“New York draws strength from its diversity, and it is a priority for my administration to ensure that economic opportunities are inclusive and equitable across the state,” Hochul said. “For two years in a row, our nation-leading MWBE utilization rate highlights our commitment to providing the necessary tools and resources so that everyone is able to forge pathways to economic success.”
Hochul said the continuation of the state’s strong MWBE utilization rate demonstrates a commitment to championing greater equality of economic opportunities for MWBEs.
“Thanks to Gov. Hochul’s leadership, New York has exceeded our utilization goal for the second year in a row, and we will continue to help break down barriers and expand opportunities for MWBEs across the State,” Lt. Gov. Antonio Delgado said. “New York is committed to providing critical resources for Minority- and Women-Owned businesses to help them succeed because our economy is strongest when it is diverse, accessible, and inclusive.”