November 13, 2015
By Leonard Golubchic
New York NY – New measures in New York City will increase the role of Minority and Woman Owned Business Enterprises (M/WBE) in City housing and economic development projects.
The Big Apple will establish a new $10 million predevelopment loan fund to help emerging firms secure financing to purchase land and get projects underway, as well as an additional new $10 million fund to help those firms secure the bonds they need in order to qualify for City business. Additional reforms will reduce unnecessary barriers in the bidding process and projects will be adjusted so they can be more suitable for small and mid-size firms.“When we open the door for minority and women-owned firms to compete, we’re investing right here in NYC. These new reforms will help level the playing field for smaller businesses.
These changes will ensure more of the work we do to build affordable housing and strengthen communities will come right back to our city’s diverse entrepreneurs and businesses,” said Mayor Bill de Blasio.The de Blasio administration awarded over $1.6 billion in contracts to M/WBE firms in Fiscal Year 2015 and is on track to meet the administration’s ambitious goal of awarding $16 billion in M/WBE contracts across agencies over the next 10 years.“Minority and women owned businesses have long been excluded from the City's procurement process. Many of these business have insufficient capital and legal guidance necessary to compete for City contracts. By providing loans and bonds to these small businesses, we are lifting up women and lifting up minorities. We are ensuring that these businesses have the same competitive advantage as other businesses. And by holding firms accountable, we are ensuring that no firm is able to discriminate against women and minority owned businesses,” said Public Advocate Letitia James.