UNDER MAYOR DE BLASIO, CITY INVESTING IN M/WBES AT RECORD LEVELS

UNDER MAYOR DE BLASIO, CITY INVESTING IN M/WBES AT RECORD LEVELS

 
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NEW YORK CITY(TIP): Under Mayor Bill de Blasio,
 New York City is investing in minority and women-owned businesses at 
record levels, including connecting more minority- and women-owned 
business enterprises (M/WBEs) to public and private contracting 
opportunities than ever before. On Wednesday, June 27th, the de Blasio 
Administration hosted the 12th Annual M/WBE Procurement Fair, attended 
by more than 600 City-certified minority- and women-owned businesses; 
and nearly 90 City and State agencies, public authorities, and 
private-sector companies – making this a record-breaking year for both 
MWBE and agency attendees.


“The Annual M/WBE Procurement Fair helps
 minority and women entrepreneurs access City resources and build 
long-lasting networks that will grow these businesses for years to 
come,” said Mayor Bill de Blasio. “These events are key to creating a 
fairer city where every business owner – regardless of race, gender, or 
ethnicity – has the chance to participate and succeed in our economy.”


The Annual M/WBE Procurement Fair helps 
put in practice the results of the Mayor’s commitment to using the 
City’s purchasing power to support M/WBEs. In May, the City announced it
 is two years ahead of schedule to meet his OneNYC goal, which aims to 
award $16 billion to M/WBEs by the end of Fiscal Year (FY) 2025. The 
City has awarded approximately $7.8 billion to M/WBEs since the goal was
 established in 2015 – $1.8 billion more than initial projections. As a 
result, the Mayor will increase his OneNYC goal to award $20 billion to 
M/WBEs by the end of FY 2025.


In May, the City increased the loan cap 
on the City’s Contract Financing Loan Fund, a program that allows M/WBEs
 and small businesses to access affordable loans. Currently, M/WBEs and 
small businesses have access to loans totaling $500,000. Beginning this 
summer, they will be able to access loans totaling up to $1 million per 
year at a low three-percent interest rate.


“Communities of color and women are the 
future economic engine of New York City. That’s why Mayor de Blasio is 
investing in them more than the city ever has before. Since 2015, the 
City has awarded approximately $7.8 billion to minority and women-owned 
business, nearly $2 billion dollars more than initial projections. Now, 
we’re doubling down, awarding $20 billion to minority and women 
businesses by 2025 and making it easier to access loans for expansion,” 
said Deputy Mayor Phil Thompson. “When we invest in communities of 
color, our city prospers.”


“The procurement fair, with its 
unprecedented turnout, represents the City’s focus on improving access 
to real opportunities for its M/WBE’s. From the opening discussion with 
lenders on how M/WBEs and small businesses can access low-interest loans
 funds totaling $70 million, to the many workshops designed for M/WBEs 
to engage with agencies, the event was the most successful yet”, said 
Jonnel Doris, Senior Advisor and Director of the Mayor’s Office of 
M/WBEs.


“The City’s annual Procurement Fair 
directly connects City agency procurement needs with the diversity of 
local businesses, forging strong connections and opportunities to grow 
these businesses and put them in a stronger position” said Gregg Bishop,
 Commissioner of the Department of Small Business Services.


The Procurement Fair offered networking 
opportunities with purchasing staff as well as access to an Opportunity 
Room where participants learned about available or upcoming contracting 
opportunities. The Procurement Fair also featured a panel on accessing 
capital.


The Fair is part of Mayor de Blasio’s 
larger commitment to increase the pipeline of M/WBEs, impact policy and 
improve performance. The Administration is taking aggressive steps to 
strengthen M/WBEs and ensure the City’s procurement reflects the 
diversity of NYC businesses by:


Awarding $20 Billion to M/WBEs by end of FY 2025


Certifying 9,000 M/WBEs by end of FY 2019


Awarding 30% of the value of all City contracts by end of FY 2021


The City is continuing to certify 
available firms, to meet the Mayor’s goal of City-certifying 9,000 
M/WBEs by end of FY 2019. Currently, the City boasts nearly 6,000 
certified M/WBEs in its program, a roughly 60-percent increase since the
 beginning of the Administration.


“As chair of the Committee on Women, it 
is clear to me that supporting our M/WBE and small city contractors are 
critical to the economic empowerment of women and minorities. This 
administration has shown a real commitment to creating innovative and 
effective new tools for us to do exactly that. I want to congratulate 
NYC Small Business Services on hosting its 12th Annual Procurement Fair.
 Thank you to the Mayor, the Deputy Mayor, and Commissioner Bishop for 
their ongoing leadership and partnership on this issue and best wishes 
to everyone participating in the Fair,” said Council Member Helen 
Rosenthal (Manhattan, District 6).


Free services are available to help 
strengthen certified M/WBEs, including access to technical assistance, 
bonding, financing, teaming and mentorship. M/WBEs are also eligible to 
participate in the City’s Corporate Alliance Program, which trains and 
connects City-certified firms with private sector contracting 
opportunities, as well as Strategic Steps for Growth, a nine-month 
business management course for M/WBEs offered by the City in partnership
 with New York University.


Firms interested in starting the M/WBE 
certification process or participating in M/WBE programming can learn 
more by calling 311, visiting nyc.gov/getcertified or meeting with a 
client manager at one of the City’s seven NYC Business Solutions Centers
 located in all five boroughs.





   






About the Department of Small Business Services (SBS)


SBS helps unlock economic potential and 
create economic security for all New Yorkers by connecting New Yorkers 
to good jobs, creating stronger businesses, and building vibrant 
neighborhoods across the five boroughs. For more information, visit 
nyc.gov/sbs or call 311.



Source:https://www.theindianpanorama.news/unitedstates
/under-mayor-de-blasio-city-investing-in-m-wbes-at-record-levels/

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