The new legislation gives a much better chance of successfully competing for many of the billions of dollars in state contracts awarded annually to the private sector.
That's what several Black elected officials throughout New York City, especially those in Manhattan, Brooklyn, Queens and the Bronx, are hoping would flow to minority and women-owned business enterprises from the implementation of four grand-breaking pieces of legislation, which Governor David Paterson signed into law a few days ago at the State Office Building in Harlem.
"This is an important milestone for minority and women-owned business across the state," said State Senator Malcolm Smith, President Pro-Tern of the upper chamber after the Governor affixed his signature to the bills so they would become the law of the state.
"We have waited for a long time to see these measures become law and we are expecting significant benefits to these enterprises. This is a historic move that would give these businesses the chance to compete for the opportunities."
The first bill raises the cap on discretionary purchases that a state agency can award to a MWBE [Minority and Women's Business Enterprise] or small business from $100,000 to $200,000, subject to the internal controls of the agency, but not subject to full-blown competitive procurement procedures.
Next is the new law which extends and strengthens New York's programs for contracting MWBEs. It will also create a new position of Chief Diversity Officer to oversee the minority and women enterprise program. Third is the bill that grants increased opportunities for MBWE participation. The fourth measure, Emerging Investment Managers Bill, will authorize investment managers for the State Comptroller's office, the State Insurance Fund and the Deferred Compensation Board to invest with MWBE financial institutions.
"With these pieces of legislation, our state is building on its proud history of opening the door to success for any New Yorker who has the talent, the drive and passion to succeed," Governor Paterson said after signing the bills. "But there is still much work to be done to correct disparities in government contracting.
"By improving equity in the state procurement process and facilitating greater access for minority and Women-owned Business Enterprises, we help businesses thrive and we will help the state recover from the recession."
Assemblyman Nick Perry, a Brooklyn Democrat (District 58), who attended the official signing ceremony and who was a co-sponsor of the bills, described them as measures which "will do much more than pretend to open opportunities for minorities and women."
As he saw it, his constituents in Brooklyn who were in business would have "greater assurance of success when they seek to compete for contracts. Their chances of getting a piece of the action would be significantly enhanced as a result of the removal of obstacles that currently exist."
State Senator Kevin Parker (D, WF-District 21) pinpointed the enforcement provisions of the bills and the opportunities for financial some of the key progressive steps.
"They should usher in profound change that would ultimately help minority women-owned businesses across the state," he said. "They will open up countless opportunities to these enterprises."
State Senator John Sampson (D-District 19), Senate Majority Conference Leader, put it differently. "Diversity is good for business" he said. "Expanding opportunities for minority and women entrepreneurs through greater inclusion in the state procurement process and better access to credit creates a more competitive market to grow our economy."
Dr. Roy Hastick, president of the Caribbean American Chamber of Commerce and Industry, said he "whole-heartedly supports the bills, because any opportunities which are created in the legislation for minority and women -owned business would be good for the enterprises and for the state. We in the chamber believe these bills will do just that."
