“This is historic,” says New York City official Jonnel Doris in commenting upon the Minority and Women-Owned Business Enterprise program operative across the vast metropolitan area.
Reportedly, that initiative — commonly referred to as MWBE in shorthand form — recently passed the $1 billion threshold for contracts awarded by NYC agencies to certified MWBE entities.
Mayor Bill de Blasio and his staff are quite proud of that accomplishment, noting that it is both overdue and destined to be far surpassed in future years. A recent media focus on MWBE-related developments points to the mayor’s ambitious agenda calling for at least $16 billion in contract awards to MWBEs by 2025.
Companies certified as MWBEs and thereafter eligible for comparatively attractive business financing and easier participation in the city’s contract procurement process reportedly number about 5,120 presently. The stated goal of De Blasio’s administration is to dramatically spike certified MWBE status, with 9,000 entities ultimately being duly certified by 2019.
Proponents of the program — and there are obviously many, given NYC’s dynamic and diverse business environment — see nothing other than strong upside potential when the commercial participation of new and eclectic business actors is rendered more accessible by supportive rules and policies.
Many business principals across the metro region might reasonably have questions relative to MWBE certification, funding opportunities, the contract bidding and procurement process and additional matters.
They can reach out for guidance and on-point legal assistance to a proven NYC commercial law firm with a demonstrated record of success working with diverse business clientele.