{"id":31286,"date":"2018-10-11T03:26:24","date_gmt":"2018-10-11T07:26:24","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=31286"},"modified":"2018-10-11T17:06:06","modified_gmt":"2018-10-11T21:06:06","slug":"state-number-of-mwbes-involved-in-nys-contracts-is-the-highest-in-the-united-states","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/10\/state-number-of-mwbes-involved-in-nys-contracts-is-the-highest-in-the-united-states\/","title":{"rendered":"State: Number Of MWBEs Involved In NYS Contracts Is The Highest In The United States"},"content":{"rendered":"

The utilization rate for Minority and Women-Owned Business Enterprises participating in state contracts increased to 28.62 percent for the 2017-18 fiscal year, the highest in the nation, according to state officials.<\/span><\/p>\n

Gov. Andrew Cuomo announced in early October that MWBEs won more than $2.5 billion in state contracts during that time. <\/span><\/p>\n

The announcement was made Oct. 4 in conjunction with New York state\u2019s eighth annual MWBE Forum at the Empire State Plaza Convention Center in Albany.\u00a0<\/span><\/p>\n

\u201cNew York is building a stronger tomorrow by ensuring that our minority-and women-owned businesses have the opportunity to grow and thrive,\u201d Cuomo said. \u201cOur nation-leading utilization rate is a testament to our unparalleled network of MWBEs that continues to grow in size and scope, reflecting the state\u2019s rich diversity.\u201d<\/span><\/p>\n

\u201cAs a woman who helped start a family women-owned small business, I know firsthand the barriers faced by aspiring entrepreneurs,\u201d said Lt. Gov. Kathy Hochul. \u201cWe are leading the nation in our MWBE utilization, increasing the rate to nearly 29 percent. We must do everything in our power to provide opportunities for minority and women-owned businesses, and we\u2019re continuing to expand the state\u2019s program to help break down barriers and help entrepreneurs take their business to the next level.\u201d<\/span><\/p>\n

Cuomo has set the goal for the utilization of MWBEs in New York state contracts at 30 percent. The utilization rate has increased nearly every year and is now nearly 29 percent. <\/span><\/p>\n

Officials said the\u00a0 <\/span>key to the success of the MWBE program is the development of a strong and sustainable effort that monitors and promotes engagement of MWBE businesses in every arena of state contracting. The\u00a0 <\/span>utilization rate reflects the highest percentage of state contracts awarded to MWBEs in the nation, but also the largest dollar value of contracts awarded. More than $14 billion in State contracts have been awarded to MWBEs since 2011 officials said.<\/span><\/p>\n

Empire State Development President, CEO and Commissioner Howard Zemsky said the state\u2019s \u201cdiversity is its strength and we are committed to providing inclusive economic development opportunities and resources to small business entrepreneurs and to supporting the growth among of MWBEs.\u201d<\/span><\/p>\n

More than 2,200 businesses, entrepreneurs, and government officials participated in the forum. This year\u2019s theme – \u201cGrow with New York State: Gather industry intelligence. Gain new relationships. Generate new business.\u201d<\/span><\/p>\n

The forum showcased the State\u2019s success in increasing MWBE participation and examined critical areas of procurement in all represented industries including transportation, construction, information technology, and financial and professional services. Participants received tools for successfully contracting with the state, and information on the opportunities, strategies, technical assistance and resources needed to access billions of dollars in state contracts.<\/span><\/p>\n

The forum highlighted programs that provide financing for MWBEs and offered an opportunity for MWBE firms seeking financing to directly meet with lenders offering financial products sponsored by the State and specifically designed for the MWBE community. These programs provide MWBEs with the capital necessary to win larger contracts, promote job creation, enter new markets, and strengthen the economy: <\/span><\/p>\n

Bridge to Success Loan Program. Launched in 2014, the loan program invested at least $20 million to expand access to short term bridge loans for state-certified MWBEs, providing the qualified businesses with the short-term support they needed to access up to $100 million in State contracts. Four years later, the State has exceeded that goal, with 153 loans totaling just over $24 million supporting more than $201 million in contracts for MWBEs.<\/span><\/p>\n

New York State Surety Bond Assistance Program. Established in February 2012, it provides technical and financial assistance to help MWBEs and small businesses secure surety bonding. Since the program launched, hundreds of MWBEs and small businesses have graduated from bond readiness training, credit facilitation, and surety bond collateral support, representing $37.85 million in MWBE bonding support, officials said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The utilization rate for Minority and Women-Owned Business Enterprises participating in state contracts increased to 28.62 percent for the 2017-18 fiscal year, the highest in the nation, according to state officials. Gov. Andrew Cuomo announced in early October that MWBEs won more than $2.5 billion in state contracts during that time. The announcement was made […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\nState: Number Of MWBEs Involved In NYS Contracts Is The Highest In The United States - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2018\/10\/state-number-of-mwbes-involved-in-nys-contracts-is-the-highest-in-the-united-states\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"State: Number Of MWBEs Involved In NYS Contracts Is The Highest In The United States - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"The utilization rate for Minority and Women-Owned Business Enterprises participating in state contracts increased to 28.62 percent for the 2017-18 fiscal year, the highest in the nation, according to state officials. 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