On June 16, Governor Cuomo reauthorized the Minority and Women Owned Business Enterprises (MWBE) program, due to expire at the end of 2019, for five more years. The reauthorization of the law includes enhancements that will enable even more MWBEs to participate in and benefit from the program.
Some of the new terms include:
- Extending the term of MWBE certification from 3 years to 5 years
- Increasing agency and authority discretionary purchasing threshold from $200,000 to $500,000 without a formal competitive process
- Increasing the Personal Net Worth cap from $3.5 million to $15 million to make more businesses eligible
- Authorizing the Division of MWBE to organize outreach events, training and educational opportunities for MWBE firms across the state
- Establishing a Workforce Diversity Program that requires State agencies overseeing construction projects to utilize a diverse workforce
The Senate Democratic majority fully supported this bill in addition to the signing of two additional bills. One authorizes the Dormitory Authority of the State of New York to create a four-year procurement pilot program to further expand contracting opportunities for MWBEs and small businesses, while the other authorizes an increase of the threshold of New York City’s discretionary purchasing authority from $150,000 to $500,000 making such threshold consistent with the State’s increased authority.
The construction professionals at Grassi & Co. are able to provide financial literacy education in the construction arena for MWBE firms and can help answer any questions you have on the passing of this new bill and how it will affect your business going forward.