People of race have been disproportionately affected by the pandemic across the board. In Black and Latino populations, COVID-19 infection rates are greater, death rates are higher, and immunizations are being implemented more slowly. The impact of the epidemic on New York's small enterprises is similar. At City & State's Diversity Summit in February, Michael Garner, chief diversity officer at the Metropolitan Transportation Authority, remarked, "We are entrenched in pandemics right now." “A health pandemic, with economic consequences. When the United States is in a slump, Black America is depressed.”
According to a survey released last summer, 41% of Black-owned businesses, 32% of Latino-owned firms, and 26% of Asian-owned businesses have closed temporarily or permanently, compared to only 17% of white-owned enterprises. In New York, companies owned by persons of color have had difficulty accessing government disaster assistance. Only ten minority- and women-owned businesses earned COVID-19-related government contracts from the city, according to a report released this summer by New York City Comptroller Scott Stringer.
In New York State, where the minority and women-owned business (MWBE) utilization rate is the highest in the country, diversity is critical to corporate success. The New York State Division of Minority and Women-Owned Business Development (DMWBD) has put up a one-stop shop for everything you need to know about MWBE’s success. September. Minority/Women-owned Business Enterprises (MWBE) is an acronym for Minority/Women-owned Business Enterprises. In other states, the two may be considered differently, with MBE or WBE being used instead. In either scenario, it's a state-issued certification that gives these enterprises developmental benefits. At least 47 states, as well as Washington, D.C., are involved. State-level MWBE development programs exist in Alaska, Hawaii, and Puerto Rico.
Obtaining the MWBE certification has numerous advantages. To begin with, it provides a competitive advantage to enterprises that might otherwise be unable to compete with larger competitors. Giving these enterprises access to development aid will provide them with greater opportunities and resources. This can assist your company in obtaining government contracts that were previously unavailable. If you own catering business, for example, you may be able to cater a Treasury lunch. If you create soap, your company might be in the running to supply soap to a state office.
The state's roster of MWBEs is also updated with certified enterprises. Because this list is public, you'll gain more visibility and exposure to other businesses. You can be found on the list if someone requires a graphic design agency for their website and wants to work with a MWBE. The MWBE program also allows small business owners to attend conferences and networking activities. Additionally, several states provide these enterprises with development workshops, training, and courses. The advantages differ by state, but in general, MWBE certification allows firms to access a larger pool of clients, contracts, and resources.
Why may other businesses look for MWBEs to collaborate with? Many larger firms have supplier diversity programs in place to encourage diverse suppliers to participate (e.g. MWBEs). Not only does this assist diversify and strengthen those companies' supply chains, but it also has the potential to spur innovation across the board. As previously stated, numerous states have MWBE programs, and the certification process varies by state. However, several states follow federal business statutes that define “minority” as African-Americans, Alaskan Natives, American Indians, Asian-Americans, or Hispanics. MWBEs are businesses in which minorities or women own 51 percent of the stock.
Publicly traded companies may qualify as well, but minorities or women must possess more than half of the stock issues. Additionally, the state may impose additional requirements. This could include things like a personal net worth limit for the owners, a limit on the number of employees the firm can have, or a minimum amount of time the company has been open. You will also be required to supply supporting documentation to back up your claims. To ensure that you qualify, verify the precise eligibility requirements in the state where your firm is located. It can take a long time to apply and receive certification. To top it off, you might need to re-certify every year (make sure to verify the specifics with the program that initially certified your business). However, depending on your industry, reaping all of the rewards may be well worth it.
The New York City Department of Education (DOE) has contracts with a wide range of suppliers to purchase the goods and services required to ensure that our diverse student population receives the high-quality education they deserve. To that aim, DOE casts a wide net across the community in pursuit of talented vendors and competent suppliers. Minority and Women-owned Business Enterprises (MWBEs) are encouraged to participate in DOE contracts, and the department is committed to ensuring that MWBEs contribute fully to the procurement process.