Governor Andrew Cuomo of New York recently signed into law S.6575/A.8414, legislation which reauthorizes the Minority and Women Owned Business Enterprises (MWBE) program. The program is a state-level certification operated by the Division of Minority and Women’s Business Development (DMWBD).
The legislation extends the program, which had been due to expire in 2019, for another five years, making reauthorization of the program last into 2024. Among other changes, the legislation also gives the program a boost by lengthening the term of an MWBE certification for a business from three years to five years, increases the threshold for discretionary purchasing authority from $200,000 to $500,000, increases the personal net worth cap for MWBEs from $3.5 million to $15 million, and authorizes the MWBE program to invest in a statewide series of training and outreach events.
The program has led to the award of over $13 billion in contracts to MWBEs since 2011, and New York leads the nation in its MWBE utilization rate in procurement. In signing the legislation, Cuomo spoke of his determination to "empower more women and people of color to participate in State contracts and continue our aggressive program to make contracting even more inclusive."
Read more about the legislation at https://www.governor.ny.gov/news/governor-cuomo-signs-s6575a8414-renew-and-expand-nation-leading-law-requiring-participation.