New York City Doubles Its Contracts With Minority-Owned Firms
- Spending hits $1 billion, up from $400 million in 2015
- $30 million in loan programs seeking private funds to grow
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Minority- and women-owned businesses, a particular area of focus for New York City Mayor Bill de Blasio, received more than $1 billion in city contracts last year, more than double the 2015 total.
Up from $400 million in 2015, the increase means the so-called MWBE (minority- and women-owned business enterprises) firms now account for 11 percent of city procurement, said Deputy Mayor Richard Buery. To help get to de Blasio’s stated goal of 30 percent, the city is allocating $30 million worth of funding to three loan programs designed to help small businesses compete for city contracts.