- New Legislation to Take Effect That Aims to Bolster NYC's Small Business Community
- July 4, 2013 | Author: Joyce J. Sun
- Law Firm: Cohen Seglias Pallas Greenhall & Furman PC - New York Office
In just a few days, a new law (Local Law No. 1 of the City of New York for the Year 2013) will take effect in New York City aimed towards increasing participation of Minority-Owned Business Enterprises (MBEs), Women-Owned Business Enterprises (WBEs) and Emerging Business Enterprises (EBEs) in City procurement. Some of the major changes include:
- Elimination of the $1 million cap on program-eligible contracts;
- Stronger enforcement mechanisms to ensure that increased participation goals are met; and
- Enhanced government oversight to ensure that M/W/EBEs are targeted for higher value contracts with the City of New York.
While the City’s various departments and agencies will be subject to increased accountability, participating contractors will also be subject to more onerous recordkeeping and reporting requirements. Contractors interested in utilizing M/W/EBEs should monitor the website of the Small Business Services (SBS) for prospective solicitations, access the City’s Online Directory of Certified Businesses and avail themselves of the SBS’s other resources for companies doing business with the City.
For a more detailed account of the new law, read New York City’s New Law to Enhance Participation by M/W/EBEs (pages 4-5).