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The Business Council of New York State supports A.2819 (Bichotte) / S.3018 (Ritchie), which would eliminate the requirement that certain minority and women-owned business enterprise (MWBE) owners have a personal net worth of less than three million five hundred thousand dollars in order to obtain certification as a minority and women-owned business enterprise.
This net worth cap for MWBE certification only restricts the growth potential of these businesses by not allowing them the benefits of smaller MWBEs. Further, the cap is counter to the overall goals of the MWBE program and is not aligned with the nature of the certification which is based on gender and minority identity.
Eliminating the net worth cap for MWBE certification would allow all minority and women owned businesses to realize their full potential as successful business enterprises in New York State.
The Business Council supports improvements to the MWBE program so that it may continue to benefit MWBEs. As such, the Business Council supports A.2819/S.3018, which would allow more minority and women-owned businesses access to the benefits of the MWBE program.