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Bill to remove M/WBE net worth requirement languishes

In late June, both houses of the New York State Legislature approved a bill that would eliminate the requirement that minority and women-owned business enterprise (M/WBE) owners have a personal net worth of less than $3.5 million.

The measure, however, has yet to receive Governor Andrew Cuomo's signature.

"Every day, the state awards contracts to businesses, however, there are many businesses that are left out of these opportunities for growth due to net worth restrictions," said bill co-sponsor Senator Patty Ritchie. "Through this legislation, we can help more small businesses expand their operations, which in turn, will boost our overall economy and create much-needed jobs for the people of our region and our state."

If the bill earns the governor's signature, the net worth requirement would be immediately eliminated.

For more information on the measure, visit https://www.nysenate.gov/legislation/bills/2017/S3018