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New York City sets new MWBE contracting goal
Published on 06/04/2018

New York City Mayor Bill de Blasio has announced that the city is increasing it's OneNYC MWBE goal from $16 billion to $20 billion.

The OneNYC MWBE goal, which was announced in 2015, consists of a commitment to award a significant percentage of contracting dollars to MWBEs by the end of fiscal year 2025. The city projected that it would have spent only $6 billion by this point, but it is ahead of schedule, having already awarded $7.8 billion in contracts to MWBES since the setting of the goal.

"I have said this before, and I'll say it again: this city works best when all New Yorkers - regardless of race, gender or ethnicity - have the resources they need to contribute in our economy," said Mayor Bill de Blasio. "We are reaching historic highs when it comes to awarding contracts to M/WBEs, and with our new OneNYC goal, we are reminding all available M/WBEs interested in doing business with the City that we are in fact open for business."

In addition, the city's Contract Loan Financing Fund, which provides MWBEs and small business with affordable loans, will raise its cap from offering loans of $500,000 a year to $1 million a year. This change will take effect in the summer of 2018.

As the $6 million in loans provided by the fund since its launch in fall of 2017 has already enabled its recipients - approximately 90% of which were MWBEs - to perform work on $37 million worth of city jobs, the raising of this cap is expected to have a corresponding effect on the ability of MWBEs to perform work for the city.

The city has also already hit a utilization rate of 20 percent for MWBEs by the second quarter of fiscal year 2018, ahead of the goal of reaching 30 percent by the end of fiscal year 2021.

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