New Jersey Governor Phil Murphy recently signed state legislation codifying Executive Order No. 295, which directed the State's Department of the Treasury to develop a program which would certify LGBTQ+-owned business enterprises as such, similar to the programs the Treasury currently operates which certifies minority- and woman-owned business enterprises.
The order set out eligibility criteria for LGBTQ+-owned business enterprises, specified that the program's criteria and procedures should be "substantially similar" to the program the Treasury currently operates to certify minority-owned and women-owned business enterprises, and authorized the Treasury to enter into reciprocity agreements for the purpose of certifying LGBTQ+-owned business enterprises, so long as the entity the Treasury was reciprocating with used similar eligibility criteria as set out in the order.
The Treasury has already certified 141 businesses as LGBTQ+-owned business enterprises under the auspices of the new program. Certification is free of charge and valid for a period of five years, after which reapplication must be made.
"LGBTQ+ business owners are critical to the Garden State and our economy, and I am honored to support endeavors that uplift underrepresented communities and embrace authenticity," said Governor Murphy in a statement.
Read the press release on the signing of the legislation at https://www.nj.gov/governor/news/news/562024/approved/20240501d.shtml.
Read an earlier press release on the executive order at https://www.nj.gov/governor/news/news/562022/20220503c.shtml.
Read the order itself at https://nj.gov/infobank/eo/056murphy/pdf/EO-295.pdf.
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