Creates State business assistance program to establish contracting agency procurement goals for socially and economically disadvantaged business enterprises.
Impact
If enacted, S855 would amend existing state laws to include specific regulations pertaining to business enterprises that face economic hardships. The bill outlines guidelines for the Department of the Treasury to implement the business assistance program, which includes certification procedures, monitoring systems, and annual reporting requirements from contracting agencies. This legislative move is expected to facilitate a structured approach in increasing the participation of disadvantaged businesses in state contracts, challenging existing barriers they face in accessing state procurement opportunities.
Summary
S855 is a legislative bill introduced in the New Jersey Senate aimed at creating a state business assistance program designed to support socially and economically disadvantaged business enterprises. The primary focus of the bill is to establish procurement goals within state contracting agencies, ensuring these enterprises have clearer opportunities to participate in public contracts. It serves to assist qualified business enterprises, specifically those that can demonstrate social or economic disadvantages due to factors like racial minority status, gender, or disability.
Sentiment
The sentiment surrounding S855 appears to be generally positive among those advocating for social equity in business opportunities. Proponents view it as a necessary step towards leveling the playing field for businesses that often struggle against more established competitors. However, there may be concerns about the execution of the program and whether targeted goals can be effectively met within the bureaucratic framework of state procurement processes. Critics may argue about the possible complexities or inefficiencies introduced by such regulations.
Contention
Notable points of contention may arise around the criteria for what constitutes a 'qualified business enterprise' and the specific procurement goals set forth in the legislation. Some may raise questions about the methodologies used to evaluate and classify businesses as socially or economically disadvantaged. Additionally, the potential for increased administrative burdens on contracting agencies and the effectiveness of outreach efforts to engage disadvantaged enterprises could also be areas of debate as the legislature considers the broader implications of the bill.
Same As
Creates State business assistance program to establish contracting agency procurement goals for socially and economically disadvantaged business enterprises.
In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.
In diverse and disadvantaged businesses, further providing for definitions and for woman-owned business, minority-owned business or veteran-owned business and establishing the HUB Zone Business Procurement Program.
Establishes Division of Minority and Women Business Development and State Chief Disparity Officer to monitor efforts to promote participation by minority-owned and women-owned businesses in State contracting.
In veteran-owned small businesses, further providing for definitions, for regulations, for participation goal, for duties of Department of General Services and for bonding and progress payments, providing for request for full or partial waiver of contract-specific goal, further providing for reports and providing for disparity study; in small and disadvantaged businesses, further providing for policy and for definitions, providing for Small Diverse Business Program and for nonapplicability, further providing for regulations and for duties of department, providing for request for full or partial waiver of contract-specific goal, further providing for bonding and progress payments and for report to General Assembly and providing for aspirational target, for disparity study and for program expiration; providing for Participation Program for Construction and Design Professional Services; and making editorial changes.
Relating to the implementation of diversity, equity, and inclusion initiatives and certain prohibited considerations in contracting by governmental entities.