Recognizing March 15, 2023, as Minority Business Enterprise Public Policy Day.
Impact
The resolution highlights the contributions of minority business enterprises to Texas' economy, stating that they collectively contribute over $17 billion in revenue and have created or preserved more than 82,000 jobs. By recognizing this day, the state emphasizes its commitment to fostering a supportive environment for minority businesses. The encouragement of legislation that aligns with these goals may lead to more opportunities and resources for minority entrepreneurs, potentially easing access to capital and growth avenues.
Summary
H.R. No. 347 recognizes March 15, 2023, as Minority Business Enterprise Public Policy Day at the Texas State Capitol. This resolution is part of an annual event aimed at connecting minority business enterprises with lawmakers to address issues affecting minority-owned businesses. First held in 1997, the event promotes accountability, collaboration, and engagement among various stakeholders while advocating for legislation that ensures Texas remains diverse and business-friendly, enhancing support for historically underutilized businesses within state agencies and institutions.
Sentiment
The sentiment surrounding H.R. 347 is overwhelmingly positive, as it showcases a commitment to uplifting minority businesses and acknowledges their significant role in the state's economic vitality. The resolution received unanimous support in the House, reflecting a bipartisan consensus on the importance of promoting diversity in the business landscape. This recognition is celebrated among minority business owners and advocates, who view it as a vital step towards greater inclusion and equitable opportunities in the business sector.
Contention
There are no notable points of contention regarding H.R. 347, as it is a resolution aimed at recognition rather than a contentious legislative bill. However, discussions surrounding minority business enterprises often touch on broader issues such as access to resources, disparities in funding, and systemic barriers that these businesses face. The event and the resolution serve as a platform for addressing these concerns while highlighting the ongoing need for policy support and advocacy for minority-owned businesses.
Requires contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice generated by a small business, minority-owned business enterprise or vendor management service and managed service provider on behalf of the small business or minority-owned business enterprise.
Requires contractors receiving public funds to pay amounts owed to small businesses and minority-owned business enterprises within 10 days of receipt of an undisputed invoice generated by a small business, minority-owned business enterprise or vendor management service and managed service provider on behalf of the small business or minority-owned business enterprise.
Increases the minimum required awarded to minority business enterprises from 15% to 20% and of that, requires a minimum of 10% be awarded to minority owned businesses and a minimum of 10% be awarded to women owned businesses.
Establishes minority youth-owned business enterprises in the state of New York and the city of New York; creates certain contracting opportunities for members of minority youth-owned business enterprises; establishes an implementation program and oversight committee for minority youth-owned business enterprises.
Requires that certain contracts let by the office of general services be reserved for small businesses, including minority-owned business enterprises and women-owned business enterprises.