The Murphy administration’s move to make doing busines with the state more equitable is paying off for fund managers for minority and women businesses. Since January 2018, 31% of all newly committed capital — $1.4 billion of $4.4 billion — has gone to MWBE fund managers. By comparison, from 2013 to 2017, $1.23 billion — or 7.25% — in new capital was committed to MWBE fund managers.
That focus is part of the administration’s efforts to ensure minority-, women- and veteran-owned businesses participate more fully in New Jersey’s multibillion-dollar supply chain.
Another aspect of these initiatives is commissioning the first disparity study in nearly 20 years to measure current spend data, which is viewed as key to identifying and opening up new opportunities for MWVOBs to contract with the state to provide goods and services.
“This disparity study is not only long overdue, it is an integral part of our vision for a stronger, fairer and more resilient, post-COVID economy that opens doors for diverse businesses to play a greater role in shaping our state’s future,” said Gov. Phil Murphy. “This study will provide us with an opportunity to create a more equitable business environment, which is a win for us all.”
The Office of Diversity and Inclusion will oversee the effort, which is the first study of its kind to be commissioned by the state since 2003.