The resolution designates July as Diverse Business Month in New Jersey to promote and support businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community. These diverse-owned businesses play a crucial role in the state's economy, with persons of color owning 21.7% of businesses, women 39.6%, and veterans 4.2%. The resolution highlights the significant economic contributions of these businesses, which collectively generated over $1.3 trillion in receipts nationally in 2020. However, despite their impact, diverse-owned businesses face challenges such as limited access to capital and disparities in state contracting opportunities.

By establishing Diverse Business Month, the resolution aims to raise awareness of the importance of these businesses and encourage government officials, community leaders, and business leaders to engage in activities that support their growth and success. The Governor is requested to issue an annual proclamation recognizing this month, fostering a collaborative effort to address the challenges faced by diverse-owned businesses and to celebrate their contributions to New Jersey's economy.