Sponsored by:
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Assemblywoman ANNETTE QUIJANO
District 20 (Union)
SYNOPSIS
Designates month of July as Diverse Business Month in New Jersey.
CURRENT VERSION OF TEXT
As introduced.
A Joint Resolution designating July as Diverse Business Month in New Jersey.
Whereas, Businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community are an essential part of New Jerseys economy; and
Whereas, Persons of color owned 21.7 percent of the businesses in the State, while women and veterans owned 39.6 and 4.2 percent of the States businesses respectively; and
Whereas, More than 150 businesses have become LGBTQ+ certified businesses since the passage of P.L.2024, c.10, which allows certain businesses to identify as an LGBTQ+-owned business; and
Whereas, Nationally, businesses owned by persons of color alone generated over $1.3 trillion in receipts in 2020, according to the United States Census Bureau; and
Whereas, Despite their economic impact, diverse-owned businesses in the State continue to face certain challenges to growth, which include limited access to capital; and
Whereas, A Statewide study examining the availability and utilization of State contracting opportunities for diverse-owned businesses found significant disparities for diverse-owned businesses in formal prime contracts for construction, professional services, and general goods and services; and
Whereas, It is in the public interest for this State to raise awareness of the positive economic impact of businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community; and
Whereas, The observance of a Diverse Business Month in July of each year will provide government officials, community leaders, and business leaders with an opportunity to reflect on the importance of diverse-owned businesses and focus on ways to support diverse-owned businesses in the State; now, therefore,
Be It Resolved by the Senate and General Assembly of the State of New Jersey:
1. The month of July of each year shall be designated as Diverse Business Month in New Jersey to promote the success of diverse-owned businesses in the State.
2. The Governor is respectfully requested to annually issue a proclamation recognizing July as Diverse Business Month in New Jersey and call upon public officials, community leaders, and business leaders to observe the month with appropriate activities and programs.
3. This joint resolution
shall take effect immediately.
STATEMENT
This joint resolution designates the month of July of each year as Diverse Business Month in support of diverse-owned businesses in the State of New Jersey.
Businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community are an essential part of New Jerseys economy. Persons of color own 21.7 percent of business in the State, while women and veterans own 39.6 and 4.2 percent of the States businesses respectively. With the passage of P.L.2024, c.10, which allows certain businesses to identify as an LGBTQ+ owned business, more than 150 business in the State are also LGBTQ+ certified businesses. The large number of diverse-owned businesses in the State also contributes to the significant economic output that diverse-owned businesses provide nationally. Among businesses owned by persons of color alone, over $1.3 trillion in receipts were generated nationally in 2020, according to the United States Census Bureau.
Despite their large economic impact, diverse-owned businesses in the State continue to face certain challenges to growth, which include limited access to capital. Additionally, a Statewide study examining the availability and utilization of State contracting opportunities for diverse-owned businesses found significant disparities for diverse-owned businesses in formal prime contracts for construction, professional services, and general goods and services.
It is thus in the public interest of this State to raise awareness of the positive economic impact of businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community and to focus on ways to support diverse-owned businesses. The observance of a Diverse Business Month each year will provide an opportunity for government officials, community leaders, and business leaders to focus on ways to support diverse business owners and to help them succeed.