This bill mandates the Division of Purchase and Property in the Department of the Treasury to compile and submit an annual report to the Governor and the Legislature regarding public contracts awarded to women-owned and minority-owned businesses. The report will include data such as the number of applications from these businesses compared to all small business applications, the total number of contracts awarded, the total and average value of these contracts, and the percentage of contract value awarded to minority-owned and women-owned enterprises. This requirement builds upon the existing responsibilities of the Chief Diversity Officer, who currently monitors the public contracting process.

Additionally, the bill assigns the Division of Revenue the responsibility for the administration, operation, and ongoing development of the Selective Assistance Vendor Information (SAVI) database. This database is designed to compile information on businesses registered as small enterprises, including those certified as minority-owned or women-owned, to facilitate their eligibility for state programs like the New Jersey Small Business Set Aside program and to assist in connecting buyers with vendors for contracting opportunities.