Bill > S1986

This bill aims to promote public procurement and inclusive entrepreneurship. The key provisions are: 1. Requiring state agencies to report on the share of economic development funds provided to minority-owned businesses. 2. Mandating anchor institutions (hospitals, colleges, and universities) with annual operating expenses over $50 million to submit annual reports on their minority enterprise procurement efforts. 3. Directing the Division of Banks to collect and analyze small business lending data, including the impacts on minority borrowers. 4. Requiring appointive boards and commissions to adopt policies to increase racial and ethnic diversity, and publishing annual demographic data on board and commission members. 5. Allowing procurement officers to establish "sheltered market programs" to designate certain contracts for procurement from underutilized bidders, such as minority-owned, women-owned, small, and local businesses. 6. Authorizing procurement officers to set mandatory subcontracting minimums for underutilized businesses on public construction projects. 7. Providing for a competitive grant program to assist cities and towns with information technology to facilitate tracking the participation of minority-owned and women-owned businesses, small and micro-businesses, and local businesses.