Bill > H2997

This bill aims to promote inclusive entrepreneurship and increase the participation of certified minority-owned business enterprises in public procurement. Key provisions include: - Requiring state agencies to report on the share of economic development funds provided to certified minority-owned businesses. - Mandating that major anchor institutions (hospitals, colleges, universities) submit annual reports on their efforts to engage with and procure from certified minority-owned businesses. - Establishing a central depository for collecting and analyzing small business lending data, including the impacts on minority borrowers. - Requiring state boards and commissions to adopt policies to increase racial and ethnic diversity of their membership. - Allowing procurement officers to establish "sheltered market programs" to set aside certain contracts for bidding by underutilized businesses, including minority-owned, women-owned, small, and local businesses. - Implementing requirements for prompt payment of subcontractors on public construction projects. The overall goal is to promote equitable economic opportunities and the development, inclusion, and utilization of certified minority-owned business enterprises in public procurement and state economic development initiatives.