Bill > S4791

This bill expands state business programs and contracting opportunities in New Jersey by officially creating a new classification for "minority and women's businesses" (sometimes referred to as minority and female businesses), which are defined as companies where at least 51 percent of the ownership interest and daily operational control are held by a combined group of minorities and women. By updating various existing statutes, the legislation ensures that these dual-owned enterprises are eligible for the same official state business certifications, targeted set-aside contracts, and procurement goals that are currently available separately to minority-owned and women-owned businesses. Set-aside programs are specialized initiatives that reserve a specific percentage of government or regulated industry contracts—such as those involving public schools, municipal projects, casino goods and services, and medical cannabis permits—for competitive bidding exclusively among designated disadvantaged business groups. Providing context, this legislative update integrates intersectional business ownership into New Jersey's broader economic equity framework, ensuring that businesses owned by individuals who are both minorities and women can fully participate in state-level supplier diversity and contracting preference programs.