Leveraging NYC's Minority- and Women-owned Business initiatives to address income disparity in America's most diverse city

With great diversity in NYC comes great socio-economic disparity and while progressive public policies exist to bring opportunity to underserved populations, tools are missing in the marketplace, and it is not easy for small businesses to get involved.

When NYC Mayor Bill de Blasio announced his major Diversity initiative in September to increase access to public sector contracting dollars to diverse firms, he made his intention clear:

“As a city, we are committed to ensuring that all people – regardless of race, gender or ethnicity – have the means to succeed in our economy. It is a fact that when minority- and women-owned businesses have the opportunity to participate in our economy, communities across New York City and the City as whole thrive"

We share NY State Senator James Sanders' belief that tools must be made available alongside these progressive policy initiatives:

"Minority- and women-owned businesses are essential to the fabric of New York City’s economy. A fair and equitable procurement process is critical to the success of these businesses. I congratulate Mayor Bill de Blasio on this comprehensive plan to ensure M/WBEs get their fair share of City contracts. The Mayor is not just setting a goal, but adding critical resources and investments to ensure that it’s achievable and agencies are held accountable."

At VeraCloud we are hard at work with building tools to help cities like NYC meet its diversity spending goals and dismantle systemic income disparity for diverse populations.