NJ waives the $100 filing fee to become certified as a Small-, Minority-, Woman-, and Veteran-Owned Business Enterprise indefinitely.
Women, minorities and veterans face unique challenges when it comes to opening businesses and accessing capital. But it just got a bit easier for them in New Jersey.
In the past year, small business owners have struggled greatly to keep their businesses open and running in the face of the COVID-19 pandemic. However, small, minority-, women-, and veteran-owned businesses have been hit harder than most. Not only do these groups face greater struggles staying open, but they also face obstacles when it comes to opening their businesses and accessing capital.
Luckily, for New Jersey business owners, the process just got a little bit easier. This month, starting last week on June 1st, NJ waived the $100 fee to certify as a small, minority-, women-, and veteran-owned business.
This plan to waive the certification fee was announced last month during National Small Business Month, by State Treasurer Elizabeth Maher Muoio who said, “We are kicking off National Small Business Week by opening the door wide for small-, minority-, women- and veteran-owned businesses who are looking to do business with the state.”
“The Treasury is continuously striving to find ways to make doing business with the state easier and more intuitive, especially when it comes to businesses looking to get their foot in the door and pursue contracting opportunities with the state.”
Businesses can now apply for certification through the Treasury’s online portal. Additionally, NJ business owners may register their business for as many certification categories as they are eligible.
Certification is an important step for any small business as it provides documentation of a business’ status and allows businesses to participate in select set-aside or goal-based contracting initiatives offered by state agencies.
“Waiving the fee associated with minority-, women- and veteran-owned business certification removes a monetary barrier to accessing the state’s supply chain that is real for many minority, women, LGBTQ and veteran business owners,” said Chief Diversity Officer Hester Agudosi.
“As a New Jersey-certified MWBE, both public- and private-sector organizations and firms have access to your profile for considering solicitations for prime and subcontract opportunities.”
Certified businesses are eligible to participate in the Small Business Enterprise Set-Aside Program, which sets a goal of awarding 25% of state contracting and purchase orders to small businesses, and the Disabled Veteran-Owned Set Aside Program, which awards 3% of state contracting and purchase orders to businesses that are owned and operated by service-disabled veterans.
Additionally, the state’s Office of Diversity and Inclusion is in the process of conducting a statewide disparity study, which may allow for additional set-aside programs to be authorized in the future for small, minority-, women-, and veteran-owned businesses.
These various programs and waiving the fee to certify are a step in the right direction toward dismantling the barriers and challenges stacked against small, minority-, women-, and veteran business owners.
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