New Jersey Senate Bill S1217

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Creates certain assistance and set-aside programs for businesses owned by lesbian, gay, bisexual, or transgender persons, by persons with a disability, and by veterans.

Impact

If enacted, S1217 will empower the New Jersey Economic Development Authority (EDA) to offer waived bonding requirements, establish loan programs, and provide various forms of technical assistance to certified eligible businesses. Additionally, it empowers local government entities to create their own set-aside programs for eligible businesses, effectively promoting equal opportunity in government contracting. The bill emphasizes the importance of supporting minority-owned businesses in overcoming barriers to entry in competitive bidding processes.

Summary

Senate Bill 1217 aims to create specific assistance and set-aside programs for businesses owned by individuals from the LGBTQ+ community, persons with disabilities, and veterans in New Jersey. The bill is a response to the historically disproportionate challenges faced by these groups in accessing resources and opportunities within the mainstream economy. By establishing designated programs, the bill intends to enhance the viability and number of businesses in these communities, reflecting the legislature's commitment to diversity and inclusion in economic development.

Contention

There are potential points of contention surrounding S1217, particularly regarding the implications of set-aside programs which some stakeholders might view as preferential treatment. Opposition could arise from those concerned about the effectiveness of such measures to stimulate economic growth versus the challenges that may increase operational complexities for local governments. Perceptions around fairness in competition might also emerge from businesses outside these designated categories, raising questions about the overall impact on market dynamics.