New York City now recognizes LGBTQ-owned companies as minority-owned businesses, making them eligible for city contracts to expand their businesses.
What We Know:
- On Tuesday, New York City’s Department of Small Business Services and the National LGBT Chamber of Commerce announced a plan to fast-track LGBTQ-owned businesses into city certification programs where they can receive billions in contract funding and access to resources like consulting, mentorship, and educational programs.
- According to the National LGBT Chamber of Commerce, approximately 1.4 million lesbian, gay, bisexual, and transgender business owners in the United States generate $1.7 trillion a year in revenue. N.Y.C. now joins the growing list of cities and states that have moved to incorporate LGBTQ-owned businesses in city contracts, including cities in California, New Jersey, Maryland, and Florida.
- Openly gay Councilmember Daniel Dromm said the historic agreement would “impact the lives of thousands of New Yorkers in a meaningful and lasting way.”
“When it comes to establishing and growing businesses, LGBTQ entrepreneurs face many significant and manifold challenges. I am pleased that these business owners who were once excluded from sorely needed contracting and procurement opportunities will be able to participate,” he continued.
- This comes at a crucial time when many LGBTQ Americans are facing unemployment. According to a May 2020 poll by the national LGBTQ advocacy group Human Rights Campaign and PSB Research, queer people of color were disproportionately impacted by job loss, with 22 percent of LGBTQ people of color losing their jobs because of the pandemic, compared to 14 percent of white LGBTQ workers and 13 percent of the general population.
Due to this motion, it appears that LGBTQ business owners in N.Y.C. will now have a greater chance to rebound and have a strong economic comeback.
