Supporting M/WBEs is 'socially and economically responsible,' Public Advocate says in new DEI report * Brooklyn Paper

"In New York City, we have long strived to celebrate diversity, recognizing it as a strength for not only our culture, but our economy, he said. Small businesses built by immigrants, minorities, and women are at the core of our economic identity in this city - but too many systemic barriers still prevent these ventures from growing their bottom line and our economy."

"Many of the same critics who attack DEI principles are currently fanning the flames of hysteria about the incoming administration and its economic agenda, claiming it will harm businesses. But as this report demonstrates, the truth is that this can be a new era for business in New York City - strengthening the small and diverse businesses we are fortunate to have today, and supporting the entrepreneurs of tomorrow."

New York City must rethink support for minority entrepreneurs and address structural gaps in city contracting that continue to disadvantage Minority and Women-Owned Business Enterprises (M/WBEs) despite years of promises and programming. Small businesses founded by immigrants, minorities, and women form a core part of the city’s economic identity, yet systemic barriers prevent these ventures from expanding revenue and impact. Brooklyn includes 792 minority-owned businesses, 442 women-owned businesses, and 607 enterprises categorized as both. Rising national backlash against Diversity, Equity and Inclusion has shifted narratives, but strengthening diverse small businesses offers socially and economically responsible opportunities for growth.

Read at Brooklyn Paper