Bussiness
NJ law provides certification to LGBTQ+ businesses, unlocking contracting opportunities
1-minute read
LGBTQ+ Health & Wellness Center at Bergen Medical Center care
Dr. Chris Awwad talks about the LGBTQ+ Health & Wellness Center at Bergen New Bridge Medical Center in Paramus.
Anne-Marie Caruso, NorthJersey.com
Gov. Phil Murphy signed a new bill into law on Wednesday that would codify an existing process for certifying LGBTQ+-owned businesses — a move proponents say unlocks local contracting opportunities for those employers and makes them eligible for state agency initiatives.
Although Murphy signed an executive order in May 2022 enacting such a process, supporters say the legislation gives it the power of state law and would remain in place after the current governor leaves office.
The law “sends a clear message to all businesses looking to invest in New Jersey that we are a welcoming state,” said Gus Penaranda, Executive Director of the NJ Pride Chamber of Commerce.
The state already offers a certification program for businesses owned by women, minorities and veterans.
Certified businesses’ contact information gets posted to public databases used by contracting authorities. So far, the New Jersey Treasury Department has certified 141 LGBTQ+ businesses.
“By codifying this certification program in statute, we ensure that the opportunity to proudly identify as an LGBTQ+-owned business will last for many years to come,” Murphy said in a Wednesday statement accompanying the bill’s signature.
Murphy’s office said the goal of the legislation and the executive order are to encourage LGBTQ+ companies to do business in New Jersey.
To qualify, businesses must be solely owned by an LGBTQ+ person, or at least 51% of owners in partnerships, joint ventures and corporations must identify as LGBTQ+. These owners must be substantially involved in ongoing affairs of the business. They must also exhibit a need for resources.
The federal Small Business Administration estimated in 2022 that 1.4 million LGBTQ+-owned businesses contribute a combined $1.7 trillion to the U.S economy each year.
Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.
Email: munozd@northjersey.com; Twitter:@danielmunoz100
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