Committee Statement on Senate Joint Resolution 122 — Senate Commerce Committee (June 10, 2024)

Summary

Senate Commerce Committee statement to Senate Joint Resolution No. 122, with committee amendments, State of New Jersey, dated June 10, 2024. The committee reports favorably and with committee amendments Senate Joint Resolution No. 122, which as amended designates the month of July of each year as “Diverse Business Month” in support of diverse-owned businesses in the State of New Jersey. The statement says diverse-owned businesses continue to face challenges to growth, including limited access to capital. It says a Statewide study found significant disparities for diverse-owned businesses in formal prime contracts for construction, professional services, and general goods and services. It says the committee amended the joint resolution to modify the preamble.

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     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

SENATE JOINT RESOLUTION No. 122
                  with committee amendments



 STATE OF NEW JERSEY
                     DATED: JUNE 10, 2024

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Joint Resolution No. 122.
   As amended, this joint resolution designates the month of July of
each year as “Diverse Business Month” in support of diverse-owned
businesses in the State of New Jersey.
   Businesses owned by persons of color, women, veterans, and
members of the LGBTQ+ community are an essential part of New
Jersey’s economy. Persons of color own 21.7 percent of business in
the State, while women and veterans own 39.6 and 4.2 percent of
the State’s businesses, respectively. With the signing of Executive
Order No. 295 by Governor Murphy and the passage of P.L.2024,
c.10, which allows certain businesses to be certified as an LGBTQ+
owned business, more than 150 business in the State are also
LGBTQ+ certified businesses. The large number of diverse-owned
businesses in the State also contributes to the significant economic
output that diverse-owned businesses provide nationally. Among
businesses owned by persons of color alone, over $1.3 trillion in
receipts were generated nationally in 2020, according to the United
States Census Bureau.
   Despite their large economic impact, diverse-owned businesses
in the State continue to face certain challenges to growth, including
limited access to capital.         Additionally, a Statewide study
examining the availability and utilization of State contracting
opportunities for diverse-owned businesses found significant
disparities for diverse-owned businesses in formal prime contracts
for construction, professional services, and general goods and
services.
   It is thus in the public interest of New Jersey to raise awareness
of the positive economic impact of businesses owned by persons of
color, women, veterans, and members of the LGBTQ+ community
and to focus on ways to support diverse-owned businesses. The
observance of a “Diverse Business Month” each year will provide
an opportunity for government officials, community leaders, and
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business leaders to focus on ways to support diverse business
owners and to help them succeed.

COMMITTEE AMENDMENTS
   The committee amended the joint resolution to modify the
preamble.


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