Gov. Phil Murphy signed a new bill Wednesday codifying the existing process for certifying LGBTQ+-owned businesses. Proponents of the bill say it would open up local contracting opportunities for LGBTQ+ employers and make them eligible for state efforts.
Murphy signed an executive order establishing such a process in May 2022, but supporters say the bill is empowered by state law and would remain in effect even after the current governor leaves office. It is claimed that it is.
Gus Penaranda, executive director of the New Jersey Pride Chamber of Commerce, said the legislation “sends a clear message to all businesses considering investing in New Jersey that New Jersey is a welcoming state. It will happen,” he said.
The state already offers certification programs for businesses owned by women, minorities and veterans.
Contact information for certified companies will be posted to a public database used by contracting authorities. So far, the New Jersey Department of Treasury has certified 141 LGBTQ+ businesses.
“By making this certification program legal, we will ensure that businesses continue to have the opportunity to proudly identify as LGBTQ+-owned businesses for years to come,” Murphy said in a statement Wednesday following the bill signing. .
Murphy's office said the purpose of the bill and executive order is to encourage LGBTQ+ companies to do business in New Jersey.
To qualify, businesses must be owned exclusively by LGBTQ+ people. Or at least 51% of the owners of the partnership, joint venture, or company must identify as her LGBTQ+. These owners must be materially involved in the ongoing business. You must also demonstrate the need for resources.
The federal Small Business Administration estimates that in 2022, 1.4 million LGBTQ+-owned businesses will contribute a total of $1.7 trillion to the U.S. economy each year.
Daniel Muñoz covers business, consumer affairs, labor and economics for NorthJersey.com and The Record.
Email: munozd@northjersey.com; twitter:@Daniel Munoz100
