It's Your Money NYC: Hold Your Government Accountable

Funding for '09

$ 2,280,000

Employees

25

Who funds this program?

City

2,183,000 (96%)

Federal

86,000 (4%)

How is the money spent?

Salaries

1,549,000 (68%)

Supplies

14,000 (1%)

Contracted Services

702,000 (31%)

Other Services

14,000 (1%)

What your money funds:

This division provides programs that service Minority and Woman-Owned Businesses (M/WBE). Local Law 129 of 2005 directs New York City agencies to buy more goods and services from certified M/WBE vendors.

1. To be qualified as a Women-Owned or Minority-Owned Business, a business should be comprised of 51% women or people of minority status on the ownership level. Additionally, the business must be in operation for at least one year and located within New York City or in one of eight surrounding counties that are detailed on the SBS website.
2. Once a member, advantages include access to bid on City-funded contracts under $1 million, exclusive networking opportunities with government buyers, one-on-one assistance with bid preparation, and free advertising on the EDC directory.
3. One key aspect is free networking opportunities for certified companies and prospective buyers. These events provide a forum to make connections and build relationships. City agencies work with SBS to host networking events that link M/WBEs with upcoming contracting opportunities within their agencies.

As of May 2008, over 1,500 companies have certified as M/WBE. Of the 418 M/WBEs awarded City contracts, 337 receive direct assistance from the Department of Small Business Services. In the first four months of FY08 alone, SBS helped start 194 new M/WBE businesses.