Only 5 Percent of Minority, Women-Owned Businesses Get NYC Contracts

Minority businesses get less of the pie when it comes to billions in city contracts.

black female business ownerA study released by Manhattan Borough President Scott Stringer found that only 5 percent of minority- and women-owned businesses get New York City contracts.

Eight years after the city passed a law to help minority businesses, only 25.5 percent of the 500 businesses Stringer’s office contacted said they had a contract with the city, which gives out billions of dollars a year. What is more alarming is that though only a small percentage of minority-owned businesses have won contracts with the city, data shows that the number of women- and minority-owned business certified to bid for city contracts has surged, despite not cashing in.

During last year’s budget, minority businesses received only 5 percent of the $10.5 billion budget the city spent on contracts.

Read more at NY Daily News.