Working to Grow Minority-Owned Businesses in Boston
Idea Category: Equity & Opportunity, Jobs and Entrepreneurship
Problem
A report commissioned by the City of Boston revealed disparities in the city’s procurement spending. The report showed that women-owned businesses and businesses owned by people of color were disproportionately underrepresented and only account for 8.5 percent of total contract 2.5 percent of total contract and procurement spending respectively. Only $9.4 million, representing 0.4 percent of total spending, went to black-owned businesses, whereas $18.2 million, representing 0.8 percent, went to Latino-owned businesses. In addition, Asian-American-owned businesses received $22.7 million, or about 1.1 percent.
Solution
Boston Mayor Michelle Wu recently filed a home rule petition that expands access to city contracts for Women and Minority Owned Business Enterprise (WMBEs). In 2020, only 1.2% of the city’s 2.1 billion contracts went to Black and Latinx owned businesses. The mayor’s groundbreaking proposal would significantly reduce barriers for WMBEs and make it easier and cheaper for them to apply. Once approved by the City Council, the petition will be sent to the Massachusetts Legislature and the Governor as part of a larger project aimed at expanding vital minority businesses and wealth-building opportunities. Check out more details on the proposal, which demonstrates Mayor Wu’s continued commitment to equitable economic development and removing barriers for disadvantaged communities.
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