New Executive Order opens opportunities for minority group businesses

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RICHMOND, Va. (WFXR) — Executive Order Thirty-Five sets a new standard for expanding opportunities for small-, women-, minority- (SWaM) and service disabled veteran-owned businesses.

“With this Executive Order, we are strengthening our commitment to expanding small business participation in state contracting and achieving equity for our women- and minority-owned businesses.” said Governor Northam.

The Executive Order was born from the development of a study that determined whether there is imbalance in the marketplace for these groups and their businesses.

In 2004 and 2011, it was found that between approximately 1 and 3 percent of total state contracts were awarded to these small businesses.

Programs created under Executive Order Thirty-Five will allocate up to $100,000 in funds for purchase of goods and nonprofessional services, and brings the threshold up to $80,000 for professional services, and $10,000 for micro businesses.

In addition, new programs designed for expanding outreach and resources for the small business community will be developed.

You can read the full Executive Order here.

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