TRENTON – In an effort to further recognize and support the state’s diverse owned-businesses, the Senate approved legislation sponsored by Senator Nellie Pou to designate July as Diverse Business Month. Under the resolution, the Governor would be called on to annually issue a proclamation recognizing July as “Diverse Business Month” in New Jersey and calls upon public officials, community leaders, and business leaders to observe the month with appropriate activities and programs.

“Businesses owned by persons of color, women, veterans, and members of the LGBTQ+ community are an essential part of New Jersey’s economy. Persons of color own 21.7 percent of businesses in the State, while women and veterans own 39.6 and 4.2 percent of the State’s businesses respectively,” said Senator Pou (D-Passaic-Bergen), Chair of the Senate Commerce Committee. “This recognition is long overdue and well warranted.”

Part of the purpose of the resolution, SJR 122, is to help raise awareness about the positive economic impact of these businesses.

Despite their large economic impact, diverse-owned businesses in the State continue to face certain challenges to growth, which include limited access to capital. Additionally, a recently completed statewide study examining the availability and utilization of State contracting opportunities for diverse-owned businesses found significant disparities for these businesses in formal prime contracts for construction, professional services, and general goods and services.

The resolution carried by a vote of 37-0.