The City of New York loves to talk about how much we support Minority- and Women-Owned Business Enterprises (M/WBEs). City Hall sets lofty goals, releases reports, and holds flashy press conferences — but despite all the fanfare, the numbers, and the streets, don’t lie: Too many M/WBEs are still locked out in the cold.
Indeed, the city’s track record when it comes to awarding contracts to M/WBEs — especially Black- and women-owned businesses — is nothing to be proud of. Instead of getting the boost they deserve, these entrepreneurs are being left behind. Systemic barriers are baked into the process. Traditional lenders and investment banks deny M/WBEs access to credit and capital. Bureaucratic red tape makes government contracts almost impossible to secure for young and hungry entrepreneurs.
This is not a coincidence. This is what happens when promises are made but not backed by real action. Right now, instead of setting them up to compete, we’re setting vM/WBEs to fail.
And let’s be clear: These barriers aren’t just an inconvenience. They are part of a system that deliberately shuts out Black and Brown entrepreneurs and women from building economic power. The truth is, if these businesses had fair access to capital and credit, we wouldn’t just see them succeed; we would see entire communities transformed. It’s time to stop playing games and start closing that equity gap.
Here’s what we’re going to do: As New York City Comptroller, Justin Brannan will work with trustees to mandate that 1% of all city pension fund investments — and 1% of every dollar the city pays to banks, consulting firms, and other professional service providers — be directed toward a special lending and investment fund for M/WBEs. This fund will be laser-focused on giving Black, Latine, and women-owned businesses the credit, capital, and capacity they need to grow and thrive.
This isn’t about charity. This is about fairness, economic justice, and building real wealth.
We’re not asking for a handout. We’re demanding a level playing field. Right now, New York City’s procurement system is stacked in favor of the well-connected and the already-wealthy. Big firms get the contracts. Big banks get the fees. And our city’s M/WBEs are left to fight over crumbs. Enough! Imagine what 1% could do for an ambitious young entrepreneur in East New York or a woman running a construction business in the Bronx. Imagine what happens when M/WBEs have real capital behind them.
They hire local workers. They reinvest in their neighborhoods. They grow their businesses. They build generational wealth. All while strengthening our city’s economy.
M/WBEs are the backbone of New York City’s economy. They’ve been holding it up with grit and determination, despite every obstacle in their way. It shouldn’t be so hard. We have the tools to fix this. We have the resources. What’s been missing is the courage and political will to do it. We’re done waiting. Now it’s time for real action.
We can’t afford to keep leaving our best and brightest business minds on the sidelines. Allocating just 1% of city pension fund investments toward closing the credit and capital gap for M/WBEs isn’t just the right thing to do; it’s the only way to build a stronger, fairer New York.
Let’s get it done.
Justin Brannan is chair of the City Council Finance Committee and a candidate for NYC Comptroller. Bertha Lewis is the founder and president of the Black Institute.
