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 Stonewall National Monument outside the Stonewall Inn in New York. Reuters

  • New York City will officially recognize LGBT-owned businesses as part of its certification program.
  • That means that LGBT-owned business will have access to resources like mentorship and consulting, as well as the opportunity to be suppliers for government contracts.
  • Currently, the city has a 10-year goal to award $25 billion in contracts to women and minority-owned businesses, a group that now includes LGBT-owned businesses. LGBT I choose you to do life with hand in hand side by side poster
  • Visit Business Insider's homepage for more stories.

    • LGBT-owned businesses will now be officially recognized by New York City as minority-owned businesses, qualifying them for resources like mentorship and consulting - and, significantly, as suppliers for government contracts.

    In conjunction with the National LGBT Chamber of Commerce (NGLCC), New York City's Department of Small Business Services will fast-track LGBT businesses into its certification programs. 

    Those certification programs were already open to minority and women-owned businesses, as well as historically economically and socially disadvantaged individuals. 

    The city has a 10 year goal to award $25 billion in contracts to those certified businesses by 2025. An August press release said that the city is on track to award 30% of all contracts to minority and women-owned businesses in 2021. The city awarded $964 million in contracts during the first three quarters of 2020.

    Now, those opportunities will be open to majority LBGT-owned businesses certified with NGLCC. 

    Justin Nelson, the president and cofounder of NGLCC, said New York has been a priority for the group for nearly 10 years. The group saw victories on the other side of the Hudson in Hoboken and Jersey City, but they just couldn't get across the finish line in NYC - until today.

    "This is, without a doubt, a major win for LGBT businesses, a major win for NGLCC," he said. He added that it's "one of the most diverse cities in the world saying, 'You know what, yes, we want to be inclusive, not just in our policies, but in our practices.'"  

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