EDA Contracting Agencies Would Set Aside 3% of Contracts To Veteran Owned Businesses
TRENTON – Legislation sponsored by Senator Jim Beach (D-Camden) that would require the New Jersey Economic Development Authority to administer a veteran-owned business set-aside program was cleared today by the full Senate.
“Our veterans have sacrificed so much for the safety and well being of this country and they deserve recognition and assistance from those that enlist their services,” said Senator Beach, Chairman of the Senate Military and Veterans Affairs Committee. “Setting aside a percentage of contracts for veteran owned businesses is just one small way we can repay the debt we owe to them. Not only is it the right thing to do, but, given the current economic climate and the need to spur the economy, it is the necessary thing to do.”
The bill, S-2314, also sponsored by Senator Christopher Connors, would establish a goal that contracting agencies set aside at least three percent of their contracts for veteran-owned businesses. A “veteran-owned business” would be defined as a business which has its principal place of business in the State; is independently owned and operated; and at least 51% of the business is owned and controlled by persons who are veterans.
The bill would require each contracting agency to submit an annual report to the Economic Development Authority about the types of businesses receiving set-aside awards as well as the number of contracts. The Economic Development Authority would provide oversight of the program.
The legislation now heads to the Governor’s desk.