A06142 - Veteran Owned Business Enterprise Act Summary

• Establishes definition of "honorably discharged veteran owned business enterprise" as at least 51% owned by honorably discharged veterans with real, substantial, continuing ownership and independent day-to-day control authority.

• Amends Executive Law Article 15-A to include honorably discharged veteran-owned businesses alongside minority and women-owned businesses in state contracting participation goals and certification processes.

• Applies veteran-owned business enterprise provisions across multiple state agencies and authorities including those managing contracts, procurement, financing, economic development, and public works projects.

• Requires state agencies to establish goals for veteran-owned business participation in state contracts, develop utilization plans identifying veteran-owned subcontractors, and permit waiver requests when good faith efforts to meet participation requirements prove unsuccessful.

• Creates comprehensive financial assistance programs through the Urban Development Corporation for veteran-owned businesses including revolving loan funds, technical assistance, bonding guarantees, incubators, and direct financial support for contractors and entrepreneurs.