NY S08870

Establishes a new certification classification for minority and women-owned businesses that exceed personal net worth or small business size thresholds but meet all other eligibility requirements.

Requires businesses seeking this new classification to demonstrate significant engagement in diversity practices, including procurement opportunities for minority and women-owned enterprises, joint ventures, mentoring programs, and job training initiatives.

Lists businesses with the new classification separately in the directory of certified businesses and prohibits additional personal net worth or business size thresholds for this classification.

Requires state agencies to utilize businesses in the new classification toward contract solicitation goals only after exhausting commercially reasonable methods to meet goals through other certified businesses.

Requires contractors to make good faith efforts to contract with businesses in the new classification before requesting partial or total waivers from minority and women-owned business enterprise participation goals.