MVWBE and Small Business

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Priority Area: Minority-, Women-, Veteran-Owned Business
Enterprises and Small Businesses

Micron’s commitment to allocate a significant portion of its construction and annual operating expenses to diverse suppliers underscores the crucial role of minority-, women-, veteran-owned business enterprises
(MWVBEs), and small businesses in this economic expansion. This initiative not only facilitates direct participation in Micron’s development but also anticipates the broader economic ripple effects, including increased demand across sectors like food services, real estate, healthcare, and finance, essential
for sustaining the region’s quality of life.

Central New York recognizes the pivotal role of MWVBEs and small businesses in fostering economic growth. This priority area aims to empower these enterprises through enhanced certification access, capacity building, financial support, inclusive procurement practices, and a robust entrepreneurial ecosystem.

Recognizing the strategic importance of MWVBEs and small businesses in harnessing this growth, Central New York aims to bolster these entities through targeted support measures. These include streamlining
certification processes, expanding capacity for scalability, extending financial assistance, advocating for equitable
procurement opportunities, and fostering a dynamic entrepreneurial ecosystem.

This concerted effort ensures that the impending economic transformation benefits a broad spectrum of the community, reinforcing the foundation for a resilient and inclusive economic future.

Priorities and Strategies

Immediate Priority: Actively enhance and support minority-, women-, and veteran-owned business enterprises

Certification and Access: Expand initiatives to assist more qualifying minority-, women-, and veteran-owned businesses in achieving MWVBE certification.
Capacity Building and Scaling: Expand existing and launch more programs, accelerators, and incubators that assist small and MWVBE businesses in scaling up, allowing them to handle larger contracts and effectively compete.
Funding and Financial Support: Support and scale a variety of financial assistance avenues for MWVBEs such as low-interest loans, grants, and financial literacy programs.
Inclusive Procurement Practices: Partner with larger regional businesses to drive stronger utilization of MWVBE contractors and vendors.
Diverse Supply Chain Supports: Provide targeted support and centralized resources to diverse suppliers so that they have proper policies, certifications, and other items their buyers require.

Strategies

Immediate Priority: Strategically support and grow the small business support ecosystem

Entrepreneurial Ecosystem Enhancement: Strengthen the overall entrepreneurial ecosystem by addressing lending needs, and capital deserts, and supporting business expansion in an economic-growth environment.
Business Development and Market Expansion: Enhance small business operational and financial capabilities while providing resources and guidance to expand market reach domestically and internationally.
Innovation and Technology Adoption: Create resources and services to support small business adoption of new technologies and innovative practices to remain competitive in a rapidly evolving business landscape.
Outreach and Communication: Increase outreach efforts to small businesses to clarify future opportunities beyond construction and support for scale-up in response to a growing population.
Networking and Collaborative Opportunities: Create platforms for priority businesses to connect with larger corporations and economic development organizations for mutual growth and opportunity expansion exploitation.
Focused Resource Allocation: Direct specific resources and support services to businesses identified as critical or high priority within the community.