Gov. Mikie Sherrill recently visited the future joint site of Rojo’s Roastery and The Gingered Peach to host a roundtable focused on dismantling the systemic barriers facing Minority and Women Business Enterprises (MWBEs) in the Garden State.
The visit is a key stop on the Governor’s ongoing 21-county tour, where she is promoting her “Saving You Time and Money” agenda—a policy package designed to cut red tape and streamline government processes for small business owners.
A centerpiece of the discussion was a proposed $500,000 investment in the Fiscal Year 2027 budget. This funding is specifically earmarked to provide technical assistance for MWBEs attempting to navigate the complex world of state contracts and procurement.
“We’re committed to making New Jersey the best place to start and grow a business—including for minority and women entrepreneurs where longstanding disparities have deprived them of critical opportunities,” Sherrill said.
The investment follows recent data highlighting significant gaps in how state tax dollars are distributed. In New Jersey, while the number of minority-owned firms has grown, the percentage of state contract dollars awarded to these firms remains disproportionately low.
The State of MWBEs in New Jersey
The roundtable addressed the concrete numbers behind the “wealth gap” in Garden State entrepreneurship. According to state economic reports and recent disparity studies:
- Contracting Gaps: Historically, minority-owned businesses in New Jersey have received less than 5% of the total value of state-awarded contracts, despite representing a much larger share of the business population.
- Business Ownership: As of recent census data, approximately 30% of New Jersey businesses are minority-owned, yet they often face higher rejection rates for traditional commercial loans.
- The “Wealth Gap”: In New Jersey, the median net worth for white households is roughly $322,500, compared to just $17,700 for Black households and $26,100 for Hispanic households. Sherrill’s administration aims to use business ownership as a primary lever to close this 18-to-1 disparity.
The Governor was joined by Senate Majority Leader Teresa Ruiz and Assemblywoman Verlina Reynolds-Jackson, along with business owners Joanne Canady-Brown and Kelly Gonzalez. The leaders detailed several initiatives intended to create a “one-stop shop” for entrepreneurs:
- Business Action Center (BAC): Funding to revitalize the BAC as a central hub for statewide resources.
- Bonding Readiness Assistance: A New Jersey Economic Development Authority (NJEDA) program providing workshops to help small businesses qualify for the surety bonds required for large-scale projects.
- Wealth Disparities Initiative: A broader effort to bridge gaps not just in entrepreneurship, but in housing and capital access.
“This landmark investment will fund a dedicated team of experts to deliver training on navigating New Jersey’s procurement processes,” Sherrill noted, emphasizing that the goal is to create “generational wealth” rather than just temporary assistance.
The Governor’s tour will continue through the spring as she seeks to build legislative support for the FY27 budget and her broader small-business reform platform.
