(Crain’s) — The Economic Development Corp. announced a loan and assistance program Tuesday that it says will help solve a basic supply vs. demand problem plaguing the city’s affirmative-action contracting: government construction projects that prioritize hiring minority- and women-owned businesses sometimes find that qualified companies remain in short supply. A City Council report in September showed that city agencies were failing to meet the goals of a 2005 local law that sought to increase the ability of minority- and women-owned businesses to win city contracts. Only one city agency met half of its targets and 15 met none. The report also said 1.6% of the value of city contracts for the first half of last year went to minority- and women-owned businesses—representing 14.6% of the total number of awarded contracts.
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