Creates State business assistance program to establish contracting agency procurement goals for socially and economically disadvantaged business enterprises.

This bill establishes a New Jersey state program requiring contracting agencies (like state departments and authorities) to set annual procurement goals for awarding contracts to certified socially and economically disadvantaged business enterprises (SEDBEs). It defines SEDBEs as businesses owned by individuals who meet specific criteria for both social disadvantage (e.g., racial minority status, disability, gender identity, or location in high-poverty areas) and economic disadvantage (e.g., limited capital/credit access and net worth below a set threshold). The program mandates agencies to develop annual plans to meet these goals, use certified SEDBEs for prime contracts or subcontracts where feasible, and submit reports tracking contract awards and outreach efforts. The goal is to increase SEDBE participation in state procurement for construction, professional services, goods, and IT, without altering existing set-aside programs.