State's Boost For Minority-, Women-Owned

Businesses Is A Record

Staten Island commercial bank sees benefits for borough


STATEN ISLAND, N.Y. – Businesses owned by minorities and women on Staten Island stand to gain from New York State's newly increased goals for contracting with such firms.

Victory State Bank, Staten Island's only community-based business bank, contends that Albany's recently articulated 30 percent aim can generate much more state work on the Island.

The governor's office reported that the 30 percent goal is the highest target for any state government in the nation.

Statewide, it means billions of dollars for minority-and-women-owned enterprises (MWBE).

In the 2013-14 fiscal year, when MWBE contracting was at 25 percent, there were nearly $2 billion worth of state contracts with firms headed by minorities and wormen, the state said, adding that even this amount was the nation's highest.

The state emphasized its desire to cultivate MWBEs as well as small, emerging businesses by pointing out its procurement process and contract opportunities.

The state's Business Mentor New York program began in May.  Business Mentor NY is described as a free mentoring program that connects volunteer business professionals to MWBEs and small businesses to help them address specific challenges and obstacles to success.

One-on-one guidance and counsel complements a network of financial and technical assistance providers that help owners and communities realize their full economic potential, the state said.  Nearly 1,200 mentors and entrepreneurs have signed up.  

These include nearly 500 pro bono business professionals, such as attorneys, accountants, consultants and other entrepreneurs and experts in the fields of finance, retail, communications,  information technology, human resources and staffing, public relations, sales and marketing, who volunteer as mentors. 

The MWBE team includes elected officials, business and academic leaders, and members of the Governor's cabinet and administration.

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online

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