A trio of bills approved Thursday by Gov. Kathy Hochul are meant to strengthen minority and women-owned businesses in New York, her office announced. 

The bills come as New York has topped its goal of at least 30% of state contracts being awarded to minority and women-owned businesses this year. The contracts amount to $3 billion for the businesses, known as MWBEs. 

"New York draws strength from its diversity, and it is a priority for my administration to ensure that economic opportunities are inclusive and equitable across the state," Hochul said. "For two years in a row, our nation leading MWBE utilization rate highlights our commitment to providing the necessary tools and resources so that everyone is able to forge pathways to economic success. The continuation of New York's strong MWBE utilization rate demonstrates the State's commitment to championing greater equality of economic opportunities for MWBEs."

One bill is meant to cut down on fraud and abuse within the minority and women-owned business program, creating the framework for a fund that will investigate and audit misconduct. The measure is meant to prevent money going to businesses that fraudulently claim to be owned by women and people of color. 

Hochul also approved a law that will allow businesses to use funds from the state's business development and lending program to refinance existing debt. The goal is meant to expand access to credit for business owners beyond using high-interest rate credit cards. 

And Hochul approved a measure that will allow New York City to double its award amounts to minority and women-owned businesses for non-competitive contracts from $500,000 to $1 million.