Become a certified minority owned business.
It may be time to become a certified minority owned business. I know that I am a woman and I am Black. Being such gives me advantages that I can surely use to assist, NOT GIVE, but to assist me on my journey of being an entrepreneur.
While surfing the net I stumbled on information regarding becoming a certified minority business owner. So what does this mean?
To put it all in a nutshell corporations want to do business with the federal and state government and when doing so they are required to contract a certain number of minority owned businesses, including minority suppliers.
According to Inc.com the reason for such mandates is twofold. First, contracting with minority-owned businesses is important to customers: “Corporate America understands that you cannot expect minorities to buy things when you have haven’t done businesses with minorities”, says Steven Sims, the vice president of the National Minority Supplier Development Council. Second, it’s responsible because an obligation in government to ensure that all firms in our state have an opportunity to participate in contracts that are paid for with tax dollars”, says Luwanda Jenkins, the special secretary of minority affairs for Maryland
So how does one become a certified minority business owner?
- Visit http://www.nmsdc.org/mbes/mbe-certification/.
Become a United Stated citizens.
Your business must be at least 51% minority-owned, operated and controlled. Members must be at least 25% Asian, Black, Hispanic or Native American. Minority eligibility is established via a combination of screenings, interviews and site visits. Ownership, in the case of a publicly-owned business, means that at least 51% of the stock is owned by one or more minority group members. Your organization must be a for profit enterprise and physically located in the U. S. or its trust territories. The management and daily operations must be exercised by the minority ownership member(s).
Certified minority business owners have the added benefits that others may not. Certified minority business owners have access to government contracts. Remember the government requires that a percentage of business be rewarded to minorities.
Being certified gives you a platform and exposure in obtaining contracts with large corporations. When you are placed in front of those making decisions with large corporations. that opportunity is greater. If you are not a certified minority business owner you could possibly be missing out on the opportunity to bid on contracts and other opportunities.
If you think you fit the qualifications to become a certified minority business owner maybe it’s time to make that move. Start off by visiting the National Majority Supplier Development Council (NMSDC) website at http://www.nmsdc.org/.