Are you looking to get Your company certified as minority-owned and need some advice?
First off, what is a certified minority-owned enterprise? Who is eligible?
A certified Minority-owned company is a business that is supported by the government socially and economically. It is designed to assist minority groups by providing business solutions for all those qualified and help in identifying its brand identity. To qualify, you must be a U.S. citizen, at least 25 percent Asian-Pacific, Black, Hispanic, or Native American heritage, and have evidence of your minority through instruction. Additionally, 51 percent of the organization’s inventory must also either be owned by its owners, supervisors, or operators to be considered.
What is the big fuss, why get certified?
For one, people want To do business with minority owned businesses, including the federal government, corporations, and state agencies. The reason being, departments, corporations, and businesses must meet a particular funding percent to minorities. Not only must a quo be fulfilled, many large companies try to purchase from minority-owned suppliers. By getting certified, you are making your company more marketable.
Secondly, having this Business certification will steer you to more private and public sector programs and opportunities. Public and private companies search for minority-owned providers. By not getting your company certified, you are restricting your company to fewer marketing and business development resources and opportunities.
Thirdly, these Companies are important to its clients. See if you qualify and grow your support base. Be among the companies that contracts with the government and get tax dollars to help your company thrive.
How do I get my small company licensed? Are there more programs and perks?
If your business wants to connect with private-sector buyers, simply contact NMSDC’s (National Minority Supplier Development Council) 37 regional councils. NMSDC will supply you with a typical application process along with asked verified documents. The council has many company members, such as Marriot and Microsoft, and connects to over 17,000 minority-owned providers. If you pass the certification regulations, your organization may take part in an innovative training program, the Business Consortium Fund’s Working on Capital Loan Program, and lots of NMSDC business opportunity fairs.
The ccba certification assists minority-owned companies win contracts from the public sector. So as to be accepted, the company must be at least two years old and demonstrate its potential for triumph through its tax returns for evidence of earnings. Simply register with the Central Contractor Registration database, then follow the SBA’s directions , and you might qualify for free one-on-one counselling, technical business training, and promotion assistance through the local district office. The 2008 training even included programs on developing cost proposals, government contract negotiations, and contract law and the legal aspects of having a firm.