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Businesses that are certified as minority-owned can take advantage of special government programs, including increased access to government contracting opportunities that can help them grow quicker.
Does Your Business Qualify as a Certified Minority-Owned Business?
Small businesses seeking minority business certification are instructed to contact the NMSDC (National Minority Supplier Development Council) whose mission is to advance business opportunities for certified minority business enterprises and connect them to corporate members. Applications can be submitted online, and members must meet the following criteria for certification:
- U.S. citizen
- Businesses that are at least 51 percent minority-owned and controlled, defined as someone who is at least 25 percent Asian, Black, Hispanic or Native American, established through screenings, interviews and site visits
- Must be a for-profit enterprise that is physically located within the U.S. or its trust territories
- Management and daily operations must be exercised by the minority owner member(s)
The certification process can take up to 90 days and applicants should be prepared to supply many different types of business documentation. Once certified as a minority-owned business by the NMSDC, minority business executives have access to program benefits, among which are opportunities to grow their businesses by gaining private and government contracts through inclusion in (and access to) the NMSDC’s supplier database and regional leads and alerts for procurement opportunities from corporate members.