Minority business enterprise (MBE) is a designation for businesses which are at least 51% owned, operated and controlled by one or more individuals of the following classifications:
Owning an MBE may qualify you for preferential treatment through grants (does not have to be paid back) loans (usually with enhanced terms) or contract awards (set aside for minority owned businesses).
According to the Minority Business Development Agency, minorities own more than 8 million firms, and account for nearly $1.4 trillion in revenues. MBEs can self-identify, but are typically certified by a city, state or federal agency.
Minority Business Certification
Most institutions that provide beneficial programs and awards for minority owned businesses will require the business to prove their status. Although this may be done through several ways, the nationally recognized certification is the 8A Certification through the Small Business Administration (SBA).
SBA 8A Certification
The Small Business Administration (SBA) has a program that certifies businesses as minority-controlled. The SBA 8A Certification application process is somewhat complicated and required a set of documentation to be prepared and submitted for approval.
To review your ability to become certified, please contact us for a free consultation. Once approved, your business will benefit from many additional resources from having been certified as an 8A Certified Minority owned Business.
Many governmental agencies at the local and state level as well as corporate entities and private foundations offer minority owned businesses grants. These funds are generally range between $2,500 and $50,000 and do not have to be paid back.
Many institutions and banks mandate a certain percentage of their loan funds go to minority owned businesses. Sometimes these loan carry more favorable terms than other typical loans and have easier underwriting terms for approval.
Governmental agencies including the U.S. government and many airports also mandate a certain percentage of procurement be awarded to minority owned businesses. 8A Certification is the preferred certificate for many of these awards.
SBA 8A Certificate Consultation
Are You Ready To Certify Your Business Under SBA 8A?
If you are a minority owned business and are wanting to become 8A Certified. Our services can maximize your chances for success. After all, your business deserves the very best.
BP Consultants is the national authority on SBA Program Consultation. With 25 years of Business Planning experience, we have helped hundreds of business owners meet specific goals.
Our services are designed to offer you as much (or as little) of our direct involvement, while always focusing on the success of your business.
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