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The Benefits of Becoming a Certified Minority Business Owner

For minority business owners, it’s advisable to have your company licensed by The National Minority Supplier Diversity Council (NMSDC) as a Minority Business Enterprise (MBE). Government organizations and corporate firms love to conduct business and make purchases from minority-owned companies, therefore if you get certified you immediately boost your business’ appeal.

Corporations are interested in doing business with minority-owned companies because they recognize that U.S. minorities possess great purchasing power than any other group of merchants. And needless to mention, if they wish to create a long term relationship with minorities and have them buy their goods and services, it is their duty to hold up their businesses in return.

Federal officials pay attention to minority-owned businesses because by doing so, they realize they contribute to a sustainable economic climate for the country.

Now that you clearly know the advantages of being a certified minority-owned business, it’s high time you find out how to formally license your company as minority-owned.

Register with the National Minority Supplier Development Council

The National Minority Supplier Diversity Council (NMSDC) is responsible for certifying minorities. Registering your company with them is a great way to put your business on the road to success by linking up with private sector consumers. The National Minority Supplier Development Council connects licensed minority-owned businesses with customers who would like to buy products and services. Additionally, the NMSDC offers a minority business loans program and training programs on management.

What you need to get certified

To be eligible for certification and be categorized as a Minority Business Enterprise (MBE), not less than 51% of the company must be owned by a U.S citizen (Asian, Hispanic, Black, or Native American. If the business is publicly owned, such individuals must have ownership of not less than 51% of the total stock.

 

The Certification Process

First, you’ll need to gather the necessary credentials. The documentation required will depend on your type of business, but most corporations will ask for the following documents:

  • Business Background
  • Certificate of Incorporation
  • Stock Certificates and Ledger
  • All rights agreements
  • Business cards and resumes
  • Copy of drivers’ license
  • Proof of United States Citizenship (Passport or birth certificate)
  • Corporate Bank Resolution including your Bank Signature Card
  • Business Lease Agreement
  • Evidence of liability insurance
  • Copies of canceled checks

Your minority-owned business will thrive faster if you have it certified by NMSDC, this way you can easily get help from corporations during tough times.