Business owners know all about certifications. You need them to practice within your industry, to qualify for certain employment opportunities and more. However, some voluntary certifications fly under the radar, taking with them a wealth of opportunity. Case in point: the minority-owned business certification.
What qualifies as a minority-owned business?
For a business to be considered minority-owned, a minority individual must own at least 51% of a business or the stock. The daily operations and management of this business must also be controlled by the minority individual or group. A minority individual is considered a U.S. citizen documented with at least 25% minority origin (Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American).
Why should entrepreneurs have their business certified as minority-owned?
Getting certified by either the U.S. Small Business Association (SBA) or the National Minority Supplier Development Council (NMSDC) has many benefits:
- Helps boost revenue and creates new business
- Allows businesses to connect to corporate buyers and other suppliers with greater ease
- Fosters invaluable mentorship and other guidance from industry leaders
- With both local and national certifications, businesses can infiltrate new networks
- One-on-one counseling
- Training workshops
- Technical guidance
How can a business obtain this certification?
Visit the SBA or NMSDC sites to learn how to apply in your area.
As a small business owner, it’s important to take advantage of every opportunity you can!
DISCLAIMER: This content is for informational purposes only. OnDeck and its affiliates do not provide financial, legal, tax or accounting advice.
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