Your business could be missing out on a lesser-known revenue stream. An expert in the field of minority owned business and small disadvantaged business certifications, says “many government ‘set-asides’ or contracts reserved for certified small businesses go unclaimed because businesses do not know they are qualified to apply.”
There are several types of Small business certifications, and some are easier to qualify for than others. Some of the small business certification programs available include the following:
Minority Business Enterprises (MBE)
A minority owned business is a for-profit enterprise, regardless of size, physically located in the United States or its territories, which is owned, operated and controlled by minority group members. A minority is generally defined as an individual who is African American, Hispanic American, Asian American, or Native American.
WBE CertificationWomen Business Enterprises (WBE)
WBE certification signifies that a business is owned by a woman or group of women. Government agencies and corporate procurement offices require third-party verification that a business is owned by a woman or group of women in their fulfillment of ‘set-asides’ and diversity programs. WBE business certifications are available to businesses possessing 51% ownership by a woman or group of women.
This small business certification is the only one provided by the Federal Government and are the hardest to qualify for.This certification is for small disadvantaged business owners. Only applicants who are members of socially-disadvantaged groups and are economically disadvantaged can be considered for approval to this certification program. Many 8(a) applicants become ineligible for 8(a) business certifications due to the $250,000 net worth limit. This limit is defined as a personal net worth of $250,000 or less, excluding the equity in a personal residence or the business itself.
The expert hosted a free informational webinar on the merits and qualifications of becoming a recipient of Minority Business Certifications. He covered the different types of minority business certifications in depth, along with the varying qualifications to apply. Could you be leaving contracts unclaimed, low interest loans and government grants behind?
For more information regarding city, state or federal small business certification services, contact us today!