You may have heard the term “DBE” before but aren’t quite sure what it stands for or what it means. In this blog post, we’ll give you a brief overview of what a DBE is and how it can benefit your business.
DBE stands for “Disadvantaged Business Enterprise.” The DBE program is a Department of Transportation program which was created to level the playing field for small businesses that are owned and operated by socially and economically disadvantaged individuals. To be eligible for the DBE program, a business must be at least 51% owned and controlled by one or more individuals who are considered to be socially and economically disadvantaged.
There are a number of benefits that come with being certified as a DBE. First and foremost, it gives your business access to a variety of federal and state government contracts that might otherwise be out of reach. In addition, being certified as a DBE can also help you tap into financing opportunities and technical assistance programs that can help your business.
Why should you care about getting a DBE certification? Well, if you’re a business owner who wants to do business with the government, being certified as a DBE can give you a real leg up on the competition. That’s because the US government has a goal of awarding at least 23% of its contracting dollars to DBE certified firms. In some states, the goal is to award 33% of contracting dollars to disadvantaged businesses. So, if you’re looking to grow your business, becoming a certified DBE is definitely worth considering.
The Application Process
The application process can be very rigorous. The first step is to gather all of the required documentation. This will vary depending on your business type but generally speaking, you’ll need things like tax returns, proof of insurance, bank statements, and articles of incorporation. Once you have all of your documentation in order, you’ll need to fill out an application and submit it along with your supporting documents.
At BizCentral USA, we specialize in getting clients certified and connecting them to contracts worth hundreds of thousands of dollars. Give us a call today at (833) 217-9667 for a free consultation with an Executive Consultant.