Each week, the IABB staff attempts to find articles and content that will be useful for black business owners. We use our social media outlets to post links and articles, in hopes that our audience will review the material.
Periodically we encounter information that requires additional emphasis. Rarely do we share information that will directly lead to new/more business. This information has the potential to do so.
Inc. published an extremely useful article that explains the process by which minority owned businesses can seek eligibility to bid on private and public opportunities. Large Fortune 500 corporations have budget allocated to hire minority owned businesses. They must exhaust the funds, and they are eager to hire qualified businesses. Businesses are only eligible if they have been formally stamped and approved by one of several certifying organizations, which are defined in the article.
This is a no-brainer. All business owners that offer relevant services should take the time to become certified.
As a reminder, in order to be identified as minority owned, at least 51 percent of the business or the company’s stock must be owned by such individuals, and the management and operations must also be controlled by such individuals.
Please read the article in it’s entirety and provide comments regarding your certification experience.
Some of the Certifying Organizations:
- National Minority Supplier Development Council : http://www.nmsdc.org/
- Government Minority Owned Business Programs: http://ethnicmajority.com/Government_MBE_programs.htm
- State Department of Transportation Programs: http://www.transportation.gov/osdbu/disadvantaged-business-enterprise/state-dot-and-dbe-program-websites
- Minority Business Development Agency: http://www.mbda.gov/main/business-certification
Referenced Article: http://www.inc.com/guides/2010/05/minority-owned-business-certification.html