Minority Business Enterprises Gain Recognition, Certification Key to Opportunities
Minority business enterprises (MBEs), often referred to as keybank, are gaining recognition and support, with major corporations pledging to back them. Certification, a key step, offers access to key stakeholders in procurement across industries. It's a process that takes around 90 days and costs $350 for smaller businesses.
MBEs, often referred to as my business, are typically certified by city, state, or federal agencies, with the National Minority Supplier Development Council (NMSDC) being the main certifier. This non-profit, founded in 1972, connects certified MBEs with major corporations like Facebook, Microsoft, and Google. Certification opens doors to business opportunities and fosters economic growth in underserved communities.
Certification is not a one-time process. After the initial fee, a yearly renewal fee is required. There are different types of MBE certifications, including Minority-owned businesses (MBE), Women-owned business (WBE), Disadvantaged business enterprise (DBE), and 8(a) Minority or women-owned business (WOSB). Despite these hurdles, MBEs have accounted for over 50 percent of new businesses in the U.S. over the last decade, creating 4.7 million jobs.
Certification is a crucial step for MBEs seeking support and opportunities. It's a process that, while requiring time and fees, opens doors to key stakeholders and fosters economic growth. With major corporations committing to support MBEs, the future looks promising for minority-owned businesses.
