Donnette Dawn Thomas, a successful women entrepreneur, business consultant, and minority business expert, provides a guide on how to be a Certified Minority Business, including the requirements for eligibility and how to apply.
Access to certain funds and grants specifically designated for minority-owned businesses. Having access to a pool of government and private opportunities, availing of management training programs and business counseling. Being a certified minority business enterprise (MBE) sure comes with a lot of benefits that can help grow that seed of business into an empire.
How can I become a certified minority business? If this is the question brimming on your mind right now, you are at the right place. Here is Donnette Dawn Thomas, to walk you through the process. Read on!
“To have a Certified Minority Business, you must be qualified to apply to the National Minority Development Council. The NMDC connects certified minority businesses with their corporate members who are searching for Minority Business to collaborate, provide services and buy products from. “ ‘says Donnette Dawn Thomas. The state government also accept certification by the Council to help with public contracts for the MBE’s
Who are the criteria for eligibility
In order to be eligible for the criteria of a Certified Minority Business, you have to meet the following requirements:
- Your business must be in the United State of America and you must also be a citizen.
- The business must be profitable
- It must be controlled, operated and governed by a minority ownership members.
- 51% of the business must be owned by a United State citizen that is at least 25%:
- Native American and also have an approved federal or state Asian-Indian tribe or native of Hawaii of Alaska certified
- Black American: Any black originating from Africa
- Origin is from Asia such as Maldives, China, Japan, Philippines, Thailand, Pakistan, Bhutan, Nepal, Bangladesh, Nepal and many more.
- A US citizen with a Hispanic background from Spanish speaking areas like Central America, South America, and the Caribbeans. with proof of the certificate or documentation
- If the business is a publicly owned business 51% of the company stock must be owned by minority members who are top executive members.
What is the documentation
Here are some of the documents required to get certified in a minority business:
- Business history
- Employers payroll
- Union or Franchise agreement (if any)
- List of employees
- Proof of Assets
- General liability insurance proof
- Minutes of meetings
- Tax returns of the business
- A recent balance sheet of the business
- Proof of control and ownership of the business
- Ledger and stock certificate of the business
- Citizenship proof
- Business License
- All documents of a partnership (if any)
How to apply for MBE certification
- Have all the required documents
- Check other online applications so you have a glimpse of how it works
- Make sure you have your Employers Identification Number (Tax ID)with you
- Start by applying for a Certified Minority Business certificate on the National Minority Development Council website.
- After application, you will be given an application ID
- All documents must be scanned and upload to the website in their respective column
- After the submission of your application, the certification fee will be awarded to you based on your company and locality.
- Once all documentation has been upload, the agency Certification Committee will visit your company to verify all the information on your application.
- After verification, your application will be sent to the Board Certification Committee for final evaluation and approval.
- Once they approve it, an MBE certificate and a certification letter will be emailed to you.
- If not approved, you can appeal within thirty days.
- You can reapply after a year if you lose the appeal.
- It can take forty five to ninety days to complete all the process.